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What if…. You won the lottery? What would you do?





Driving home from work today I passed by a billboard with the Super 7 Jackpot advertised. $30 million dollars it displayed.. and the image repeated over and over again in my head until I arrived home. I remember seeing somewhere that nearly 1/3rd of all big lottery winners go bankrupt within 5 years. I guess it's not that hard to believe, not everyone is financially literate. What would I do if I won $30 Million? Here is my hypothetical plan in order:

  1. Change our home phone number then have our new number unlisted.
  2. Donate 10% to various charites ($3 million).
  3. Give away another 10% to family and friends ($3 million).
  4. Start a diversified dividend investment fund with 10% ($3 million) and donate the proceeds of the quarterly dividends to charity. This would work out to around $3 million * 4% annually = $120k / year (increasing annually).
  5. Pay off all my debts ~$200k.
  6. Buy a new house $400k.
  7. Buy a couple new cars $90k. Why not right? ;)
  8. Quit my job.
  9. Keep $300k in a regular chequing account for other toys, luxuries and travel.
  10. Perhaps take $5 million and invest in venture cap, franchise restaurants, and/or real estate.
  11. Take the remaining, which is approximately $15 million, spread it among various investment accounts (to account for the limited CIPF) and purchase strong dividend paying stocks among other income instruments. This would pay approximately $600k / year in dividends assuming an average 4% payout. This would be our yearly salary.
  12. Continue blogging, but change the domain name to 100MillionDollarJourney.com. :)

There you go! That's my plan! What would you do?





97 Comments, Comment or Ping

  1. 1. Greg

    I wrote a post thinking your numbers were off, but then I realized you are Canadian. So I may be wrong. I will explain how things work for us in the United States. Our Lotteries are taxed and paid out over time ( 20 years usually). If you want a lump sum, you take a lot less at once. Then 40% or so is deducted for taxes. Is the lottery a tax-free lump sum in Canada?

    Normally, A $30 million jackpot will actually pay out half that in a lump sum, maybe $15-16 mil.
    Taxes will then be deducted.

    If you win a $30 mil jackpot, your 1 and only check will probably be $9-10 mil, tops.

    To actually receive $30 million here in the US, one would need to wn a Jackpot of about $100 million.

    I think most lottery winners go broke because winning $1 million does not make one a millionaire. A $1 million lotto will pay $50,000 per year. I dont know many people who make $50,000 a year and stop working after only 20 years who retire early as millionaires. These lott0 winners stop working, then they buy a house, cars, things for friends,etc but are only really making $35,000 a year or so and can’t afford anything.

    Even winning a $10 million Powerball wouldn’t guarantee retirement ( unless you are already very old). Since this would probably mean $3 mil after taxes.

    Another thing to take int account is monthly fees, maintenance, tax insurance,etc. For example, here it a very common that a $1 million house would cost about $20,000 a year in taxes, several thousand in insurance, and maybe as much as $10,000 in electric/utilities. Luxury cars also cost more in insurance, repair, fuel,etc. If you make a million dollars and buy a house with that, you will need to make at least $100-200,000 per year for the rest of your life to even afford to keep the lights on.

    I think your strategy sounds good, I was just wondering if your numbers are inflated by 200-300%?

  2. I like to play with game with my family some days. It’s a fun to do once in a while.

    1)Pay off all debts.
    2)Setup income portfolio.
    3)Quit job and write full time.
    4)Max out the kid’s RESP
    5)Perhaps start a company on eco home building to prove to the world you can build a better house with a small capitial cost increase ($5 million).
    6)Pay someone else to finish painting the house and install new flooring.

    CD

  3. 3. Q Cash

    I have often dreamed (and paid the “tax on the stupid”) about winning the lottery. My wife says she would hate to win that much because everyone would be scrambling to get a piece of you (as per item 1 in your list).

    She says she would be happy with the Cash for Life for $1000 tax free a week.

    I pointed out to her that the $1000 per week was the goal for my early retirement program, so by investing and saving we had much better chance of doing the CAsh for Life by ourselves, so save the $4.

    That doesn’t mean I won’t pick up a quick pick or two tomorrow (I mean, SOMEONE has to win, right :-)

    Q

  4. I’m sure that everyone has day dreamed about winning the lottery. And i’m sure that winning it is MUCH different than what we THINK it would be like.

    Funny thing though, i have this plan in place and I don’t buy tickets. :)

    FT

  5. 5. WishBoNe

    Ooo la la! My following plan is almost the same as yours.

    1. Pay off the debts (luckily, not too heavy in this area, whew)
    2. Buy an apartment.
    3. Buy an overseas property as an investment (hopefully I have enough).
    4. Invest on some bonds and futures (I think I will need an advisor on this).
    5. Give away 10% to my family and some relatives.
    6. Buy a car or two.
    7. Quit my job and do something that I really want to do all these years.
    8. Continue blogging :D
    9. Keep the rest for other payments.
    10. Build a vacation house overseas with hills and river (I love the hills where LOTR was shot :P ).

    The thing is, I don’t live where you’re living. Darn.

  6. Hey Greg!

    Sorry for taking so long to moderate your comment, it was sent to the spam mailbox for some reason.

    But yes, Canadian lottery winnings are treated differently than US lottery winnings where CAD winnings are tax free. I’m not sure about the lump sum business as I dont’ pay a lot of attention to the lottery procedure.

    FT

  7. 7. i have no money

    eg 5 mill

    1 send wife and kids to my homeland
    2 pay all my debt
    3 pay my friend house (helped me a lot)
    4 BMW 540 for me and x5 for wife
    total + – 500 000
    rest of money
    a)30% mutual funds
    b)30% my portfolio encana suncor potash maybe some nortel aberdin minerals or something (energy and mining) some silver some realestate in toronto dwntwn (condo) rental inc
    c)5% google stok
    d)10% babys bufets
    e)10% gold
    f)5% gic
    g)5% some solid investment for kids
    h)5% cash

  8. 8. steven

    Develop 10 acres of my land with sewage/pipeline. And build an apartment building or neighbourhood. Hire a property manager and collect my passive income. =)

  9. 9. tim brown

    I’d go to casino niagara, take the 30 million dollars, go to the roulette table and put it all on #36. After I won, I’d take my 1 billion dollars and invest it sensably :D

  10. 10. Jason

    Lottery winnings in Canada are TAX FREE because the taxes have already been taken from them. Lump sum or monthly installments do not make a difference, so might as well get it all at once and then ram it into some investments!! :)

  11. 11. disaper/////

    I would pay off all my debts, give money to my kids enough for a down payment on a house or school(cant give them to much, they would have to learn how to deal with what I give them and leave the rest for a will) Have a safty net in my husband and my joint account. spend a little, go on a long trip. Bank alot of it, get a new house some where that I can grow veg, apples, and produce. split what ever left over between my husband and I with legal documentation just in case. stay at home and be a home maker,and enjoy my family(which is hard right now cause it takes two to make a living)I would be able to clean my house all day, garden cook and bake my family cookies and cakes. I would make sure I would never have to work again…..

  12. 12. markus

    Interesting Forum.. and i HAVE a ?Question? at the end :)

    Yes.. i’m canadian so im assuming a lumpsum one-time multi-million dollar pay off..

    this is..
    MY CURRENT WINNINGS STRATEGY
    1) I would change my address AND phone numbers

    2) I would give 10% to my pre-designated charities..none of these bleeding beggers that come looking for you.. AFTER you win..

    3) In changing my address.. i would custom build a moderate home in the $500,000 range.. NOTHING too fancy..double car garage- indoor heated pool

    4) Invest in a couple decent rental properties maybe a triplex.. so there is residual monthly income..

    5) A Subway Franchise.. (as the McD’s dream.. i) too expensive and ii) people eating smarter )

    6) A Hybrid Camry.. (stop being a slave to big oil companies)

    7) Pay off credit cards

    8) designate 5% for my children’s Education/future

    9) A few sound Retirement Plans.. (mutuals/diversified)

    10) Friends and Family Fund 5% (this would be to repay.. anyone WHO in the past – bent over backward to make my life easier – pay off some of their debts.. or put a new roof on their leaky house.. a practical car if their jalopy is about to break down.. $0 for any sudden NEW friends that you haven’t seen in 5 years.. or relatives that didnt have the decency to attend your mother’s funeral (that may sound harsh..but my mom was the first person to lend some of these mooches money.. and hey couldnt pay her any respects ?? )

    11) Rest.. cover lawyers, legal fee’s property taxes, Accountants.. – and rainy days..

