I won the lottery! ..ideas on what to spend the money on??

@GemmaR (8526)
May 25, 2010 8:46am CST
Hey :) So I didn't win the jackpot, but I won 250,000 on the local lottery this week. It is a lot of money, and I am fairly clueless about how to invest or spend it.. so I'm looking to you for ideas! What would you buy if you had that amount of money? How can I save a lot of it (about 100,000) to make sure that I am comfortable in my old age?? That's what I want to do more than spend it to be honest with you. I love my job at the moment (well, I say job, I'm a full time internet poster to tell you the truth) and would never give that up, so I guess I want to know more about the investment side of things than spending!
2 people like this
23 responses
@savypat (20246)
• United States
25 May 10
You needx a professional invester with a good reputation that you can trust. Don't spend anything until you have advice. This looks like a lot of money but it will be gone in a month or two if you are not very careful about who you trust and what you do. Talk to the manager of your bank and get his advice about who you need to talk to. If nothing else put it in a bank until you can figure it out.
@debsgw (256)
26 May 10
good advice here I think - it is very difficult to know where to invest these days with the economy as it is so it is super important to find someone you can really trust to advise you even if that means sitting on the money for a while until you find the right investments for you. If you do put the money in the bank, remember to invest it in savings accounts with different banks to ensure that you are covered and will get your money back if the bank gets into difficulties while they are looking after your money - for example here in UK I think you are guaranteed to get back up to 50,000 if the bank goes into liquidation whereas anything over that is not guaranteed to be returned - not sure if you have similar thing in US banks? Sorry to be gloomy about this but with economy so shaky it is a risk to consider and maybe better to split your investments rather than have all your money in one place anyway?
@debsgw (256)
26 May 10
oops - ps. Congratulations!!!!
• United States
26 May 10
I think I'd divide it three ways and invest part of the money in something like an annuity that's paying a high interest rate, then I'd speak with a reputable broker and invest the rest of the money in stocks and bonds. You probably need to leave some back for those "just in case" moments.
• United States
26 May 10
By the way, Congratulations!
25 May 10
Congratulation. the best thing you can give present 100 $ to everybody who respond for this post :) And now serious. If I win this amount I will invest in home and rest put to the investment account . And I will visit place I always want.
26 May 10
And what are you decide to do which this money? Or maybe you forget now about mylot ? you don't need now money :)
@med889 (5958)
28 May 10
I think the first thing to do is to put the money in a bank, then come home and write down what you have to pay, remove the money and pay them, now buy things you really need in the house like food, some furnitures, clothing, Do not remove all the money from the bank, make sure the budget does not overcome the 100,000. And after two or three months you decide what you think will be worth to buy.
• Trinidad And Tobago
26 May 10
Congrats,GemmaR! Since you have an occupation you love,you could consult a REPUTABLE and DEPENDABLE investment advisor who should be able to direct you to secure and profitable returns on your investment(s).In the meanwhile, I'd place the money in a strong bank for safekeeping until. From the earnings on your outlay,you could then further invest in real estate(land, a house if you don't already own one). You could then consider a charity that touches your heart. After that,if you love travel,by all means do! Cheers! 1 awesomesenex
@CJscott (4184)
• Canada
26 May 10
Were I in your position sir. I would invest the full amount straight away. I would use a professional investor, and ask them to get it to 4 times the amount, plus the investors fee. Then, I would decide what I needed to purchase, and do the same thing, take the amount of the purchase, and ask an investor to double, plus their fee. In this way, you wait for all your things, you will appreciate them more, and you will never run out of money. When you take from your earnings, and get them to grow, to double what you need, before you spend it. Sincerely and With Appreciation.
@anuraa32 (2452)
• India
26 May 10
Congratulations for winning that amount. Save in the bank, a certain amount of it. Maybe invest some of it in some shares also. But dont end up saving all. Spend some on yourself. Buy something which you wanted for a long time but couldnt buy.
• United States
26 May 10
Personally, I would invest in bullion as the metals would never become worthless like stocks can..In stocks I'd go with techie businesses as well as 'green' businesses..I'd buy a house and pay the taxes a couple years in advance to ensure the security of a place to live.. Enjoy!
