You just won the lotto... What's your first move?

[MrScorpio]

I'm sure that there are web sites about this, but what's your take?

[bleedingheart]

1. take a deep breath and then pay off all existing debts

then sit on the money and live on the interest for a year or so until I got used to the idea of having so much money...

I would be very reluctant to buy anything too expensive like a new home..etc

A lot of folks who win even small amounts end up not realizing that it takes money to maintain the lifestyle of the rich...so if you win $1million after taxes...buying a $800K home is a really dumb idea...

[liberaldemocrat7]

52. First, I donate 10 percent of the winnings to a few religious organzations in New Orleans.

First, I donate 10 percent of the winnings to a few religious organzations in New Orleans.

Then get advice from a lawyer and an accountant.

[Swede]

2. Mexico?

:shrug:

[lizziegrace]

3. Hire an attorney

then go claim the money.

Then I'd sit down and pay off all my bills and loans. After that, I'm open for suggestions!

:)

[MissMillie]

47. DING!!! we have a winner

I would also start asking around (people I trust) about financial planners. I have a cousin who I would probably use, but I'd still ask around anyway. It may be wise to hire more than one.

[havocmom]

57. After the attorney and bill paying: Property searches

We always mused that it would be SO GREAT to be able to buy a couple small apartment buildings near a couple of Universities. Run them well. Maintain them well. Give a rent break to students struggling to put themselves through school and reward good grades. Then, as a young person completed studies and graduated, gift them with the rent payments (and interest) back to help them get started.

Havocdad worked hard and nearly froze/starved to death getting through school. He would LOVE to be able to provide decent housing at a more than fair rate to some worthy young people. He would sleep well, knowing they were warm in winter and as safe as he could make them while they struggled. He would be most pleased if they were 'lucky and found a great deal on rent!' And he would be very satisfied to be able to say to recent graduates: 'Here's a little something YOU socked away. It was important that you have housing and just as important that you learned you could provide that yourself with your hard work. It was important for you to have a bit of a struggle and learn you would survive it. Now, it is important to me that you have a good memory and the knowledge that sometimes life works out better than you ever dreamed. It is important to have a lesson that hope is well worth maintaining in dark times.'

Anything that would make my sweetie that happy would be a dandy fine investment for me.

We don't need much for our last years. Knowledge that some kids got a fair shake would go a long way to bring contentment as we doter off into the sunset.

[SeattleGirl]

4. First thing is to get a reliable financial advisor to help me handle

a large sum of money.

Second thing, pay off ALL my bills.

Third thing, make sure my family's needs are taken care of.

Fourth thing, donate some of it to my college alma mater to start a scholarship for kids with the chops for college, but who don't have the money (I'm talking kids in real down and out situations).

Fifth, go to all the places in the world I've always wanted to see, starting with Amsterdam!

[Bennyboy]

5. Move to Humbolt county.....

And dissapear.

[CaliforniaPeggy]

6. I wouldn't tell the press...

Definitely take the lump sum...

Invest in something safe...ha!

Trust funds for the kids etc...

Give some of it outright for some good friends who could really use it, and who would appreciate it...

Not sure otherwise...

[CBHagman]

9. I'm with you there, Peggy.

The last thing you want is publicity, though I don't know how long you could keep things quiet. Aren't there people who seek out prize winners for a handout?

[CaliforniaPeggy]

14. I believe that you can request anonymity...

I've heard this in the past...

Most folks don't, though...

And you can believe there are folks out there who seek out prize winners for a handout!

It is hard to stay private, but definitely worth the fight to do so...

[CBHagman]

17. I notice most contests...

...have a system whereby anyone can request a list of prize winners. I realize lotteries work somewhat differently and to some extent people can keep out of the spotlight, but the chances of being pursued by the desperate, the greedy, and the just plain dishonest are high.

