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If You Won A Million Dollors What Would You Do? email this discussion to a friend?

myLot reputation of 69/100. sunkissed (1941)   ranked 441 out of 6,902 in questions & answers4 months ago

If I Won A Million Dollors I would pay off my bills, help my family. I would then buy me a house on the beach!! Take a trip around the world. Then start a small business for my family to operate. What would you do if you won a million dollors?

 
 
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lvaldean (432) response was accepted on 4/22/2008.
denotes best response.
tags:  winning, won, million, pay the bills, money
 
1. myLot reputation of 94/100. kezabelle (1835)   ranked 553 out of 6,902 in questions & answers   4 months ago

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.


myLot reputation of 69/100. sunkissed (1941)   ranked 441 out of 6,902 in questions & answers  4 months ago

That is great. You would do a lot of the same things that I would do.

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2. myLot reputation of 87/100. Ravenladyj (13694)   ranked 85 out of 6,902 in questions & answers   4 months ago

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..


myLot reputation of 69/100. sunkissed (1941)   ranked 441 out of 6,902 in questions & answers  4 months ago

Well you can do alot of renovations with that.Never hurts to invest..

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3. myLot reputation of 99/100. recycledgoth (6160)   ranked 1,363 out of 6,902 in questions & answers   4 months ago

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


myLot reputation of 69/100. sunkissed (1941)   ranked 441 out of 6,902 in questions & answers  4 months ago

Yes,. you are right if you did not invest in something that money would go..

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4. myLot reputation of 88/100. cmelton (117)   ranked 1,878 out of 6,902 in questions & answers   4 months ago

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!


myLot reputation of 69/100. sunkissed (1941)   ranked 441 out of 6,902 in questions & answers  4 months ago

I am like you I sure would want to travel and enjoy that money, but I too would invest some of it too.

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5. myLot reputation of 70/100. lvaldean (432)   ranked 1,751 out of 6,902 in questions & answers   4 months ago

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.


myLot reputation of 69/100. sunkissed (1941)   ranked 441 out of 6,902 in questions & answers  4 months ago

Well, as you said, you do have it all figured out.. Good for you!!


myLot reputation of 70/100. lvaldean (432)   ranked 1,751 out of 6,902 in questions & answers  4 months ago

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.


myLot reputation of 69/100. sunkissed (1941)   ranked 441 out of 6,902 in questions & answers  4 months ago

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.


myLot reputation of 70/100. lvaldean (432)   ranked 1,751 out of 6,902 in questions & answers  4 months ago

I would help my children if they needed assistance. I would not simply give them a free ride in life. That is not helping them. I suppose it is a generation issue. My sons were raised to be independent and responsible. I believe strongly that they need to make choices in life and live with the consequences of those choices.

I was raised that way and have not always loved the outcome. They were raised that way and also have not always loved the outcome.

I helped them in life. I gave them strong morals, standards, values, ethics, and an education. They are able to support themselves. They are able to support a family. They are able to use their minds.

If they needed something from me they would have anything that I had without question. But they do not. It is not selfishness by the way. It is simply a value system.

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6. myLot reputation of 97/100. littleone3 (559)   ranked 1,393 out of 6,902 in questions & answers   4 months ago

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.


myLot reputation of 69/100. sunkissed (1941)   ranked 441 out of 6,902 in questions & answers  4 months ago

That is a great response, I love when people say they will incluse their family.

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7. myLot reputation of 79/100. Hatley (9877)   ranked 198 out of 6,902 in questions & answers   4 months ago

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.


myLot reputation of 69/100. sunkissed (1941)   ranked 441 out of 6,902 in questions & answers  4 months ago

Great respone also, I love when people do think of the family.

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8. myLot reputation of 97/100. book1962 (9184)   ranked 2,254 out of 6,902 in questions & answers   4 months ago

oh sunkissed my friend, that would be marvellous.
Fortunately we dont have debts and so I would give at least 100.000 dollars to my mom then I would give money to my church who has to remodel some here and there and they need a certain sum till autumn this year to get things started.
I would not squander the money, I would sure stop working as I hate the atmosphere of that office but no more would happen over here, no really big expenses maybe finding a better rented place where to live but thats all. I would still wear the same and eat the same way.
It would release me from big emotional stress as i really dislike my job and would be happy about every minute I dont have to be there.
Right now I am on sick leave due to vertebral discs giving me a hard time and lots of pain but enduring the pain is better than going to work.


myLot reputation of 69/100. sunkissed (1941)   ranked 441 out of 6,902 in questions & answers  4 months ago

Hi Book, Thats great that your Mom would be taken care of.And the Church would be so greatful for that donation.I too wish you could give up that job, nothing is worse than having to go to a stressful job each and every day.I am so sorry to hear about your disc problems, I feel your pain!! I have been disabled for over 22 years because of my back. God Bless.


myLot reputation of 97/100. book1962 (9184)   ranked 2,254 out of 6,902 in questions & answers  4 months ago

thanks for your lovely uplifting words. Yesterday I got an injection of cortison plus painkiller and it made my right leg feel funny and give way for the rest of the day so computertime was a little limited.
Its somehow sad to know I rather endure pain than sit in this office and still have to go there for another 13 years. The health problems I got are not strong enough for disability money........ I would even gladly accept this and not be able to save up any more and to just make ends meet than going back to work. Even my husband just said five minutes ago you are really relaxed now and he usually doesnt make comments like this. If I were at home all time I would still not be bored.
Right now as my leg is allright again, my hubby was going for grocery shopping and guess what he brought home, some pounds of rhubarb, its all cooked and part frozen part for immediate use just in the fridge.
Doing this felt much better than office work.

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9. myLot reputation of 94/100. Fidget (178)   ranked 95 out of 6,902 in questions & answers   4 months ago

I'd buy a house, go on a good few holidays, then go back to studying which is something I love. And I'd keep the remainder, prob $200,000 (stupid expensive house prices in England) to dip into whenever.


myLot reputation of 69/100. sunkissed (1941)   ranked 441 out of 6,902 in questions & answers  4 months ago

Good for you, the house is a great idae, as is furthuring your education.

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