If You Won A Million Dollors What Would You Do?
By sunkissed
@sunkissed (4330)
United States
8 responses
@lvaldean (1612)
• United States
21 Apr 08
Finish Paying my bills including autos ($58K USD)
Set up college funds for future grandchildren ($25K X 2)
Take 2 years off work to finish my Ph.D ($60K)
Set up a fund to pay me out annually in montly increments with the remainder after I turn 65.
Easy enough said. I would earn with my winnings after taking care of the immediate stuff. With no bills other than a mortgage and a guaranteed income for two years supplemented by my husbands income I could finish my doctorate which would assure me a better and longer term income in the years to come.
65 is the magic number for semi-retirement although social security would not kick in until 72 for full benefits.
@sunkissed (4330)
• United States
21 Apr 08
Well, as you said, you do have it all figured out.. Good for you!!
@lvaldean (1612)
• United States
21 Apr 08
I am not sure that it is all figured out. But haven't we all seen those shows where the lottery winner spends all their money or gets scammed?
I am old enough now to know that there are just some things in life that don't buy happiness, wealth is one of them. But in this day and age knowing that you aren't going to be a burden on your family in the future, being debt free, and being able to establish a future for those you love - well that is something.
I have two sons. Neither have children yet, although my first grandchild is due in October. So starting college funds for future grandchildren with a $25K kicker that can be added to monthly is a lovely gift that grows over time.
Taxes eat you up unless you protect the earnings. If you only spend what you absolutely have to spend then you only pay taxes at the highest rate on that amount - in my case on the $118K. The $50K is protected and the balance is protected until I am in a lower tax bracket.
Sounds a bit a-retentive doesn't it? Weird as it is I don't buy lotto tickets but my husband does, every week. We have these discussions.
1 person likes this
@sunkissed (4330)
• United States
22 Apr 08
Well you are right that people do win large sums of money then lose it all, it does not make much sence to me. They did not know how to manage it well. I too am old enough to know that money does not buy happiness, but it sure does help you have some fun in life. I do not want to be a burden on my family either. I have very little, but what I have is payed for.if i won this money, i would take care of my family as well as myself.
@sunkissed (4330)
• United States
22 Apr 08
Good for you, the house is a great idae, as is furthuring your education.
@recycledgoth (9894)
•
21 Apr 08
With that kind of money I could pay off all my debts and bills, and maybe even get a new car too, but I would have to invest too, something secure to the money invested would provide me with an income to I can continue to pay my bills
1 person likes this
@sunkissed (4330)
• United States
21 Apr 08
Yes,. you are right if you did not invest in something that money would go..
@littleone3 (2063)
•
21 Apr 08
I would pay off all my debts and also pay off my parents and my sister's mortgage. Then would buy a house over in Ireland near my partners family. And would have a great big party and invite all my family and friends. Then i would book a holiday of a lifetime for me,my partner and our children. I would also set up a trust fund for each of my children.
1 person likes this
@sunkissed (4330)
• United States
22 Apr 08
That is a great response, I love when people say they will incluse their family.
@Hatley (163781)
• Garden Grove, California
21 Apr 08
sunkissed I would pay off three old bills then pay a car for my son and a house for both of us and start a small business for myself and divide the rest between the two of us. we would still live much as we are now thus saving our money.
1 person likes this
@sunkissed (4330)
• United States
22 Apr 08
Great respone also, I love when people do think of the family.
@cmelton (160)
• United States
21 Apr 08
If I won a million dollars I would pay off bills. I would also like to take a great vacation with my family. I would like to invest some, but I would have to blow just some of it. With money tight you don't get to but much for yourself, so I would have to treat myself and my family too!
1 person likes this
@sunkissed (4330)
• United States
21 Apr 08
I am like you I sure would want to travel and enjoy that money, but I too would invest some of it too.
@Ravenladyj (22904)
• United States
21 Apr 08
First and foremost, we'd pay off all our bills/house/truck etc etc...then we'd probably put some away for the kids and I would imagine do ALL the renovations on the house...Whatever is left over I'm sure we'd put into savings or possible invest some..
1 person likes this
@sunkissed (4330)
• United States
21 Apr 08
Well you can do alot of renovations with that.Never hurts to invest..
@kezabelle (2974)
•
21 Apr 08
Id pay off our debts and my parents mortgage id then buy a house for me and my partner and our children no more renting would be wonderful. I think I would like to set up a business also my own day care centre for children id love that, I couldnt sit at home all day doing nothing.
1 person likes this
@sunkissed (4330)
• United States
21 Apr 08
That is great. You would do a lot of the same things that I would do.