    NOW the Question I have..

    What if you are a Canadian.. and you win a US Lottery..

    or.. $10,000 at Vegas.. they have a NASTY WITHOLDING TAX on any winnings over $600

    I understand.. as a non-US citizen.. you can apply to get some of those taxes back..

    Somebody told me.. that.. the method some of those “recovery” companies use.. is to have you apply for.. a Social Security Number.. -but wouldnt that put you one step closer to becoming a u.s. citizen..thereby entitling them (US Gov) to keep your taxes? :P im sure i was mis-informed ..or didnt understand their reasoning..

    Anyway..
    What im Trying to figure out is..

    if you won 10,000,000$ in a US Lottery (and we will uncomplicate the formula by not worrying about conversion to canadian) ..and YOU Take the 25 year annuity method.. that would be $400,000 a year.. before taxes.. and they lob about 45% off that.. leaving you.. $220,000 a year.. i can live on that im not greedy.

    IF you take the Quick CASH claim.. the prize is only valued around $5.5 million US before taxes.. lob off another 45% and you are down to $3,025,000 one time claim..

    Would you be better off.. FILING every year.. to try and get back a portion of your $180,000 ? based on your annuity… or …would you go after the 2.475 mill they took ONCE?

    …if anybody could tell me.. (FROM FIRST HAND EXPERIENCE) – a) how the tax recovery program works… b) how much do companies charge to chase it down for you .. c) is there ANY Limits to the amount you cant attempt to recover.. or the number of times you apply (assuming you attempt to do it annually if you took the annuity method over 25 years) ..

    .. the answers will then be INTEGRATED INTO MY WINNINGS INVESTMENT STRATEGY

  13. 13. saaad

    money is nothing but money is every thing so money is nothing but now is every thing

  14. 14. Michele

    When I win the 30 million:

    1. do the happy dance, scream, yell, and I will probley look like some one who has been possesed.

    2. get a plan set up, who is going to look after the kids when my husband and I pick up the cash.

    3. take off. leave no trail and tell no one. While we are on our way phone the bank and set up a meeting with our advisers. Phone work and call in sick.

    4. get money. see the bank and pay off every thing we owe money too. get checks made out to family members and friends. Set up bank accounts for kids and with the money left over seperated it between myself and my husband. Making sure there is a lawyer in the room to varavie it and make out paper work that the money was seperated. (just in case.)

    5. take the kids out to dinner and give them a little bit of money in a walet each and tell them that we won.

    6. Phone and make an appointment to see my dream home the one with the serurity system. buy the house. talk to work about a leave of absence.

    7. With my share of the money: I would spend some, save lots and give some to charities. I would go back to school and full fill my promise to my kids and take them to disney land.

    8. after a year of absence from my job and time to get over the fact that I am a millionair I would either go back to work and tell everyone I blew all my money and I am broke or, I will just stay at home and become mother of the year.

    Either way, My life would change, but I wont. I will remain the same.

  15. 15. Steve

    I never buy lottery tickets, I also subscribe that they are an idiot tax. But I often get them for birthday gifts, etc.

    If I won? . I would not be that happy. Here’s some common things people do.

    1) Quit their job. I would NOT do this. I busted my ass to earn my bachelor’s and master’s degrees. I’ve also worked very hard to build a rewarding career. If I quit my job because I suddenly became it would mean I wasted all that hard work and lost out on reaping the long term rewards.

    2) Pay off their debts. I have had no debts since I paid off my student loans (which I worked two jobs after I graduated to do in less than a year, $19,000 paid off).

    3) Pay off the house. Since I don’t own a house outright, this would be a no brainer. I’m planning on buying a house with my fiance next year. It will be my first house, but she has some equity in her condo. We will be putting about 40% down and I hope to have the house paid for in 5 – 6 years.

    And really, I would feel pretty crappy about paying off my house with lottery winnings. Many people work very hard for decades to pay off their mortgage. Doing it with lottery winnings seems like cheating.

    In short, ever since I started university, I’ve been following a dedicated plan involving career and finances that provides a lot of self satisfaction for a job well done. When I pay off my mortgage finally it will feel great (not because the debt is gone, because the dedication over the years has come to fruition.)

    Likewise, I like learning about investing and hope to build a sizable portfolio over the next couple decades and once again take satisfaction in my research and dedication to a plan.

    So in summary, winning the lottery would literally ruin all the hard work I’ve done over the past 10 years.

    So what would I really do?

    Pay off my parents debt and house, pay off my sisters debts and house, by them new cars, set up an RRSP for my parents, setup an RESP for my sister’s baby.

    The only way I think I could truly “enjoy” the lottery winnings (and this is still cheating) is dontate the rest to charity over time such that the massive annual donations tax credit offests my own taxes to a balance of zero. (Probably could do this for 5 years before what’s left of the million would run out.)

  16. 16. Steve

    I never buy lottery tickets, I also subscribe that they are an idiot tax. But I often get them for birthday gifts, etc.

    If I won? “Sigh.” I would not be that happy. Here’s some common things people do.

    1) Quit their job. I would NOT do this. I busted my ass to earn my bachelor’s and master’s degrees. I’ve also worked very hard to build a rewarding career. If I quit my job because I suddenly became richit would mean I wasted all that hard work and lost out on reaping the long term rewards.

    2) Pay off their debts. I have had no debts since I paid off my student loans (which I worked two jobs after I graduated to do in less than a year, $19,000 paid off).

    3) Pay off the house. Since I don’t own a house outright, this would be a no brainer. I’m planning on buying a house with my fiance next year. It will be my first house, but she has some equity in her condo. We will be putting about 40% down and I hope to have the house paid for in 5 – 6 years.

    And really, I would feel pretty crappy about paying off my house with lottery winnings. Many people work very hard for decades to pay off their mortgage. Doing it with lottery winnings seems like cheating.

    In short, ever since I started university, I’ve been following a dedicated plan involving career and finances that provides a lot of self satisfaction for a job well done. When I pay off my mortgage finally it will feel great (not because the debt is gone, because the dedication over the years has come to fruition.)

    Likewise, I like learning about investing and hope to build a sizable portfolio over the next couple decades and once again take satisfaction in my research and dedication to a plan.

    So in summary, winning the lottery would literally ruin all the hard work I’ve done over the past 10 years.

    So what would I really do?

    Pay off my parents debt and house, pay off my sisters debts and house, by them new cars, set up an RRSP for my parents, setup an RESP for my sister’s baby.

    The only way I think I could truly “enjoy” the lottery winnings (and this is still cheating) is dontate the rest to charity over time such that the massive annual donations tax credit offests my own taxes to a balance of zero. (Probably could do this for 5 years before what’s left of the million would run out.)

  17. 17. Steve

    I never buy lottery tickets, I also subscribe that they are an idiot tax. But I often get them for birthday gifts, etc.

    If I won? “Sigh.” I would not be that happy. Here’s some common things people do.

    1) Quit their job. I would NOT do this. I busted my ass to earn my bachelor’s and master’s degrees. I’ve also worked very hard to build a rewarding career. If I quit my job because I suddenly became rich it would mean I wasted all that hard work and lost out on reaping the long term rewards.

    2) Pay off their debts. I have had no debts since I paid off my student loans (which I worked two jobs after I graduated to do in less than a year, $19,000 paid off).

    3) Pay off the house. Since I don’t own a house outright, this would be a no brainer. I’m planning on buying a house with my fiance next year. It will be my first house, but she has some equity in her condo. We will be putting about 40% down and I hope to have the house paid for in 5 – 6 years.

    And really, I would feel pretty crappy about paying off my house with lottery winnings. Many people work very hard for decades to pay off their mortgage. Doing it with lottery winnings seems like cheating.

    In short, ever since I started university, I’ve been following a dedicated plan involving career and finances that provides a lot of self satisfaction for a job well done. When I pay off my mortgage finally it will feel great (not because the debt is gone, because the dedication over the years has come to fruition.)

