If you won the lottery, what would you do with the money?

[Larry Caldwell]

I like my life just the way it is. I'm afraid big money would change that.
Most likely I would tie it all up in perpetuity for school scholarships in my zip code.

I hate to break it to you, but a million bucks is not "big money." If you stick it in retirement savings and pull the standard 4%/year, that's $40,000. A nice boost to spending money, but it's not going to make you rich. You can't even afford a new pickup unless you kick in some earned income.

 

[sandman2234]

I might consider opening a truck driving school. I know some who are good at it and would be better off without some of the restrictions placed on them by current situations.
There is no better feeling than when you help out someone who is trying to claw their way up out of a hole by giving them a helping hand. Not a handout, just a helping hand!
Teach them more than what it takes to pass a CDL exam by teaching them how to drive and how to survive in that industry!
David from jax

This was with the big money payouts.
With the small ones, I would just keep doing what I am doing. I was completely out of debt till we decided to buy another house. We didn't move, we just bought another house, and I am on a mission to pay it off in 4 years!
David from jax

 

[MossRoad]

I hate to break it to you, but a million bucks is not "big money." If you stick it in retirement savings and pull the standard 4%/year, that's $40,000. A nice boost to spending money, but it's not going to make you rich. You can't even afford a new pickup unless you kick in some earned income.

Absolutely.

 

[JethroB]

With that amount, likely nothing in my lifestyle would change. I would do my best to invest it wisely and let compounding interest be my friend. I'm only 40 that would not be enough to retire on right now. But, it could grow relatively quickly and allow me to retire earlier or more comfortably down the road. Distributing from 1 million would quickly reduce the amount to be much less effective as a vehicle to build wealth. Later, once the investments pay off, the interest can be used generously for longer.

I hate to break it to you, but a million bucks is not "big money." If you stick it in retirement savings and pull the standard 4%/year, that's $40,000. A nice boost to spending money, but it's not going to make you rich. You can't even afford a new pickup unless you kick in some earned income.

Beat me to it, 4% withdrawal if you want it to last & grow the principal the Normal inflation rate. May have to pay some taxes too.

 

[CADplans]

In FRAZZ,, the newspaper cartoon,, the same question was asked,,
the student responded ,,
"invest in a mix of bonds with growth stocks" (or something like that)

Then,, both Frazz and the boy both giggle A LOT,,
then the real answer,,, "BULLDOZER,,, DUH!!

 

[LS Tractor Owner]

Pay off my daughter's student loans, buy a house / land for each of the kids, and the rest just sit on for retirement costs. Those costs include funding the trips with our RV.

 

[stuckmotor]

I'd hide it from my family and keep my mouth shut. Don't ask how I know.

 

[sd455dan]

Hopefully not blow it all and be broke in a few years like what seems to happen to most lottery winners.

I remember this question being asked on Letterman or Johnny Carson of an old farmer who had just won a lottery.

Went something like: I think I'll just keep farming till I'm broke again.

Edit:
First take care of any medical problems, You need your health, then eliminate any debt.
Have a main property and home and maybe a rental.

If over 60 years old consider myself retired, unless it is something I want to do.

Not the type to say wish I had gone to work for someone else.... one more day than I absolutely had to.

If I was 30, that would change the plan quite a bit.

 

[airbiscuit]

Or "I'll spend half of it on whiskey and women, and the rest I'll just waste."

 

[kf4uda]

Retire, enjoy a quiet life and help people along the way anonymously.

 

[Complete Turf Care]

Interesting thread. I would give some to Rotary International, some to my church and the school. I would help my 2 daughters and their children with school costs.

Then, I would like to have a small piece of prime deer hunting property with a camp and a small lake on it. My wife and I can't do much traveling because she will not be away from the grandkids for very long. We have 5 now and one more due in December.

 

[GeneV]

 

[GeneV]

j/k, for real I'd pay off the house (close to there already anyways), and buy more land probably.

 

[Hay Dude]

I’d reimburse all the people who got screwed over on bitcoin.

 

[Jstpssng]

I would thank the person that gave me the Lottery ticket since I won't buy one.

Good answer! Hopefully I would pick my ticket up off the ground, as you know that your "friend" is going to want his half... before taxes.

Start a payday type business and charge 5% interest on loans less than 10K.

This will run the loansharks out of business that prey on the needy.

You're a better man than I am.


People who say that a million isn't a lot of money are right; yet would be a nice nest egg, added to what you already have worked for. It's also a large enough number that many people wouldn't be able to manage it well; I fear that I fall into that category.
Years ago when the Powerball was up around 500 Million or some stupid number an ex GF was buying tickets so I asked her; "Do you really think all of that money would make your life better?" She couldn't understand why I would ask such a thing... one big reason she is my EX GF.

To answer the OP's question; I'd like to think I would invest it in timberland, retaining enough to cover taxes and other recurring expenses for times when timber markets are down. At current prices that would probably buy about 1500-2000 acres. I then would put it on an annual or biannual harvest schedule to improve the stands while managing it sustainably, the way that I was taught to do.

 

[Snobdds]

I’d reimburse all the people who got screwed over on bitcoin.

No-one got screwed over on bitcoin.

all the people that bought ****coins got screwed. Specifically the ones that left their coins on the , luna, 3 arrows capital, and Celsius networks.

Always self custody your difi. Not your tokens, not your coins.

 

[scaredychicken]

BARN, then fencing

 

[Snobdds]

I would go pay off all the nursing home debt the less fortunate seniors have. After seeing what a racket that game is, people work their whole lives to loose it all to a nursing home. Then some random foster care families will get some loot. After that, it's going to animal shelters.

I would give it all away...

 

[Doughknob]

I am with all who say they’d give it away. However, I’d be the same as the guy who said something like he’d invest it a while and then have more go give away.

I already have plans to give a lot away in the future. A lottery win would just add to that.

 

[bunyip]

I wouldn't change, my income dictates my lifestyle so nothing would change.
As I tell people now, money is no object, an object is an obstacle in your path, I do not encounter objects in my path.
Aside from that I have seen people win a large amount and buy a huge house in an affluent area with no thoughts of insurance, maintenance or rates and broke two years later.