I'd love to do it too.
I'd love to do it too.
In my spare time, I like to interview figure skating legends.
I'd make sure my parents were well taken care of and I'd give my mum a regular allowance but that's it.
A small part of the sum would be stashed in a savings account and the majority invested in funds of varying risk.
And I'd start a figure skating NGO, of course.
I really can't believe how so many of the lottery winners can come back to square one. How stupid do you have to be...
It must be easier than we think to squander all that money, otherwise it wouldn't happen so often!
I think many people buy multimillion dollar homes and who knows the cost on the upkeep and taxes for something like that. Most quit their jobs so they have zero income for the rest of their lives. If they don't invest the remaining money or put it in a decent savings account then it will eventually be gone but their bills will continue to poor in.
"Michelle would never be caught with sausage grease staining her Vera Wang." - rfisher
I would pay off my large (and mounting) student debt, buy myself a house, buy each of my immediate family a cool holiday and then go off around the world with my closest friends
I used to think I'd be sensible, but I would spend it all on travel and then get back to work when I was out of money
One day your life will flash before your eyes. Make sure it's worth watching.
I think that the annuity payout represents the full lottery prize. If you take the lump sum up front, that amount is much less because they're not investing it - the interest is what brings up the value over 20-30 years to the full amount.
So, they're starting out with a smaller amount than the published prize value.
The government takes its share up front, so the final check is even smaller.
Once you see your million-plus prize drop to a "measly" six-figure amount, I think people get a little depressed and start spending it too quickly and without a plan. It's really easy to take a few first-class vacations, buy overpriced homes and give money away.
As an aside, the NY Lottery used to offer ONLY the annuity option, which sucked if you died before collecting all the payments.
The payouts couldn't be transferred or made part of an estate bequest.
The mother in this case won $15.5 million 20 years ago - she just collected her last check. Good thing she won that "little" lottery in 2007, huh?
I think the mom is young, so hopefully, she's set for life and has been saving her winnings.
Really interesting story!
Last edited by FigureSpins; 07-28-2011 at 08:17 PM.
And good causes come out of the woodwork with their hands out. There was a guy here in WV who won big several years ago and has lost most of it. A lot spent in bars on hookers, a grandkid used a lot for drugs then Od'd, multiple legal bills, and just being friendly and taking friends on vacations. He's a sad pathetic drunk. He didn't have a plan.
Last edited by rfisher; 07-29-2011 at 12:35 AM.
I'd take out a full page ad in the paper saying "I WON THE LOTTERY!!!! Party at my house - here's the address, wheeeeee!!!!!!" and be so happy to meet all my new friends
Eh, I'd just make a Facebook notice. "Dear friends: yes, I just won the lottery. I figured you'd find out at some point. I am not giving any of you any money, because then you will all want money. However, if you have any suggestions for charities, please feel free to let me know. Thanks "
Really, though, I have no concept of how to plan as you suggest, rfisher. Really. I'd do those two things I mentioned and then feel at a loss as to what else to do beyond that.