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.