Besides, once the taxes are taken out and the payment system is set, a lottery winner has only a limited amount of cash to work with. I understand the most sensible choice is to continue much as you have, keeping your job and most of your normal lifestyle...but changing your phone number!

[CaliforniaPeggy]

18. Thoses are all good things to do!

Our phone number is already unlisted, so not too many people have it...

Now all I have to do........is play the damn game!

[The Velveteen Ocelot]

20. Depends on your state's lottery rules.

In my state, Minnesota, the law requires the public disclosure only of a winner's name and city and the amount of the prize. The lottery commission can't release your address or phone number, though; so if you have a common name and live in a large city (as I do), you might be able to keep a pretty low profile. I sure wouldn't want any publicity -- every scam artist in the world and every long-absent "friend" or relative would come out of the woodwork.

[pitohui]

27. a state lottery commission must disclose winners to keep it on the up and up

the lottery would soon be a completely corrupt way for politicos to channel money to friends and family if names were kept secret

you can keep your name private when you win from a private business, such as megabucks at the casino, it is your choice to disclose your name or be known as "louisiana guest"

[Wcross]

26. I wouldn't either.

I don't know why anyone would. Let's say you won 200 million dollars and your name is all over the news. How safe would you feel? I feel there would be a danger of kidnapping and/or some other criminal attempts. I would have to form a trust or LLC to disguise my identity.

[lizziegrace]

28. Here in Ohio

your name is published. No press, no money.

[CBHagman]

7. Hire a good lawyer and accountant.

I want to know the score first -- no ugly surprises, though it's possible those are inevitable. The last thing I would want is confusion on the tax and inheritance angle of things.

Then I'd pay off all my debts and start looking at what to do with the money. I know a few people in financial trouble...

[lizziegrace]

8. So do I...

I'd end up giving it all away to help others who need it.

[The Velveteen Ocelot]

10. Get an unlisted phone number; hire a lawyer and an accountant;

pay all my bills; fix up my house; buy an airplane; give a bunch of money to charity; and change my will to be sure that if I croak my evil sister-in-law will never see a nickel.

[Mr. Blonde]

11. Register republican

If I knew how I would do the hiding smiley thing here.

[Reciprocity]

12. Before I claimed my prize I would take a picture while holding the ticket, photocopy

it front and back, and then put it away. Hire a lawyer, an accountant, a financial planner and maybe an insurance adviser.
First the tax expert, then the investment adviser.
Talk to the accountant or tax attorney to figure out what my tax options are and find out how much money I will end up with after taxes.
Then hire a financial planner.
When I claim my prize, no press conferences, no pictures, no commercials. Folks my find out later that I was the winner but it would give me a head start out the door

[In_The_Wind]

13. I would see my accountant..

He's become a trusted friend over the past 20 years.

Then a lawyer.

[madinmaryland]

15. Probably a bowel movement.

Hopefully I make it to the can!

[JVS]

50. lol

[MrSlayer]

16. 1. Get a lawyer.

And find out how to put it in an unbreachable trust that only I have access to.

2. Create a will.

3. Take care of my family and friends.

4. Go to Amsterdam for a few months to decide what to do with the rest of my life.

[DainBramaged]

19. Pretend everything is normal for a month.

All the machinery is in place just in case


I got a LOT of poor friends who deserve to be taken care of. And I know of some struggling souls on DU (besides DU) that need help.

At this point in my life (56 and recovering from a heart attack) self isn't so important any longer.

