If you won millions of dollars in the lottery, would you be one of those people who loses it all within a few years?

Question

Screenwriter · Accepted Answer

Not me.

First off, whatever jackpot you get, cut that in half to see what you really will get after taxes. You win a billion? You walk off with 500 mil.

THEN, miracle of miracle, you get FREE financial consultants from the lottery people! How cool and great is that. LISTEN to what they tell you: How to invest your cheddar, and what NOT to do.

I'll stay in my current home, outfit it to age in place, buy the homes on either side of me and behind me to put relatives in homes nearby, in fact, my real goal would be to buy the ENTIRE block and have friends and relatives nearby... IF possible.

Plant a community garden that everyone nearby can use. THEN, create a trust for my only son, give out lots of million-dollar gifts to my few good friends and family (about 20 to 30). THEN create loads of foundations to give out scholarships and donate to worthy causes locally and globally.

Then, do some serious traveling and live my life well and with worth sitting on all those boards of directors of my foundations. Have a lot of parties with my neighbors/family and leave a lot of money to do good works!

Riches can enrich EVERYONE. That'd be my noble goal and I believe it's doable.

Amara_09 · Accepted Answer

No. Gotta be smart with that money. I can tell you for sure that using it to buy luxury cars is definitely a bad investment

Phoenix98 · Accepted Answer

I’d pay off all of my debts, fully restore my truck to factory new conditions. Take half of what’s left and invest it.

Take the other half and buy myself a decent home not some mansion or anything but nice little house I don’t need anything massive. And live off what’s left and continue working my job. Though I might buy some rifles I’ve been wanting.

All that would probably cost me 300,00 to 500,000 or less. So I’d have plenty of money left over and I’m not one to waste money on expensive purchases.

Then the other half like I said will be used for investments.

molonski2 · Accepted Answer

No , I wouldn't because mentally I'd be quite capable of dealing with a large sum , and frankly no one would know that I had won it , and even then only very close family , and I would just use the funds to produce an incredible income..

So , not a whole lot would change , other than some more houses , but not super special , or cars , as cars are not my thing , I'd have a nice car but nothing ridiculous.

Who knows , I may have won a massive amount some 8 years ago?

adam6402 · Answer

Even if it was just 250K, it'd set me up for life.

Where I live real estate is a goldmine. It's almost impossible for most people to get into, but once you're in you're set. An extra 250K would make a massive difference right now and bring in exponential investment growth in the future.

Finchie40 · Answer

No, I am pretty content and I do not need expensive things to make me happy , Don’t get me wrong I would spoil myself a little but it wouldn’t be extreme to where I would run out of money , I would just be happy I didn’t have to go to work anymore , I would definitely start up my own business to keep me occupied And I would definitely travel , I would so be able to live the rest of my life off of that winning for sure , I would just make sure I don’t get married lol

WhiteSteve · Answer

No chance. I’d have a good portion of it in a managed investment account so I’d never be broke again, barring a complete stock market crash. I could also have a ton of it in a money market account and just be entry-level rich off of the interest alone. You have to be an idiot to fuck up that kind of bag.

Red_Arrow · Answer

Absolutely not! I already have a lot of money in trust funds that will pass to my son when I die. My son is considering buying a new car. I would probably buy a nice one for him and take over his. I have done millions of miles in travel while in the Navy, so I have already seen pretty much all of the world I am interested in. I would pay off the mortgage (already paid over 20 years of a 30 year mortgage). Probably donate to some charities that are important to me.

patrick994 · Answer

Absolutely not, since childhood I have had a solid financial education, I have never been attracted to excessive luxury, which is why if I were to win I would only buy a modest house, a car, a few trips during the year and possibly a few small luxuries.

The rest I think I will invest

slatyb · Answer

I would not, because I don't have a huge desire for expensive things. I would buy a home, a track car, travel more, and stop worrying about hotel room rates and restaurant prices. I would pay someone to create a financial plan telling me how much I could spend, and I would have no problem living within my means.

Friendlybro79 · Answer

No way. I manage finances really well. I'm so far ahead of the game with my 401k and other financial savings for my age despite not making a tremendously high salary that I know for a fact I'd be responsible. A matter of fact I would not only turn that into more money, I would donate to multiple causes, help friends and family, and do good for random strangers.

love_conquers_lust · Answer

I'd hope not. My financial history is a frugal one reflecting more of a miser.

You could diversify the crap out of that and earn millions every year on returns. I just hope I wouldn't invest it in something that flopped, but hopefully I'd have a good broker, financial advisor, and supportive people around me.

OtterMan68 · Answer

no because I'd keep a few million for myself and give the rest to charity. I would not splurge on a huge mansion or fancy cars. I'd live in a nice house in a nice neighborhood in a nice town, but nothing extravagant. I can live very comfortably on $4k a month if I have no mortgage or car note.

Hispanic-Cool-Guy · Answer

I don't think so because I only mostly buy food and experiences with my money, but most people will lose it even though they say they won't.

A lot of money literally overnight is too much pressure for anyone to handle and they will just lose it within 5 years or so.

73% of all lottery winners go broke within 5 to 7 years of winning a jackpot.

rigmarole · Answer

I don't play the lottery so that would never happen. Aside from that, any major winning would just be invested in purchasing businesses or property that generate cash flow.