    Likewise, I like learning about investing and hope to build a sizable portfolio over the next couple decades and once again take satisfaction in my research and dedication to a plan.

    So in summary, winning the lottery would literally ruin all the hard work I’ve done over the past 10 years.

    So what would I really do?

    Pay off my parents debt and house, pay off my sisters debts and house, by them new cars, set up an RRSP for my parents, setup an RESP for my sister’s baby.

    The only way I think I could truly “enjoy” the lottery winnings (and this is still cheating) is dontate the rest to charity over time such that the massive annual donations tax credit offests my own taxes to a balance of zero. (Probably could do this for 5 years before what’s left of the million would run out.)

  18. 20. Nicki

    1) Do the silent happy dance
    2) Leave my lazy CLS
    3) Pick up my cheque
    4) Buy mom new house
    5) Quit job, invest, travel!!!

  19. 21. Samie

    June 2006, i won the lotto, MegaMillion Cincinnati Ohio. $316,000,000 yeah that number is right. And on top of that i was the only person to hit the number. I bought the ticket at a Kroger on Short Vine Street. Was working for a school as a janitor at the time i was 34 years old. I have had to change my phone number, in a way its a pain in the ass. But the things i have done, places i have been and cars and property, business i have bought make up for it. I got after everything was worked out $106,000,000 million dollars. I have spend around $50k a month and with my investments and intrest i could spend 5Xs that a month. But i see no need. I spend a month now what it would of taken me 2 years to make when i was working.

  20. if I ended up with 10 Million After Taxes in a lump sum I would
    1) Put 10% 1 Million in a seperate account Money Market accout at 10% interest and designate various charities that the interest would be paid to for life I may have to set up some kid of trust that wont be touched after my death I believe i the log run God would end up getting a lot more than if I just gave it all at once
    2) I would put another 10% 1 Million in a seperate account for my parents then use it to pay off all of there debt buy them some land and have a new house builtI would keepit in my name to avoid them paying givt tax and I would pay the taxes each year out of what is left also drawing 10% interest
    3) I would put 25% 2.5 Millionin a third account with a 10% interest bringing in 250K gross a year dedicating 10% of that to the first account each year
    4) I would pay off my current dept 200K house truck credit cards and all.
    5) I would pay off my Bosses debt 200K or so because he took me in and traned me how to make a 100K a year on the phone recruiting and I would buy the company that both me and my wife work at she is VP of operations and I am VP of Financial Services another 100K or so should be enough then I would put him on 100K a year salary after putting 3 million into the company name it in an interest bearing account 10% making 300K a year paid in to my expense account that would pay all the company bills with so every year all bills are paid even if I dont bring a dime into it then I would take 1 million also put into the company for expansion upgraded office space then hire 10 people to make cold calls so that Jim and I can close
    6) I would take my last million to buy a 400K – 500K dollar Home then sell the one Im in that I would already have paid off for 200K and I would buy my wife a new car 40K – 60K
    7) I would have a professional company build me a 1969 R/T Hemi Charger 80-100K complete modern interior electrict windows door locks est Dont worry I wont use a numbers matching car and the 426 Hemi would be a crate fully blown for show and I would drive it back and forth to work
    8) the last 300 plus would go in my account for my wife to go shopping for the house crasy will she complains about me spending so much for an old car

  21. I need to make a correction instead of getting 10% Money Market rates in this curent market I could only get 4.75% at best

  22. 24. Jenny

    First i’d collect the ticket
    then punch s0me civilians with joy
    give half to the person hu sold me the ticket
    take a bath in the money
    wall paper my house with the money
    make a dress out of the money
    grind up the money nd make a eyeshadow out of it
    then buy a pig.
    to gaurd the money.

  23. 25. Bimonator

    If I won the $30 MIllion lottery there what I would do:

    Spend about $5 Million on cars (I’m a serious car lover)

    Build a nice home, nothing too big, only $700K area

    Put exactly $15 million ina savings account to gather interest which will gain interest of about $1 350 000 annually

    I would buy a nice condo in a few of my favorite cities around the world (Los Angeles, Miami specifically)

    The remainder would be left for decades of nice dinners, shopping, vacations, my grandmothers well being in her old age and my childs education

  24. 26. Jack

    Well, my strategy was written up by a Delta airlines magazine column many years ago.

    First, you need to win enough to be “set for life.” You can define that, but my guess is something like $10-20 million after taxes.

    First, keep quiet. Make your plans with trusted attorneys and financial advisors. Realize that they’re worth modest fees — don’t stiff them, but make it clear that you’re not a gravy train. Somebody I knew that was well-to-do used to tell me that he always “bought lunch,” because anytime somebody bought his lunch, it cost him more than he would have spent …

    If the newspaper calls about writing a feature story about the newest local multimillionaire, just talk about your stamp collection or something just as boring.

    Second, quit your job. All your co-workers are going to be jealous. And don’t start a business. Lottery winner businesses almost always go broke … you don’t need the income and any help you hire may end up with the same attitude.

    Then, I’d put some money aside for taxes (chances are your tax bill will be higher than the lottery authority will withhold; again, that’s why you hired tax and legal advisors), charity, gifts to friends and family, and enough money to live for a year or two — including some “mad money,” maybe a vacation home, new cars, payoff bills, whatever.

    The balance would be invested conservatively (perhaps in tax-exempt bonds, etc.) with the plan to use the earnings of those funds to cover living expenses. Haven’t thought through the estate planning end of it … will leave that to the legal and accounting folks …

  25. 27. megan

    i plan on winning tonight :)
    10-17-23-44-53=42
    04-20-31-34-47=34
    06-18-20-33-46=14
    10-17-23-32-51=16

    SAY THEM OUT LOUD

  26. 28. Markus

    Hey Megan.. we need to talk, im Markus – the poster…way up the list there.. if you wanted to send me your email address.. :) thx

  27. 29. Youd Like to know

    I’d make my own debt, and sell it to you all with interest.

    You should figure out what that means.

  28. 30. Steve

    Personally $30,000,000 easy.

    Stick it in the bank, I already found out banks will pay up to 8% to have it all in there bank.

    So imagine $30 Million x 8% is an interest of $2,400,000 or $200,000/month

    Just leave $30 Million in the bank and live of $200,000/month I think that is possible for many of us..lol

    Even a mansion would be $25,000/month plus cars, expenses etc you probably still have $50,000/month in cash

  29. 31. Scott

    Makes me chuckle that so many people put “Pay off debts in full” at the top of their list. Screw that. Let the repo-man take my Visa and my crappy over-valued house too for that matter! Let THEM deal with my debts!

    And forget about all the complicated “Set up 15% investment account with 9% cap gains and 4% dividends and diversify and blah blah” plans! Simplify, simplify, simplify!

    I would take off (eh) to somewhere like Vietnam or Thailand where my $30M would get me 100 times what it would in Canada. I guess that would mean I would have to quit my job ASAP (and not be bitter about it like some people) and find something new to do. Like eat fresh mangos every morning and play pachinko in the evening. :)

    Time is money, after all, so with $30M in the bank, I would have all the time in the world to enjoy it!

  30. 1. Pay my tithing.
    2. Pay off all my bills.
    3. Buy my parents an annuity or an interest paying trust fund so I could not screw it up.
    4. Probably go to work for Children International full time for free in the Philippines and act like I was broke.
    5. Continue to blog as well.
    6. See if I could quadruple what was left as a legacy for my future kids.

    As for other things? My tastes run to the simple. Not having to have a boss and a timeclock would do me for a while. I would probably invest in some cool rims and low profile tires for my SUV and a stainless steele Submariner, though.

    …and finally take a nap without worrying about how I was going to pay all the student loans off!

  31. 33. jee kelsey

    I am not shure where some of you are gettig your numbers but after doing a lot of research i found out that if you play the mega millions or super loto or where ever you may be at in the us and you happen to hit the jack pot and you decide to take the cash option say you win87 the cash option is 65.5 mill . now listen his is true you dont pay any state tax an you only get taxed 25 percent . i used to think taht the taxes were worse until i started reading the free info on the state lottery web sites that they have under instructions so keep your dreams alive and get a good atty and finacial advisor before youclaim you prize there are even instrucions on what to do . posted on the internet if you just google it sokeep plaYING SOMONE WINS EVRY WEEK OR SO

  32. 34. Ben

    I’d offer 10% to some trusting person to use their name to pick up the money for me. I would call a family reunion in some remote corner and invite all the family and leave them with a sum for attending. This I would do in different locations each year. Remainder not used would be invested.

