What should I do if I win the $1 million lottery?

Question

What should I do if I win the $1 million lottery?

Answer 1

Send that check to my house! Then i go cash it and give you 2 percent.

Answer 2

first, break something when you realize you will lose about half to taxes.

second, figure out the payment schedule. usually, it's in 20 equal installments, once per year. so, the typical payment plan for 1 mil is 50k a year for 20 years, which, after taxes, would be around 25-30k a year, about what you would make managing a Mcdonalds.

third, figure out if it's a "life changing" amount. in other words, is it enough additional income to fundamentally change the way you live? for example, could you buy a house, quit your job, etc?

4th, if the amount is not life-changing (1 mil would certainly qualify) you should think about investing it. money market accounts and certficates of deposit earn about 4% a year. not glamourous, but very very safe. if you put every single installment into cd's for 20 years, you should have the full 1 mil back by the end.

4.5th: if you want to just blow it, i would recommend putting it into some kind of income generating hobby, like dog breeding.

5th: after you've given up, buy a Ferrari.

Answer 3

Give some to charity!

Answer 4

remember me? your long lost cousin?

Answer 5

It's really not worth worrying about.  Because this is highly unlikely to happen.

But if it happens, you are going to lose about $300,000 to the government.  So now you have $700,000.

Pay off your house, if you have one, if you don't buy one.  That takes care of $300,000.

Pay off all your other debts, which is hopefully less than $100,000.

Spend about $100,000 on luxuries, nice furniture, nice cars, electronics, things you want.  Perhaps a vacation.

Deposit the rest of the money in some kind of retirement vehicle so you will have a nice quality of life when you retire.

A million dollars is not a vast amount of money in this day and age.  By the time you've paid the tax man and become debt free living in a nice house you own, you don't have a huge amount left.

Of course another angle is to invest all of it, and try and get $30-$50K a year to live on, if you don't want to work, and can afford to live on that kind of money.

Answer 6

I would buy  a **** load of things or invest in it

Answer 7

have fun    i would

Answer 8

put it all in the bank a live off the intrust which is like $1000 buck a month.

thats what I wound do

hope that helps