Paul_in_Indy · Answer

No way! I’d put it all in a pair of restricted trusts (one for charitable giving and one for my family) with the principal restricted.

EnglishArtsteacher · Answer

No, since I tend to be a cheapscape.  I can stash $100.00 away, and it will be there years from now lol.

DextroShade · Answer

Hell no! I would be investing that money all over the place: real estate, index funds, gold, maybe a bit of crypto. What I would NOT do is spend it on stupid shit like yachts, clubs, and supercars.

AydenHazor · Answer

I'd be the one to take the options to receive it over the next 20 years and treat it like work income rather than spending it on big purchases. That would require me to play the lottery however, which I don't do

Simslover92 · Answer

Nope. I would get a financial advisor and lawyer immediately. That's where many go wrong.

DJB72 · Answer

Nope. I'm one of the annoying people who has a good friend that's a director of an investment company.

IslaTheWitch · Answer

Nah, I would add it to the existing investments...

whereismyjohnny · Answer

No way. I have a foolproof plan of what I would do if I won the lottery 🤣

JacobJordan · Answer

Nope winning the lottery would add less money than I have currently so wouldn't change my spending habits

MikeTheBartender · Answer

I already have that amount, and I definitely have not squandered it. I would use the 4% rule and milk 40,000 a year out of it.

Liivv · Answer

I would go to Australia (not sure why), get a beach front house and buy 2 dogs Dunno what i'll do with the rest of the cash give to a charity or smth maybe

Sharkstealth · Answer

It doesn't actually work that way because of taxes. I would definitely retire though. People who generally lose it quickly are lump sum payouts who have never really had anything.

motownplayer2000 · Answer

I would like to say no… but reality is you have to be in that situation to know. I’ve been broke once to know the importance of saving and investing. And being debt free.

RavVid · Answer

No way in hell. Possibly would set up a trust fund so people couldn't at me.

SweetDripp · Answer

Definitely not. If anything, I’d invest too much of it and not enjoy myself enough.

Unit1 · Answer

On the contrary, I'd put the money to work and become a billionaire. Obtain assets, not liabilities.

douride2 · Answer

No not a chance. If I had millions in a winning lottery. I would live the same way I am now for the rest of my life.

butterly248 · Answer

No. I would pay off my debt, buy a house, give a some money to family and charity. The rest will be locked away!

RedInnocent68 · Answer

Nope. If it was substantial, I would form a trust and appoint an investment manager to live off the income.

Keith469 · Answer

Absolutely not. First things I'd do would be get a good lawyer, tax advisor, investment advisor, and insurance agent.

Sparkie460 · Answer

Oh hell no. I'd spend it wisely and invest it. I would also keep working because I love my customers.

Agent_Elflord · Answer

Nah, I’d spend maybe half or two-thirds of it and save the rest.

DaBiggestBird · Answer

I’d lose at least half of it in like the span of a week because tax cuts or something

Ironco · Answer

Nope, and all the money hungry cockroaches that would come out of the woodwork can go f@#k themselves too.

Carly2005 · Answer

No cause go for the yearly install meant. Plus see what happens when you can’t control your spending.

OfDeath · Answer

Not if it was 200 million. I have no idea what I would even spend that on.

Anonymous · Answer

Probably not. I'd slam a decent chunk into Treasuries and high quality corporate bonds and live on the interest income.

nawtee_me · Answer

Nope I would pay off all of my bills and retire on the rest.

The_Canddyman · Answer

Goal would he to have it all invested in the first year.

CubaPirate · Answer

Spend some on "wine women & song" then probably waste the rest lol 😆

Anonymous · Answer

I can't imagine anyone answering "yes" to this question.

JumbotronDon · Answer

Na, not all of it! Just most of it. I mean inflation did effect drugs too..

Anonymous · Answer

Nope... I know how to invest it now and make it last..

Gent207-2 · Answer

No as long as its tax free

Crimsyjo · Answer

Not a chance!

Fireguy17 · Answer

no, I am very good with money.

GoodGuyBreakingBad · Answer

Nope, I will save

laly520 · Answer

nope I would save n think how to invest

jamesgoldman · Answer

Nah, I'd build an empire

lorenzomichael · Answer

First thing I'll do is get divorced.

Aiko_E_Lara · Answer

Not really. I would invest some and save most.

Jkreuger89 · Answer

No i'd try to invest probably half or more

LunarEclipse433 · Answer

Nope. Bank most of it

Guido · Answer

Nope but I would retire instantly.

elaphe · Answer

No, I would save a chunk of it.

Dreamclouds · Answer

Neah they would last me for a lifetime

Enginn · Answer

No. I would save some of it for business.

riverrat3 · Answer

I would invest a good portion

FreyaRed · Answer

Unlikely

If you won millions of dollars in the lottery, would you be one of those people who loses it all within a few years?

Most Helpful Opinions

Most Helpful Opinions

What Girls & Guys Said

Nope, I will save

If You Won The Lottery would you Take All The Money or Installments?

If you won millions of dollars in the lottery, would you be one of those people who loses it all within a few years?

Most Helpful Opinions

Most Helpful Opinions

What Girls & Guys Said

Nope, I will save

If You Won The Lottery would you Take All The Money or Installments?

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