  33. 35. Mike

    Easy List:

    1. Drive to pick up winnings (To verify it was real)
    2. Hire a limo to drive me back home (4 hour drive from where I live)
    3. Pay off current house, then rent it out
    4. Buy new house ($300K – $400)
    5. Quit jobs (Fiance and I)
    6. Upgrade the wedding
    7. Spread 5 million among family/friends
    8. Buy season tickets to the Steelers
    9. Buy 2 new cars and get rid of our old ones (Donate)
    10. Throw the rest in the bank and live off the interest

    I would sit on my ass everyday and watch TV, go out for dinner, travel, spend time with friends and family, continue playing music, have kids, etc. I would do the same stuff I’m doing now except I wouldn’t have to work for it. I’d have more time to enjoy life.

  34. 36. JLW

    If I had a million dollars:
    -choose place of destination to move there and change your phone number (unlisted and unpublished)
    -go straight to the bank and pay my full debt in FULL.
    -build a house (and it won’t be a mansion, because I am not spending my time everyday on housework!).
    -don’t quit my job because I want to go to work without worry as usual.
    -open a greenhouse for herbs and vegetables (yeah, I will include flowers, because after all, I gotta plant them to make the people’s homes look nice for the environment)
    -open a restaurant of my own
    -put away the money for my kids’ post-secondary education ONLY. If they want to get vehicles of their own and choose not to go to university, they can work for them ON their own.
    -Put 10% toward a charity of my choice.
    -Vehicles? It won’t be brand new at all. I am going to hire Chip Foose to overhaul my ’94 Ford Explorer. It’s my baby and I have no heart to give it up.

  35. 37. Megan

    My Lucky Thirteen Things To Do:

    1. Pick up winnings
    2. Swing from that fantastic chandelier.
    3. Depending where I have to go to get the winnings I would probably just take the bus home, and even though I’d be rich I would still skimp on the bus fare.
    4. Build the dream home that has been on my desktop for almost three years now. (it has a theater in the basement)
    5. Buy three cars to fill the garage, Mini Cooper Clubman (my fav.), Chevy Malibu for my mommy, and a golf cart ’cause there fun.
    6. Take my Grandma to Germany, to see her family.
    7. Spend the money needed to find her family.
    8. Half of whatever is left would go into a Swiss bank ’cause personally I do not trust my bank, or any of Canada’s banks, been screwed by two different banks, that more than enough.
    9. Fix the house I am in now and give it to someone I know who would appreciate it.
    10. I guess I would buy the furniture and decorations to go in the new house.
    11. Buy the bestest computer ever because, its not that I hate mine, its just that he doesn’t listen, at all, but i wouldn’t get rid of him, I love him too much.
    12. make sure my sister and her kids would be okay till the kids got to college, well until the smart one got college.
    13. Buy a chair that massages your butt. lol just kidding.
    I would Probably buy my grandma’s house because she wants to move out and I love that house.

  36. 38. Sampson

    Two words.

    Dijon Ketchup.

  37. 39. Kristy

    Wow…Wll first of all the government needs their share and there well…the obvious, pay the debt I owe help family and friends and then give away the rest! I don’t need millions of dollars nor do I want that much money. I would like enough to pay off our home and do needed repairs, get new cars for all three of my children and my husband and myself-set up a college fund for my daughter and granddaughter-take care of my parents and my husbands parents, do lots of random acts of kindness, make sure that in 10 years my hubby coud retire and then the rest give away to local charities. (The food bank, local shelters, childrens hospital and cancer research) I would love to be able to help those in need in my community!

  38. 40. K.:)o

    i will buy an island,

  39. 41. greg c.

    If I won 10 million….

    put 50k in my honda crx. I’m talking fully built mean machine.
    Help pay off my dad’s debts.
    Give my dad his dream trip to Australia with a lot of spending money.
    Upgrade my Grandpa’s house ( since he really wouldn’t use the money anyways)
    Establish an apartment complex and recieve rent moneys.
    Buy a cheap but decent home ( around 100k range.) since I’m not really into big houses. I like regular. Don’t judge.
    I’d keep my job. I love my job. The only thing that would change would be, me working parttime. (cable company)
    Start a lawn mowing service
    Complete my education.
    Get a good financial aid to help me invest a portion of the money so I can gain extra cash.

    When I buy my house, I will install a secret room underneath the house that has an atm machine that rises up inside my closet on an elevator type apperatus that is iris scan, fingerprint, and voice activated…and a key

    See? Very simple. After blowing off about 100k on what nots, I’d be set. I will promise myself not to splurge it all on useless crap. I like to stay busy so it’s hard to understand why some people would actually like not having a job or at least further their learning.
    I’d swear to myself not to take what I got for granted.

  40. 42. 70'schick

    Oh boy what would I do? Not tell a soul for a while just knowing I won would be a sweet little secret that I could carry for a time. Then go to Winnipeg to pick up the $$. Pay off my ex for his 1/2 of the house. Smarten up said house, sell (hopefully for more then what I paid him 1/2 for!).
    Buy (actually have built) a house about 500,000 or so, furniture etc. Holidays for my children and me, perhaps private school for my moody teen. I would live my life. Also give about 5 million to my friend who has always been there for me. A bit less for a couple of family members. 00$$ for the sister who has nothing to do with me.
    Aaaah, that was satisfying…

  41. 43. Jon McCarthy

    I would give it ALL to my Ex-Wife in hopes that she would die from overspending on stupid sh*t…

    I would keep $100,000.00 to pay for the ticket to watch it happen.

  42. 44. Lucy

    If I win 30 million dollars I’d pay my debts and make a huuuuuge billboards with my glamour pictures on it advertising some stupid sh*t and place it on each corner when my ex lives. And place same pictures on google and yahoo. That he would get sick of seeing my happy face. Sorry for the rest of the world, but hey, that would be my money ;))))

  43. 45. Barry

    It’s been said winning the lottery can be a blessing and a death sentence.
    For some it can be one nightmare after another. I think the reason why some people go broke so fast, is probably due to incessant pressure family members and friends.

    Well here it goes

    Depending on how big the winnings are. Whether or not if the lottery winnings is more than 30 million. If it’s 4.5 million, I would take stock in what my long term goals would be. Monitor my credit score. Place a spending cap on myself. About 5000.00 a month. No more than that. Act natural much as possible, while doing about day to day routines.
    If it indeed is more than 30 million, I would still take stock, in what my long term goals would be. Be frugal in how I spend. Monitor my credit score.
    I can see the challenges of winning the lottery.

    • Keep my mouth shut.
    • After confirming the winning ticket, I would wait more than a couple of months, and pick up my winnings. Then I would open a bank account, chequing and savings account. Keep things a secret.
    • Put a spending cap on myself. No more than 5,000.00 a month.
    • Try to get my home renovated inconspicuously as possible. Without raising any suspicion toward myself.
    Renovations here cost about 1200.00. New roof shingles, new stairs and sidings.
    • Reload my cash card and CashLink MasterCard by using a debit card.
    • Write down on what I had bought on a black memo book. And keep a photographic memory on how much I spent.
    • Use my CashLink MasterCard, reload it three times a month.
    • Use my CashLink prepaid Cash Card as back up when I purchase things
    • Make my payments online, do online banking.
    • Think on my feet, rather than making any plans.
    • With those winnings I would buy what I need and dress as I normally wear. Use those winnings wisely. Keep my mouth shut.
    • Refraining from flashing money at the general public.

    Of course Murphy’s Law will rear his head and go in full swing. Anything that can go wrong will go wrong.
    For my father

    • I would give my father a cheque (bank draft) 2000.00.
    • Have him get a reloadable CashLink MasterCard (prepaid MasterCard). Since it would be convenient for him, and the maximum daily allowable load is 1,500.00.
    • Mail him money orders 950 every month.
    • Purchase a new pickup truck for my father. And have it delivered by barge or winter road.