@johnnykay (1057)
• Hungary
26 May 10
Hello there! Good for you, congratulations! I don't know what type of investings are in your country, but when you have a friend who can tell you about the investment opportunities, then go and ask him/her! Or you can go into a bank and ask some banker what tipe of savings and investments are in their bank! There are many-many chances to save your money and earn some profit investing it! So go for it! Have a nice day! I wish you to find the best!!! =)
• Philippines
26 May 10
wow lucky you my friend, honestly im quite jealous of you! hehe i really think save half of it and put it in a bank somewhere, save it so that you will have money to withdraw in times of desperate need! and spend some for a nice car, or some cool gadgets, anything that can make you happy! give a dinner blow out to your close friends as a thanksgiving event for winning in the lottery and maybe if you like donate some to charity in your town. and do some vacation! hehehe spend your money wisely friend! happy my lotting everyone!
@dorannmwin (36698)
• United States
26 May 10
You are among the very lucky people, most of us only dream of what we would be able to do with the money if we were to win the lottery. Recently I've heard that you should invest your money in short term bonds to protect yourself from spending it and stair step it until the interest rates come back around. I would also look into starting a roth IRA if you are from the states where you can invest 5000 per year into it after taxes. I'd keep the money in savings and make the maximum contribution into the IRA every year until you'd reached your goal.
• Grand Junction, Colorado
26 May 10
First I will say congratulations to you. While it may sound like a lot of money in reality it isn't. If your profile is correct you are 19 yrs old and live in the UK, I know nothing about the UK, but the first thing I would do is go to my personal bank and talk to an adviser about safe investments or low risk investments. Since your young you have plenty of time for your investments to grow. I would pay off all my debt, depending on my normal finances I would suggest a down pmt on a house/flat, possibly a vehicle depending on the condition of the one you have now. Maybe a vacation to somewhere that you have dreamed of going. Until you know exactly what your going to do, I would place it in the bank and leave it alone. Then I would sit down and get a game plan together. I would avoid telling friends and family of your good fortune, as you will have many wanting a loan, or just a "you can afford it" payment. As always just my 2 cents worth!!!
@lilxkaos (131)
• United States
26 May 10
wow!! congrats! i would invest it, go on vacations,spend it on kids education and party!!
@manojt2 (179)
• India
26 May 10
Hi, You can keep some amount in family pension plans, invest some in mutual funds, you can buy some shares of blue chip companies, I feel your money will grow in a steady manner and you can have a wonderful old life. I suggest you give away a small portion to the needy ones. The Almighty God makes one rich, so that he can help the poor ones, but most of the people use all the money for themselves. Give away any amount for which your mind won't destabilize, else whatever you give will be in vain.
@Browisn (782)
• United States
25 May 10
I think you already made the biggest mistake you could make and that is spreading the news on the internet. Espedially to so many of your "closest friends" lol! Good luck.
@34momma (13895)
• United States
25 May 10
first let me say congrats to you! that is a lot of money and i hope it does you and your family some good. I think taking $100,000 and put it in a CD for the next 5 years would be a great idea. and let it sit and build interest on it. I am not sure where you are from but one of the best banking accounts to have is an ING Direct account. the interest you will earn on this account is more then you will earn any other bank any please. check them out at ingdirect.com the best of luck to you and and congrats
@ronz30 (276)
• Philippines
25 May 10
Don't know what to do with the money ? then share to me 10,000 cash .. haha ! you know the saying it is better to give than to receive .. hehe ! but wait , you should first prioritize the impt. things that you need than what you want okay ? enjoy with the money Use it wisely
• United States
25 May 10
I think I would put it into some high investment money accounts. At least half or more to be honest. Money to gain is better than spending it all at one shot. I have had large amounts of money before and did not too well with it. But you also give some to me via Paypal, Let us know what you decide to do with it.
@cher913 (25890)
• Canada
25 May 10
i would invest it for my future. depending on where you live of course, but since i am in canada, i would put it all into rrsps (registered retirement savings plans).
@TexLadyPj (1329)
• United States
25 May 10
I don't know what country u live in or what age u are. In the US I would contact a money manager for advice. I have an IRA, however since it is invested in stocks, I lost about 50% of it. I have left it invested hoping it comes back. There are other investments that are safer, I don't know what they are. I also would put $150K away to account for inflation.