Maybe the spirits and angels will see my purpose and drop the numbers on that magic ticket for me. Even just a couple or few million is enough.:puffpiece:

[msanthrope]

21. Change my underwear. Then, call a Trusts and Estates lawyer. n/t

[Robeson]

22. One word: expatriate.

[vixengrl]

23. It would depend a little on how much I've won...

but the very first thing (once I have the money) is pay all bills--car, mortgage, credit cards, get totally squared away. I guess I'd like enough where the hubboo and I don't have to work anymore--I guess we set up our parents comfortably. I don't need fancy accomodations myself, but it would be nice to set up a house that was very green-solar panels and all that, small but with room enough for my exceedingly vast library, jewelry and antiquities collections, which would from that point become quite impressive, and of course, the wine cellar and hubby's walk-in humidor. And then, lastly, with time on my hands and money to burn, I'd invest in liberal media--website, radio--finally have time to write and become a full-time pain-in-the-neck to the establishment--and I'd also develop a portfolio of investments in green technologies. If I had a resevoir of unearned wealth (I mean, except for earning the dollars I bought the ticket with) I'd really feel compelled to do something positive with it. So figure in some charity stuff, too. (But, I really still need the huge library and jewelry collection. And frequent trips to Italy. For the ice cream.)

[QMPMom]

24. Pay all current debt.

Then I hire a lawyer and set up funds for the kids.

After that, the fun begins.

[femmocrat]

25. Call my kids.

:woohoo: Kids, you can start spending your inheritance now!!!

[BlackVelvet04]

29. Get an attorney.....

pay off debts.

Depending on the size of the amount I would set up a trust fund to be administered by someone else and any requests for donations would be referred to the trust.

I would help out family who needed help.

Get a financial adviser to take care of the bulk of the money....put some money in an off shore account.

[Roon]

30. Get a limo

and take my nephews to toysrus, then gather up the family and take my nephews and their parents to Disney world.

[Starbucks Anarchist]

31. Commit a lot of crimes now that I can get away with it.

[Lydia Leftcoast]

32. After finding an attorney and a financial advisor, I'd

pay off my debts, buy a condo, establish trust funds for my nieces and nephews (not to be claimed before the age of 40), be generous to some favorite charities and arts organizations, and do a lot of writing and volunteering, and tttrrrraaaavel--or maybe even move out of the country, if there's another one that would have me.

[DU GrovelBot]

33. ## PLEASE DONATE TO DEMOCRATIC UNDERGROUND! ##

==================
GROVELBOT.EXE v4.0
==================



This week is our third quarter 2007 fund drive. Democratic
Underground is a completely independent website. We depend on donations
from our members to cover our costs. Thank you so much for your support.

[tkmorris]

44. Grovelbot wins. First thing ya do is donate to DU

Right after that though I am hiring a financial consultant and a lawyer, hopefully in the same human shaped package. I actually might not NEED the financial consultant much, except to advise about long term tax issues, but most people would.

[Mz Pip]

34. Hide it

If I won the lottery and it became public I know of several wayward relatives who would be expecting a cut. I can only imagine the kissing up and whining that I would have to listen to. These are people who rarely talk to me, but they would be right there, suddenly my new best friends. Ugh.

I wouldn't tell a soul. And I'd be real insistant that Mr Pip keep quiet, too.

Mz Pip
:dem:

[stuntcat]

35. buy the farm

This farm I've planned out (just in case) The arrow in the picture is where my hut will be (with an underground theater) and there'll be some happy cows and pigs and donkeys and chickens in the yard. And everyone can come and camp out and hang on my farm! As long as they're Democrats.

[haele]

36. Spend it all on lotto tickets and take the tax deduction for

buying lotto tickets. You might be able to get half your winnings back and not have to pay as much in taxes.

:silly:

Haele

[Initech]

37. Hire a lawyer and an accountant

Then I'd quit my job and go travel. I'd also buy a nice house in Newport Beach and a Mercedes CLS 550, both paid in full up front. Then I'd get my accountant to invest in some nice mutual funds so I could live off it the rest of my life. I'd also help my relatives out in a matter similar to the Human Fund scheme that George cooked up in Seinfeld.

Hey, why cant I be greedy every once in a while? :evilgrin:

[RushIsRot]

38. Once I came to, I think I'd go have a nice steak dinner.

Of course, ya gotta play to win and I do not play. Oh well...

