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

[rachel776]

[Screenwriter]

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]

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]

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]

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]

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.

[slatyb]

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.

[WhiteSteve]

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]

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.

[Finchie40]

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

[patrick994]

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

[Friendlybro79]

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]

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]

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]

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]

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]

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]

No, since I tend to be a cheapscape.

I can stash $100.00 away, and it will be there years from now lol.

[DextroShade]

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]

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

[DJB72]

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

[MikeTheBartender]

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.

[IslaTheWitch]

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

[whereismyjohnny]

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

[JacobJordan]

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