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

RSKY · Jul 20, 2022

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

I'm not talking about the huge 300-400 million dollar ones. But a smaller payout of one million cash in the bank after taxes.

What would you do with the money?

A new tractor? A new truck? A new home? A dream vacation/cruise?

Would you have enough to pay off your debts?

Distribute to kids, grandkids, or relatives?

What would you do?

RSKY

Eagle1 · Jul 20, 2022

Pay off debts (not much there), then fence the entire perimeter high enough to keep the dogs in, 6'+. Maybe look to buy one of the adjacent cattle pastures. Retire now rather then in 2 years.

nbking · Jul 20, 2022

At first I would just chill, maybe take a few weeks to let it settle in. Then definitely pay off all the bills. Now really is not a time to buy anything, but a nice 10 day vacation would suit me. House needs a new roof.

tacticalturnip · Jul 20, 2022

Land, a lot of it, somewhere away from people.

Cycledude · Jul 20, 2022

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

ruffdog · Jul 20, 2022

I would pay off my cousin's business loan.

EddieWalker · Jul 20, 2022

One of my clients has a sister that won $8 million in the lottery. She and her husband quit their jobs, bought a nice house on the lake in Austin, and traveled a lot. They bought new cars every year, and partied a lot too. They did not share any of it with anybody, which caused a lot of anger and resentment. They filed for bankruptcy and lost their house when the money ran out. I think it was gone in something life 5 years, but I'm not sure. It was pretty quick. The last I heard was that they where working again, renting a place to live, and their family still doesn't like them. That client moved away a few years ago, so I don't know anything more about this.

JethroB · Jul 20, 2022

An incredible career offer fell into lap several years ago. It allowed me to boost my retirement fund, retire early, and buy a few toys. Sort of like winning the lottery. Very thankful.

LittleBittyBigJohn · Jul 20, 2022

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.