Million Dollar Question
 

Someone where I work hit the lottery for a million bucks. This person was young,(possibly in her thirties).

Almost all of us have our work careers behind us. I was wondering what retirement type people would do with a million bucks.

What would you do?

Invest it in somewhat secure things in the market - low risk. That's just us, though.

Check back with that person in about 5 years to see how they're doing. Good chance that they won't be too happy.............that's just how it seems to work with a lot of people who suddenly come into money.

Bill

Invest some of it; get my daughter on her feet; give a good portion to causes I believe in.

If you want a million I think most lotteries - like the Florida Lotto - pay it out over 20 years. Basically $50k per year if you win a million. If you take it as a lump sum you get considerably less than a million and then have to pay tax on it at the maximum rate. I'd take the $50k/year for 20 years but it seems that many take the lump sum and I think these are the people who have problems - just my opinion.

i'd invest some, do what i felt necessary for my family, and then fund an endowment for a charitable organization with a mission to 1]teach the art of writing winning grant proposals, and 2]to write proposals that would insure an arts curriculum [all modes] in schools of all levels.

am starting to develop a fund raiser now for a catholic school in cinnaminson, nj...it is to be a takeoff on some sort of cooking show and will be titled 'who put the cinnamon in cinnaminson?'...cute, huh? funds raised will support the purchase of art supplies and art demonstrations/performances in the school.

Put it on Red!


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:coolsmiley:

I once asked a farmer the same question. Sam , what would you do if you won a million dollars? Farmer replied: I would keep farming until it is all gone!

I would get me a brand new used car.

Would be so great to be able to make sure everyone in the family was secure financially. That would be SO much fun!

Maybe that was John D's thinking?


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and Gary M's thinking

A million dollars these days won't go too far. There are too many horror stories of the bad luck future winners come into. Sometimes coming into a great deal of cash can distort a persons mind. Everyone say "It wouldn't happen to me" but it happens to most of them. Although I know "It wouldn't happen to me."

My reply has always been to apply it on my debts as far as it would go.

What he said.