[mondo joe]

39. Get an attorney; form a corporation.

[wildhorses]

40. pay off all debt and go to europe for an extended vacation.

come home and build a house on my property. go back to school. set up trust funds for the kids.

[DarkTirade]

41. I'd divide my money into quarters.

Invest three of those four quarters in some nice, solid investments. Then go nuts with the other quarter. :)
Of course, my definition of 'going nuts' would be to pay off my debts, buy a working (but fuel efficient) car, and use the remainder of the money to start my own business. Because I can't just sit on my ass all day. I need to be DOING something with my life, or else I'll go insane.
Oh, and once I'm rich, I'll start referring to myself as 'eccentric' rather than 'weird'. :)

[DarkTirade]

42. And I might move too... can't stand the heat and humidity here.

As much as I like living near my family... well, my brother is moving in a few months, my sister is going off to college in a couple years, and my parents are thinking about moving as soon as she's out of the house. So that just leaves my step-brother staying here. And I have a step-sister and two half-sisters living in New England and the west coast. So yeah... not all that much keeping me here.

[ghostsofgiants]

43. I splurge on one of these bad boys...

[GaYellowDawg]

45. Let's see....

- given a lump sum, I'm guessing about $40M for this lottery after taxes

- Ask the lotto corporation for a 30 day news blackout. Get an unlisted number and change all my email accounts.

- Pay off all my debts.

- full medical workup. Get all the cardiac arteries checked and stinted if necessary, etc., because I want to LIVE to enjoy this!

- Buy a red Prius.

- Drive the red Prius to my sister's mortgage bank. Pay off her mortgage except for $10 in secret and let her fall over when she gets the next bill.

-Set up a $2M fund for my parents to spend on whatever they liked.

- Set up a $250K education fund for each of my sister's kids.

- Buy a new minivan and a new car for my sister and her husband.

- Give them $2M.

- There are four friends who have really been good to me during my lifetime. I would give each of them $1M. Five other people would get $500K apiece.

- Let's see, I'm down to about 28M. How about... hmmm... a house where I'm going to grad school and another on Muir Beach in SF. Down to $25M.

- donate $1M to my department

- donate $10M to various charities

- get on the waitlist for a Tesla roadster

[Callalily]

46. Immediately call

my financial adviser, and then get out of dodge Move to a warmer climate, travel, travel, travel. And it goes without saying, help out my friends and family.

[Dragonbreathp9d]

48. Donte to Kucinich

buy some land
donate to Amnesty International

[JVS]

49. new car

[Fox Mulder]

51. Quit my job, naturally. But after that...

I'd travel the WHOLE world.

[hfojvt]

56. dang, it took fifty posts for somebody to say the, IMO, obvious

The travel part, though, I probably would not do so much of that.

[tjwmason]

53. First move?

A long week-end of shopping in London.

Then calm-down and plan out how to cope.

[Rob H.]

54. Like a lot of other people

Lawyer, financial adviser, try to keep it as hush-hush as possible, split it with my parents, etc. After the dust settles Rob H. World Tour 2007 begins, starting me and some of my friends going to Amsterdam.

[Inchworm]

55. I'd build a treefort in my yard.

with a fridge and stuff :D

:hi:

[RedStateShame]

58. Pay off my college loans in one dollar bills with obscenities written on each one.

Edited because I mis-typed "written." That's how good my college education was.

[Fire Walk With Me]

59. Someone once told me that if I had a budget, I'd start a war.

:shrug:

[Godhumor]

60. Spend and donate as much as I can as quickly as I can

I'm a big believer in the law of found money, and I've seen very few positive stories about mega jackpot winners. I'd give most of my winnings to the Alzheimer's Association, buy large Christmas gifts for friends and family, and keep enough to make sure that I can pay my yearly taxes. If I'm feeling really lucky I might even throw a few hundred K into savings, heh.