    For my aging neighbour

    • I would order 300.00 worth of groceries and give them to him as an offering. Considering that groceries sold locally is expensive on Indian Reserve Land.
    • I would make sure that he’s fully stocked with necessities.
    • Order some old gent clothing, the ones for retiring elderly class, not the fancy ones.

    For my half brother

    I wouldn’t give him any money, considering the dangers out there.
    But I would give him a few things,

    • A new laptop something powerful and manageable
    • Internet protection suite.
    • External keyboard with a notebook mouse.
    • A laptop stand.
    • Groceries, something suitable for his dietary needs.

  44. 46. Barry

    me again,
    sorry about the second post.

    In regards to Murphy’s Law, even the best intentions can be disastrous. A neighbour can be hurt or beaten badly. Among 1001 ways that can go wrong.

    In basic terms you would have put a limit on yourself.
    watch and look after yourself.
    If you somehow won the lottery, the advice is none that I can give. You’re basically on your own.

  45. 47. Ratty

    Well, let’s see. Right now, I’m halfway through my studies to become a veterinarian in Australia – always been a dream job of mine since I was just a little kid. Then, depending on how much it was/when I win it, I would do the following:

    $30 million end sum:

    1) Pay off my student loans eventually

    2) Help pay for my parent’s home loan (what’s left of it) ~$450,000

    3) Head back to Sri Lanka and help out my grandma and my cousin – he just got married, bit of a $ problem

    4) Go on holiday, visit my family all over the world – Mexico, France, England, Switzerland, various parts of America

    5) Complete my masters degree and then get some experience working here for ~ 2-3 years

    6) Donate to charities 5%, and another 5% to orphanages back in SL ($3 million all up)

    7) Set my brother up with some money for Uni (he’s just finishing high school) and a car/apartment – can’t live at home all the time

    8) Move to Los Angeles – there’s a bunch of Vet Clinics that sound quite interesting, favorite cousin lives there

    9) Put 25% into a bank ($8-9 million)

    10) Work part time, pursue my interests in golf and music!

  46. 48. Hollz

    If I won 30 Million:

    1. Collect money
    2. Pay off my student loan/line of credit
    3. Quietly set up my own charity to give to families in need (Starting with Families I know)
    4. Tell my Parents and grandparents (I would NOT tell my little brother because he can NOT keep a secret) I’d pay off there debts
    5. Invest in local businesses
    6. Start flipping houses/condos
    7. Buy several of the rundown apartment buildings in my neigbourhood and fix them up. (All the tenents living rent free for a year while I do the fix ups, but then I’d up the rent (reasonablely for what I’ve put in them – I’d also cover alternate living arrangments while I’m doing major changes)
    8. Invest, invest, invest.
    9. Continue working normally for a few years (I’m only 20, it’s not like I’m running out of time!) With some extra vacations! LOL. Austraila first, then a European Disney cruise!
    10. Attempt to get a job at Disney world!

  47. 49. Miro

    I would set up my own organisation that educates people on how to not make babies if you cannot afford to feed them , instead of feeding the babies after they are made.
    buy an apartment in a nice neighbourhood, set up enough money to have a monthly allowance that allows me to live comfortably,
    get a part time job in a coffee shop where nice people come to get their coffee.
    and not worry about spending it all since i have a long time to live

  48. If so I Won lottery Some of amount do khairat (donate to poor people).
    And I get some home need necessary things. Where our family can lead comfortable Life.
    An spend in health issues.

  49. 51. Mike Diliberto

    My plan-

    1- Copy the ticket & reciept, take multiple pictures of myself them. Save in multiple locations including bank safe box!! I won’t let anybody including my kids know that I’ve won the lottery but my wife must legally know.

    2- Sign NDA with hefty penalty first and apply through a lottery lawyer to become an un-identified winner

    3- I won’t quit my job

    4- Get the best-damn tax lawyer (again with NDA and from another city) to ensure all my lottery income is properly filed with government

    5- Noticed no purchasing yet?!! Here comes the first. Pay 50% of the lottery cash for two proven Investment properties which pay only about 5% divident a year (those with more are in bad neighborhoods or scam). On corner of best streets in town. Tripple inspector/agent them so the deals are real and the price & income are right. See how much those bring annually and that’s my extra income for the rest of life. Does it worth quiting the job?

    6- If yes, start spending time at your property managing it after hours and over the weekend with a plan to switch your job to managing that property for next two years.

    7- Spend 20% of lottery on Charities on a 5 year plan. No lumb sum to charties so you can have a say in their direction. So now you become an activist with only 30% of money left.

    8- 10% investment in RRSP and RESP for self-retirement and kids college education. Only low & medium risk in two or three different accounts.

    9- 10%. Whoever in immediate family or decent friends has financial problem. Go buy a property in their neighborhood and let them live in it for short term for a low rent which pays the tax & other maintenance cost. Let them know it’s a one or two year deal. That’s the best help you can give them.

    10- Last 10%. Buy a piece of land and start building a house in it with a loan!! What?? Am I crazy? No I’m not. You should maintain a loan so people know you don’t have extra cash to give out.

    11- Over time move to the new house and start enjoying the financial stability in life. Spending cash on things we can’t afford later is like drinking… short term joy with subsequent pain. I won’t let lottery change my life drastically.

  50. 52. Rick Roberts

    Whoever wins in the US…. YOU get cash equal to about 27% of what won if you choose the lumb sum which is the recommended option. So if you win 10 million dollar you end up with 2.7 Million dollars in your account after taxes and fees.

    Mike D.’s plan seems the most reasonable overall.

    The best way is to invest up to 60% in properties with income (plaza, rental building etc), 20% for charities, 10% for retirements and kids education (only if they choose education) and 10% for families through property investment.

  51. 53. Carla

    $25 Million Net / Dual Canada-EU Citizen

    1. Find a Canadian accountant and lawyer.
    2. Take a taxi to the claims office (I have a car but I hate driving in parts of the city I don’t know!), pick up money, deposit it in some kind of account.
    3. Pay off student loans ($7500) and car ($15000).
    4. Continue teaching until the end of the school year; have a pizza party for my class but only serve meatless pizza (ha ha!). Maybe, if the kids are good, also provide chips and soda at said pizza party. ;) If they’re bad… soy milk and veggie chips.
    5. Fly to Barcelona at spring break; buy and furnish three-bedroom, two-bathroom apartment in El Born (about $1.2 million dollars). I have already scoped out a nice one! I should probably bring my mom on this trip for moral support.
    6. Sell car (+$10,000!)
    7. Move to Barcelona over the summer.
    8. Hire Spanish lawyers and accountants. Also, hire part-time housekeeper. A translator will probably be useful as well, just at first.
    9. Buy a monthly transit pass. I love the Barcelona transit system. Adios, car!
    10. Find a way to occupy my time, probably teaching English. Maybe doing some volunteer work with African immigrants. Oh, and learn to speak Catalan. I should probably join a gym as well, as I seem to recall clothes in Spain being cut smaller than in Canada.
    11. Invite friends and family to come visit. Impress them with my newfound fearlessness when cooking on a gas stove.
    11.5. Sweetly invite most-hated coworker to come visit, then say, “Ha ha! Just kidding!” Roll around on the floor laughing for ten minutes afterwards (then feel bad that I wasted money on that long-distance call).
    12. Live a pretty normal life within my means and keep an eye on my investments. Running out of money abroad = not good.
    13. Do some little favours: give some cash to my parents and treat them to a trip to Germany, get my brother a new truck, pay for a friend’s graduate schooling, etc.
    14. Donate generously to the non-denominational homeless shelter in my Canadian hometown. Pay children to leave flaming bags of dog poop on the doorsteps of people who oppose the expansion of the shelter.
    15. Travel more, but still on the cheap (I’d still stay in hostels, but maybe in private rooms rather than dorms!).

  52. 55. JK

    $30 million… all to real estate (please see my post to Kathryn’s article dated December 9)

    The perpetual income is indeed appealing on a monthly and annual basis.

    At $250,000 per property, you can get 120 of them with $30 million. Monthly income will equal to $96,000 assuming $800 net rent per property. Employing this method will afford you to go into various business ventures, lose your shirt if luck turns sour and still not having to touch a dime of your winnings.

