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How do I invest my millions??
So on Saturday I will be winning the Powerball. It's $171 million right now. Me and the hubbs were talking last night about what we should do with it. What kind of account do you put that in? Do they make special savings accounts to store that kind of money or do you put it in safe investments?? My poor pea brain can't even wrap my head around it and I'm curious to find out so I'm prepared- :P
Soooo--- please tell me what you would do with the winnings? Would you take the lump sum or annuity?
I'd take the annuity so that I'm not tempted to run out and spend it all at once. Also, I know this sounds crazy, but I wouldn't just give handouts to my family and friends. I'd help them in some ways (like college funds for their kids), but I wouldn't just hand a check over to anyone other than our parents.
Re: How do I invest my millions??
We don't play the lottery, but we do have discussions on what we would do.
We would probably take the lump sum. We would pay off our parents' and sisters' mortages and student loans. Then we would renovate our house (we love our house so we wouldn't get a new one). Then we would set up college funds for our future children. The rest would be saved and/or invested.
Getting fit for IVF!
Sometimes I play Keno and start talking about the millions I'm going to win (even though the max on the games I play is like 10K lol.
I'd take the money in a lump sum. First thing I'd do would be to pay off our cars and any other debt we have. Then we'd buy a modest house, nothing super big or fancy, just a cozy house. I'd pay off my Mom's mortgage and buy my Dad a nice condo in the downtown area because that's always been his dream. I'd also either buy my older brother or help him buy a place in NYC so he's not stuck renting crappy apartments that are way too expensive anymore. We'd help his grandparents out too since they've done so much for him throughout the years. I'd probably help other family members out too if they really needed it but I certainly wouldn't just hand over tons of money to them. Whatever we don't spend initially, we'd just save and live pretty comfortably for the rest of our lives.
That'd be tough. I'd love to take the lump sum and pay off our mortgage, and get all the repairs done on the house. Then I'd buy me a new car....and my Dad a Porsche. I'd probably also adopt a second dog that Daves been bugging me about.
Then the rest I'd invest.
Definitely take the lump sum. The laws state (at least here in FL) that if the winner passes away before they have collected their full winnings with the annuity, the payments become null and void. So, God forbid something happen, your family would not be entitled to any of your winnings. Just something to think about...
After tithing 10%
, I would love to pay off my student loans and our debt, buy a new car, a new home, help out our families, save some, and invest some. And of course, I couldn't forget about my Nesties 
est. 10/10/10
Aww yeah! Perhaps a Nestie GTG some place tropical??!?!
I would definitely pick lump sum (in NY I think you have to say when you buy the ticket). I probably wouldn't tell anybody (besides DH of course) that we won. Eventually we would tell family but probably not right away. I would tell my family right away, but then we'd have to tell DH's and they already think we're rich and ask us for money all the time already (SIL asked DH for $7k, maybe as a loan, a year or so ago, haha like we have that kind of money laying around not allocated for something, at the time we had that in a wedding fund).
So anyways I don't think I would spend much of it in the first year. I think I would work on getting it in a variety of investments and see how much money we can make on it every year and use the earnings (interest/dividends) as what we would spend from the winnings each year. I would buy a really nice house in the city, but around here that would run me 500k-1M to get one of the nicest. I wouldn't work, DH would probably still work part-time b/c he loves what he does. We would definitely do a lot of traveling as that is our favorite past-time.
I would definitely share some with family and close friends, but I don't think I would hand over checks. I would make sure family's mortgage's were paid off and would buy modest (since they still have to pay the taxes each year) houses for those that don't have ones. I would pay for my brother to go to school, and BIL & SIL if they wanted to. I would also set up college funds for our nieces and nephews. Actually I would probably pay for anybody I cared about to go to college as I really value a good education. I would by my dad a bulldozer and some land to play on as that is his lotto dream.
Trip to Prague & bring home furbaby when we get back
~ Karen ~
**Wedding/House/Travel Bio **
Done and done. Bre, get on that, k? Thanks!
I would do the following:
1) Tithe 10%
2) Give away another 10%
3) Pay off debt
4) Buy new cars and a new house (and furniture)
5) Set up trust funds for my family
6) Quit our jobs. Go to school.
7) Travel
8) Invest the rest so that we could live (well) off of the interest for the rest of our lives.
ETA: Also, I would totally take the lump sum. I'd rather be in control of my investments and let the money grow that way, rather than leaving it in the hands of the lottery commission. Also this way, the investments will continue to produce income for the rest of our lives, rather than in 20 years having us wake up and go, "Wait, what do we do now that the money has stopped coming?"
We talk about this all the time!
We would pay off our debt and our parents'/siblings' debt, set up college funds for our nieces and nephew, travel a lot, and pimp out the house.
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TTC Since January 2011 - We have bad spermDH and I have talked about this, and we'd both take the lump sum.
1. Pay off our mortgages
2. Pay off our parents' mortgages
3. Pay off best friend's mortgage
4. Buy new car as a ridiculously impractical toy (get that urge out of the way)
5. Make donations to our personal causes, probably
6. Tie the rest up in investments with some annual return to live off of (so that when mooches would come out of the woodwork you can say, sorry, no lump sum sitting around)
We'd take the lump sum. Here is my "responsible" list. lol. I'm sure we'd end up with a boat or something knowing DH.
1. Pay off our debts.
2. buy a house
3. invest!!!
4. save some to donate
Soooo...
Did you win?