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What would you do if you were one of the winners in the Powerball lottery?

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asked Jan 17, 2016 in Investing by Morgan
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5 Answers

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I haven't won yet, but I've already got my post-winnings plans laid out:

1) First thing I do is immediately pay all pending bills and take two or three cruises to the Caribbean back to back to back.

2) When I get back, I pay off my student loans, set up a college fund for my niece, and pay off any remaining mortgages of anyone related to me.

3) I plan a multiple-month trip to Australia, New Zealand and Antarctica. During this planning, I reach out to former managers/bosses I didn't particularly care for and see if I can hire any of them as a personal assistant at a higher salary than they've ever been paid. I promptly fire them on day one.

4) I hire a tax attorney who makes sure the IRS never gets a dime of my money once it's paid out.

5) I buy a private island in the Caribean where I open a hotel and live most of the rest of my days. However, I would also start charities to wipe out homelessness in my home city and help out victims of child abuse and sexual assault.

[1]http://www.forbes.com/sites/deborahljacobs/2012/02/11/10-things-to-do-when-you-win-the-powerball/#2715e4857a0b6d1f4f293776

[2]http://abcnews.go.com/US/win-powerball-jackpot/story?id=36082265

answered Jan 17, 2016 by Topher (27,830 points)
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I think I would find a reputable and trustworthy attorney and financial planner first who can give me good advice. After all the distribution logistics are squared away, then I'll think about how I can spend or invest it.

Paying off all of my current debt will definitely be on the top of my list. Then, I would see who in my family or in my close circle of friends need financial help. I'll plan a vacation or two. I might stay in my current home, but I'll definitely remodel. For the money that I'll invest, I'll invest it in a way that will give me good dividend or interest income so that I can just live off of the interest and leave the invested amount untouched.

It is important to know what you should do right after you discover that you have the winning ticket. What you do during those first few days can affect what happens afterwards. [1]

I would be careful not to buy things on an impulse. Also, I would rather keep a similar lifestyle, but just not have to scrimp so much. [2]



[1] http://www.wikihow.com/Deal-With-Winning-the-Lottery


[2] http://www.rd.com/advice/saving-money/13-things-lottery-winners/

answered Jan 17, 2016 by turker88 (23,620 points)
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Like many other people, I dreamed of what I would do with my winnings, even though we rarely buy lottery tickets and the chances of winning were so slim. I wanted to purchase a new house (nothing ostentatious, just a little bigger than the one we have now) and get either a house or a condo at the beach. And, because I am a big kid at heart, I wanted to put away enough money to visit Disney World with my children, once a year for the next 20 years.

 

There is, of course, some practical advice for what you should do when you win the powerball. First, visit with a financial planner [1]. Also, get in touch with an attorney to make sure you properly protect your assets. Finally, set up an investment portfolio with the help of your financial planner.

 

It is also important to sign the ticket immediately [2]. You don't want to accidentally lose it and then have someone say it is theirs and claim the prize. And, if you can, don't reveal your identity to the press. There are a whole host of problems that come along with being identified as the winner of a large sum of money.

 

References:

 

[1] http://www.nbcnews.com/business/personal-finance/what-you-should-do-if-you-win-powerball-jackpot-n303776

 

[2] http://abcnews.go.com/US/win-powerball-jackpot/story?id=36082265

answered Jan 18, 2016 by Unckelli (50,310 points)
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I am in agreement that the first thing I would do is sign the ticket, so no one else could cash in my ticket. Next, I would find an attorney and a good accountant. Both would help me "get my ducks in a row", so to speak. Unfortunately, my state does not allow winners to remain anonymous, so I could not really avoid others finding out. That is why I would get an attorney, to help figure out to best protect me. [1]

 

With the amount I would win with the Powerball, I know I would not need all of the money for myself. I would give a generous amount to each of my friends and family. Once I knew everyone I cared about was all set, I would look for a nice home. It does not need to be a huge mansion, but I would like it to be roomy enough for my family and I. I would travel the world and put money into a fund for my son when he comes of age. [2]

 

 

1. http://www.forbes.com/sites/deborahljacobs/2012/02/11/10-things-to-do-when-you-win-the-powerball/#2715e4857a0b12f34e2c3776

2. http://www.moneycrashers.com/what-to-do-win-lottery/

answered Jan 18, 2016 by erod429 (53,480 points)
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I would, first of all, figure out where I wanted to move that was outside of a city and in a forest setting. I don't really keep in touch with my family, but I would make sure that I didn't have any information online leading to ways to be able to contact me. I don't want anyone to beg me for money if I ever have a lot, so I'd try to remain anonymous and pay to make that happen.

 

After finding a place to live I would pay it off for the rest of my life. Then I'd probably throw out my computer I work on and get a gaming one that I could also use to make music on. I'd spend a lot of money on making a music studio in my home. That's what I would want to do first, is create an album or two over the course of a year. Not having to worry about bills would help me to be more creative.

 

My wife and stepdaughter would get to do whatever they wanted whether it be going to school or getting things together that they could be creative with. I don't want any of us to get bored, so I'd plan vacations and the like to places that we've never been. Traveling with them would be fun to do after we got bored being at home all the time.

 

For my cats I'd build a whole other piece of property on the land I get out in the woods. I'd build all kinds of cat towers and places for them to hide. I probably want to build all kinds of things on my property for fun. I love to build and have helped to build a house before so I feel like it wouldn't be that difficult if I had enough money to do what I'd like on my own land.

 

Every couple of months I'd want to go and take some kind of trip to a new place. That way, I could gain more insight on the way other parts of the world operate. I"ve only been around the USA in the midwest and parts of the west coast. It would be nice to see all kinds of other cultures and cities.

 

Finally, I'd get my teeth fixed. They are in terrible shape and will cost a lot of money to take care of. I'd probably get implants for all of the teeth I'm missing or that are broken. This is going to be painful but worth it, because it's one thing that makes my life hard and is very embarrassing for me.

 

house in woods

answered Jan 21, 2016 by zuulspaceman (37,960 points)

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