  53. 56. Michael

    To Sammie in Cincinatti. Do some research before lying. You did not win any lottery and you are wrong about the prize amount and where it was won. If you are going to be a liar then try to be a half decent liar instead of such a bad one that is totally transparent.

  54. 57. Sylvie

    I would pay my debts,,,
    Would buy a condo,,, just enough room so that when my two kids drop by and sleep by.
    Buy a car.
    Nice and confortable furniture.
    A year at the gym with a private trainer.
    Give 10% to the family,
    Buy a car and house for both of my kids.
    Vacation.
    Taking lots of courses for my free time..
    Cooking, lots of cooking, healthy stuff with that special wine.
    etcc,, Movies, Restaurants, Hockey Habs games !!!!
    The none stress, thats all I am asking for.

  55. 58. Ed

    I’ll only play if winnings are worth 35 million or more. If I win I am giving a million to every person in Canada.

  56. 59. Chris

    Uh, Ed…sorry, there’s more than 35 people in Canada. We’re sparse, but not that sparse. ;)

  57. 60. Bobtheniceguy

    With the current prize at $170 million (annuity) – not $30 million, I would follow the following plan (if it were to happen to me):

    1. Unfortunately, I will have to tell everyone about my winnings. When I do that, I will have one of the cute female news reporter come to my house. If she’s interested (which she probably may be), I’ll ask her on a date.
    2. Anyways, I will pay off all my debt. > $2,000.
    3. I will pay off my parents’ debt. > unknown amount (approx. $125,000 – probably less)
    4. I will give my parents each $10,000,000. > $20,000,000
    5. If parents accept it, I will buy them a new house. > $200,000-$500,000
    6. Give my brothers and sister some money. > $1,000,000 each > $4,000,000
    7. Put $1,000,000 in some sort of investment that will more likely add over time. I will more likely get an advisor for this. Pay him possibly 10%. > $1,100,000
    8. I will buy myself a new house. > $250,000 – maybe less. I may not consider getting such an expensive house.
    9. I will get a bunch of (secure and stable and reliable) security systems that will keep anyone and everyone away from me that will try to kill me or rob me (or both).> unknown (approx. $500,000 or less)
    10. Give the rest away to charities that really need it and can help better a lot of people’s lives in some way.

  58. 61. Bobtheniceguy

    A few things I forgot to add:

    I would not quit my job as a help desk analyst. Although I may go part-time, so that someone else can at least have a part-time job, too.

    Before giving the rest away to charity, I would use some money to pay for criminal justice schooling and schooling to get my pilot licenses (private, instruct., commercial, and multi-engine). > $50,000

  59. 62. shypo

    Lotto Max – $50,000,000 this week:

    1.) Talk with a financial advisor, accountant, and lawyer.

    2.) Pick up my ticket. Call into work and explain the situation and take a 3 month leave of absence.

    3.) Hop on a plane to the East Coast to figure things out there for awhile – 10,000.

    4.) Pay off all my debts and renovate my current home – $300,000

    5.) Buy my parents a decent size home with an attached garage – 250,000

    6.) Pay off my siblings debts – give them enough for a down payment on a home and a vehicle each and some money to furnish their home – 300,000.

    7.) Return to school to complete my Masters – 15,000.

    8.) Purchase a Lakefront cabin, boat, and a nice truck to haul it. 300,000

    9.) Help out each of my friends with $10,000 each – $300,000.

    10.) Help out my fiance’s family and her cousins she stays in contact with – $300,000.

    11.) Donate a $100,000 to 3 charities dear to me – $300,000

    12.) Travel to Europe for at least a month, take an Alaskan Cruise – 25,000

    13.) Invest the rest and become a Dragon on the Dragon’s Den.

  60. 63. Oya

    I have no freaking clue! I would seriously contemplate giving it all to my folks and then ask them for enough to pay of my debt. That way if anyone comes to me I’ll just say “I have no money”

  61. 64. Investment Savvy

    $50Million

    1. I would fund a top secret giant robot laboratory under a mountain near Banff so I could go skiing.
    2. Buy a helicopter with a rocket launcher on it.
    3. Hire a butler and someone to do all my paperwork.
    4. Start a giant robot combat training facility.
    5. Learn how to fly helicopter.
    6. Walk into Taco Bell and let them know that everything today is on me.
    7. Start a club.
    8. Walk around totally naked.
    9. Invest the rest in mutual funds.

  62. 65. Bill

    I have no debts. So I would give my family some. Donate some. Invest some. Buy a condo where I live and one in Paris. Take my best friends on a trip. Then relax and enjoy.

  63. 66. Kyle

    I would try and be a better man, and just by some time

    1) After picking up the check and returning home. I would book an appointment with a financial advisor, to insure my winnings were safe incase of another economical downfall, and ask for advise on how to go about investing the money to make sure it’s still there. Because to me it’s not about winning the money it’s more of having the security to actually start enjoying life.

    2) After making sure the money is safe; or is as safe as it can get. I would try to keep it a secret from everyone to try and see if they treat me any different before, and after they know.

    3) I would try and figure out a way to get both of my parents pre occupied with another task so that when they return. I would have bought them a new house with all the works, and have a 1957 Chevy Bel Air outside with a big bow on it for my father. And every episode of the Prairie Farm Report on DVD. And enough money for them to retire live a happy and healthy life. The way they want to.

    4) I would love to go to the Philippines with my mother, and embrace that side of my culture. And just hope that my moms eyes light up in hopes we bond like we have not done in a long time. Hopefully bringing our relationship closer then it has even been. So I can really just talk to her. Not as an adult but as her youngest son

    5) I would arrange better living conditions for my fathers mother, and just really talk to her spend a couple of weeks learning about there family tree, and what being English / German is all about. Perhaps take her back to Germany and just embrace life before it’s to late.

    6) I know I sort of touched on this before but I would get my dad every material thing he has went without for the benefit of our family. As a hardworking honest person. Who’s never missed a day of work even with his many illnesses as our main provider of our house hold. Just to ensure that he knows he is appreciated

    7) I would make sure that all my loved ones where financially set and have to ability to achieve there goes, and hopefully bring our broken family back into a family again.

    8) I would set up a foundation or active charity that values under privileged youth, and gives them the chance to become all they can be, and gives them access to things there environment or current living situation can’t. So basically give a chance to hope, dream, and achieve

    9) I would take care of myself

    10) If I end up going broke, I’ll still have peace of mind that I was able to positivity impact my love ones life’s, and give hope to those who had previously had none. If I end up with nothing I end up right back where I started. But as a better man

  64. 67. Christy Lutes

    If I won the lottery I would irst take my grand childern to floridas Disneyland. then after a few days,Come home and get with my bank and figure a strategy to invest wisely to insure all my grand children are taken care of.

  65. 68. Jack

    I would first do most of what you did, but I would keep 5$ mil or so and spend it on geekish things… such as a really awesome computer or, well, yeah, a really awesome computer and some really awesome software.

  66. 69. Dr. Bill

    I would spend about half on booze, women, and partying, and the rest I would just piss away.. :-)

  67. 70. Jason

    1) Take a two week time out to think.
    2) Say no to every proposal or anyone asking for cash.
    3) Get a group of advisors together, estate lawyer, finacial advisor, tax accountant.
    4) Create a blind trust and collect the money.
    5) Spend 10% on home, furniture, cars, belongings.
    6) Spend 10% on family, friends.
    7) Invest 80% across low and medium risk investments, including 10% in gold/silver/platinum/palladium.
    8) Set up charity trust to take 10% of returns from investments to donate to existing charities and to accept applications from other causes without charitable status for approx 10% of charity money (as they would be taxable when more then $10,000).
    9) Set up two full scholorships (one in my wifes name and one in mine) and give them away to local schools to students that would never get to go to college otherwise.
    10) Give $1000 to every towns food pantry in massachusetts (approx 350 towns) – help the people that need it when they need it the most

  68. 71. Trizi

    Question re Canadian Lottery winnings and taxes:

    I don’t know what I’d do and can’t spend a lot of time on imagining something with such poor odds. However, the really high level is get rid of everything I have and move to the United States.

    Here’s the question: a highly unlikely source told me that the money is not taxable in Canada to Canadians, but if you move away, then it becomes taxable. I was talking about the winnings, not the interest etc.

    Anyone know the real story? And if the last paragraph is true, how does Canada Revenue accomplish this “grab”?

  69. 72. Paul

    1. Not initially tell anyone
    2. Open a brand new bank account at a new bank who does not know me.
    3. Place all the 30 mil into a term deposit for three months, as I devise a plan of how to invest and in what quantities.
    4. After three months, and probably $350,000 in interest, I would then look at discussing with my close family.
    5. I would look at ways at giving close family a reasonable amount without needing to pay gift tax (I’m in New Zealand)
    6. Offer to buy my fathers and sisters houses, for a 10% inflated value. They then have a long term lease of 99 years of $1 per week rent. Tax free, and lumped sum amount of money.
    7. Purchase a nice house in the 500k range. and live there until I have my dream house built, then turn first house into a rental.
    8. Spend $3.5 mil on rental properties and offload to a property company, I would expect returns of $3000 min per week. Which is more than enough to live on.
    9. Buy some nice stuff :-)
    10. Set up a trust fund for my son.
    10. I figure at this stage I have spent about 7mil tops.
    11. 11 Mil into a charity account, and let it release funds of interest only.
    12. remaining 12 mil, place 1 million into 12 monthly term deposits, one every month, so that every month, one of the interest deposits comes off, the mil goes back on for another year. As it is staggered I should get $40K each and every month, and the 12 mil will always remain.
    13 Yes I would quit my job, but I wouldn’t stop working, I would find places I could volunteer my time, yet have the freedom to do what ever i wanted when i wanted.

  70. 73. Jason

    Paul

    Whatever you buy such as a house and car and boat, etc require on average 10% of their cost to run/maintain, so if you spent $3.5M you’d have a running cost of $350k a year to run and pay the taxes on.

    You should always take half your returns from investments and roll them over, this covers the cost of inflation, to a degree.

    Security is i big cost too..it cant be taken lightly, not everyone who has money needs security but your face on the front of a story of someone having $30m in cash can bring out the worst of the worms from under the stones they live.

    Rental property is a tricky investment, i know, I’m a landlord, it can cost you more then you receive in rent, if you have utilities included the 6 months of cold can cost more then you benefit from the 6 months of warm/hot, the real money is the value of the property growing over time as the mortgages are paid of, right now the value of property could take 20 years to be worth anything more if you bought it in the last 5 years(only the lowering of the mortgage will make your returns), rental agents can cost 1 months rent per year, insurance, condo fees (can also cost up to 3 months rent equivalent per year), that’s just 8 months rent a year to cover the bills, and you get taxed on any profits (if your lucky enough to make any), your more likely to make your money from your tax back every April.

    Buying your parents homes for 10% over their value sounds good but the tax man didn’t just fall out of the crib, if they notice anything that looks even slightly dodgy they will give you a tax audit and you don’t want to be watching every dime you have tied up in a government account while you prove you bought their homes for the real value and then let them rent that back for a $1 a year cost, utilities included…if you have the money keep it legal, its not worth the trouble of being caught and then you think the winning stories were bad..the lottery rat isn’t the name you want forever.

    A good thing to do with your time after winning is to learn some money management, not so you can take direct control over your money (that’s like the lawyer defending himself) but so you can understand your PFA (personal financial advisor) when they’re talking about investments, taxes, fee’s over commission, returns, p/e, stocks/shares/futures, etc, etc, etc.

    Placing your money into one account, even for a month or three months is presently a risk in itself, the recession is knocking banks off like dominoes, split the money into 6Th’s and place inside 6 main banks for the same period, better safe then sorry.

    Remember when giving money to your family and friends they might not be able to handle the money as well as you believe you are going to, you could cause them to become the bankrupts of tomorrow, better to have them take some classes with you, possibly even hire a money management professional to come around to your home and teach you all before you cut the checks, if they then screw up they cant blame you for not helping, you tried to and you don’t want to become the family ATM for the rest of your life.

    Just some other things to think about should that lottery strike hit you

  71. 74. James

    I would pay off all the debt that my mom, and brothers owe.

    Education:

    Degree in Business Administration

    Law School

    MBA

    Continue to take random classes that I have interest for
    ____________________

    Travel:

    Hawaii

    Mexico

    Australia

    England

    France

    Italy

    Germany

    Egypt

    New York City

    California
    _____________________

    Property:

    Apartment in Manhatten

    Apartment in Vancouver

    Huge acreage where my brothers and I could have fun on (Race track, zip lines, hiking, biking)

    A high school in Africa – Free tuition
    _______________________________

    Business/Job :

    Invest

    Work as a lawyer
    _____________________________

    Family:

    Pay for my grandparents and my family to travel to England

    Pay off any debt

    Help launch their career or family life

    Host an annual family reunion on my acreage in BC
    ______________________

    Giving Back:

    I would have my African High School

    Donate to my:

    Elementary school
    High school
    and Universities
    _____________________

    This would not be all at once, i would live off the return of my investments and my job. :D

  72. 75. Real DOC

    I would buy 25 % in gold and silver as I trust the coming inflation will be roaring. I would spend 25 % on real estate. 25 % will be spent on purchasing a polyclinic that would generate a regular income and would allow me to keep doctoring part-time. The rest?…family, friends, charities, and pure random acts of anonymous $1000-$10000 gifts to totally unexpecting worldwide needy strangers for the pure joy of giving !!!

  73. 76. Jason

    The recent 160m pound winners may have more worries then a $30m winner, simply because they are now money rich which a lot of people at that level of wealth are not, they have investments, property, company shares, paintings, and if they sold their investments would be hammered with taxes from death duties, capital gains, etc, to have a true liquidity value of 160 million would take about 250m pounds or $400m dollars of capital gained over time, and that would be conservative, so think of every slime ball within ear shot of them wanting a slice of that gold mine.

    The hatred of comments have been showing up already, they are fat, or they dont work, its nothing to do with them but when meanness starts this early you just know others will think worse.

    The irish woman who won 70m pounds had someone planning to kidnap her kids, and this is more then double, they are going to need security even if only for safetys sake, it might sound like nothing because they can afford it but it means loss of privacy, something money can normally buy, now the only way to live without worry is to move into an area, gated community of similar wealthy people and they can be just an snippy and jealous and not feel like they belong because they didnt earn their money.

    This might be a great win as some are and the winners believe its going to be like the ending of the movie where everyone lives happily ever after but its by far more likely that they will have to deny their wealth, hide who they are, fend off begging letters, cold callers, people coming up to their face and asking for money, threats, attacks, etc.

    it there such a thing as too much money, yes and as with trying to guess who will win we can never be sure of how much we can win, maybe better to only enter lotteries that dont stand a chance of the hundred plus million win then to have to deal with too much money, too much fame, too much fear

  74. 77. Brandon

    Winning the 30 mill Canadian tax free
    i am only 19 so i have a whole life ahead of me.
    First do all lawyer and financial set up before picking up check, deposit check.
    1Change Number
    2 take close family to a nice restaurant give them each checks totaling 10% 3 million
    3 buy a Porsche 911 turbo (dream car)
    4 buy a property in the country close to a large city build a dream home with a four car garage heated, heated indoor swimming pool, not to large. 600k
    5 buy the toys- motorcycle sea-doo, boat snowmobile atv- 50k
    6 get my helicopters and pilots license, buy a helicopter with pontunes to land on lakes- 200k
    7 buy a cottage i can fly to – 1mill
    8 invest build my portfolio- 20mill
    9 spoil my GF take her on trips a nice surprise trip to Paris before she knows i won the lotto would be nice also

  75. 78. Happydreams

    I’ve dreamt about winning 7 million in the Canadian lottery so I’ll talk about that.
    1- find a financial advisor
    2- give 1 million to mine and husbands parents
    3- buy my brother a house, in my name so he doesn’t have to worry about taxes
    4- ask for a dollar from a friend then hand over pink slip with $1 bill of sale and keys for my car.
    5- pay off friends student loans
    6- send an invitation with travel voucher to all friends and family to vacation with us somewhere warm in January.
    7- put 2 million in high interest savings/resp whatever advisor recommends as retirement plan.
    8- donate house to fire dept as live burn practice
    9- rebuild house as Eco and off grid as possible
    10- put 1 million in trust for children
    11- put remainder against debts and into savings account. Donate when a good cause comes up, vacation, live comfortably off interest while still working part time. Don’t want to change my lifestyle too much!

    That’s my dream! Thanks for giving me a place to post it!

  76. 79. Jason

    Sounds a good idea..some clarifications though…just in case..lol

    2) give money to yours and your husbands parents – watch out, you can incure what could be 50% gift taxes on gifts

    3) Buying a house for your brother in your name, the tax man isnt altogether stupid and unless you are officially living in the home for more then 6 months a year they will assume it was a tax dodge and not only come after the gift taxes but also may send you to the tax section for investigation..which is a world of hurt

    4) get your friend to give you a dollar and then sell them your car for a dollar might also not fly depending on how much the cars assessed value is but you have a limit for how much you can give anyone you feel like per year without incuring taxes so as your married you and your husband could give your friend say $10,000 each and then take that money back (or part of for a lower ball price) in exchange for your car, that avoids taxes legally

    5) pay off friends students loan, you can do the same thing, if their student loan is less then say your $10k allotment each so less then $20k you and your husband can pay it off tax free, or make payments of $20k a year until it is paid off.

    7) Now when you invest money think about the general returns your personal financial manager can get you…and then take only half of it and reinvest the rest so your lump sum grows perhaps not inline with inflation but better then having it shrink to nothing in 30 years, especially if you intend on having it linked to inheritance for your kids

    10) Put $1m in trust for the kids, you can give yourkids a certain amount per year tax free, if they are young you can do it per year and gradually fund their trust without incurring costs, setting some into a college fund and more into an age release fund which can release at verious times in their life to stop the buy a ferrari on their 18th and having nothing left by the time they are 21, it also keeps their ambitions for careers intact instead of that ‘why learn or study if iom goping to be a millionaire in 10 years anyway’ senario.

    11) You can have a set charity trust made for you that you can load up with $10k a year and it will grow tax free and you can donate as much or little when you see fit as its a charity trust, it has no limit on how much and by a certain date and all tax free, infact it might be tax deductable to a certainpoint depending on your situation and country, state, province laws.

    Just thought this might halp..have been studying lotteries and sudden wins/wealth for more then 20 years.

    The best course is to get a financial advisor, accountant, estate lawyer, make sure all of them are on fee basis from you and not on commision from what they tell you to do with your money, and if you dont understand what they say then keep asking, if they dont want to explain it, find another, always interview three people at least for each post…and the golden rule is spend 1/3rd, invest 2/3rd. so all your gifts and presents should never total more then 1/3 and that also includes your house, cars, furniture, second home, and goodies….follow those rules and never take more then half your interest each year as living expenses, while getting a hobby, working volunteer or part time and you should be set for life…really set and not just a 10 year spend the lot plan.

    Hope you win though

  77. 80. KeepItReal

    If I won 24 million end up with about 6 million.

    1. Pay my wife off half/get divorce from the evil Witch
    2. File for joint custody of our kids
    3. Buy a house out right for about $220,000
    4. Pay my car off keep it for the snow and buy a spare car a use camry throw rims and a nice head unit inside touch screen navagation sony.
    5. I’m 28 so, I will set my bank account up so I can get paid $700-$1000 for the next 70 yrs.
    6. Find a job when my two young sons turn old enough to watch them selves.

  78. 81. Jason

    Keep it real

    Youd end up with about 1/3rd unless your state really gouges winners

    If you invested half minus $1M which you spend buying your toys and things (hopefully not high cost to maintain, houses have taxes to pay utilities etc)

    So after divorce youd be looking at about $3m which if you invested at 7% return and reinvested 3% and lived on 4% youd be getting $120k a year but would have to pay maybe 30% as child support so youd be looking at about $80k a year with nothing put adise for your kids education, although your ex would have to pay half of the costs so you could put away $10k a year and youd have $70k a year to pay taxes on so look at $50k a year from a win of $24m….some shock huh?

  79. 82. james

    mostly everyone who posted, wouldnt donate to charity? go 3rd world countries and help?
    make the world a better place? good karma?

    of course i would buy assests for my self, but id give some to the poor as well.

  80. What if I won the Lotto ? Hmmm. well, after I pick myself up off the floor from passing out I guess I’d go claim the prize. Then off to a financial adviser for some sound blue chip investments that pay dividends. Then, House shopping.
    Nothing too big or fancy (you don’t want to advertise), back to school to finish my studies towards my dream career. Set up a college fund for the kids.
    I like my car I have so I’d wait. But, there is a big world out there, I’d travel some. And, make sure to apply for my pension anyway (hahaha)

    Cheers.
    DL

  81. 84. Jason

    Imagine the fun of not being known as rich when you go through the mall or having everyone on the luxury cruise think your doing your once in a lifetime trip…for the 5th time that year.

    Stealthy wealthy that you are..lol

  82. 85. Cindy

    FIRST I WOULD THANK GOD FOR HEARING MY PRAYERS FOR HELP

    Then I would payoff the debts that keep me under stress wondering how I’m going to pay them month to month including my power and utilities bills so they don’t get shut off again when my check isn’t enought to cover the full amount. Then I’d buy a comfortable house for my family and I to live in Most likley in a place where there are 4 real season’s not just heat as in the desert. And best of all I’m going to play secret santa year around as some really great people have done and do helping others.

  83. 86. Jason

    Admirable answer, if we could keep our identitied anonymous, i understand why some have their lawyers speak for them and wear wigs and sunglasses, dress in plenty of layers and shoes with lifts in.

    I’d like to stand at an airport with solid silver coins with ‘Thankyou’ printed on them and hand them out to all incoming military to show we are not the vietnam haters or ignorers, wether we agree with the war or not, they risked their lives and deserve thanks, with a handshake and something that means something.

  84. 87. Tina

    Honestly if I won the lottery I wouldn’t give a large amount to charity right away for many reasons:
    1. You are going to be known. (News,Papers,Magazines, Media)
    2. Yes you did win 30 million but you are not stable yet.
    3. I rather invest that 30 million first then after I have a source of income then I would continue to give to charity and the poor without going broke myself.
    Because lets be realistic, that 5 million that you going to give to that poor country isn’t that much and is no guarantee. You rather make money first and continually support the country throughout the years.

    People make it look like they are going to be some King or God when they win the lottery. Look at the celebrities and famous people with a 30 million net worth, they still working their ass off. Unless you are going to be a bum with that 30 million dollars, you are going to lose a lot if you don’t find a source of income that matches the amount in your bank.
    I’m 18 and I know if I win 30 million dollars now and all I do is spend it on stuff without any money going in, I know that by the time I’m 30, I’ll be broke and be filing for bankruptcy.

  85. 88. Krystina

    If I won the lottery there are a lot of things I would do.
    More than likely the first thing I’d do is call my parents!
    Then call someone to set me up with a financial advisor.
    (assuming it’s a 30 mil win)
    I’d give 5 million to my parents, 2 million to each of my brothers but they wouldn’t be able to access it until they were between 23-25 and finished their education. I would put 100,000 in a RESP for my new nephew and help out close friends and family with the things they might desperately need financially.

    I’d also donate to some charities (like cancer funds) and possibly create a charity of my own dedicated to children and art and music therapy somehow.

    After all that I would probably put 3/4 of the money in savings until I turn 25.

    With the 1/4 I would (right away):
    - pay off school and complete a masters in my field
    - get a nice apartment while I’m at school and a pretty basic car
    - get a dog :)
    - get a new computer, camera, iPhone, and all the Sims expansion packs (it’s a guilty pleasure)
    - I would take a trip to Europe with my best friend after graduating and a trip with my long-time boyfriend to Jamaica
    - hire a personal trainer, nutritionist, and dermatologist :)
    - get laser eye surgery so I no longer have to wear glasses
    - get a tutor for school
    - take guitar and piano lessons
    - make a demo CD :)
    - go on a clothes shopping spree

    (watching the shows, it takes all of these things to just take a teeny chunk out of awesome winnings lol)

  86. 89. Jason

    Krystina-

    First thing which can be the hardest is not to tell anyone, even your parents, it may be difficult but unless you want people coming at you, the press, long lost relatives, invrestment cold calling and puting you on your back foot from day one then keep it quiet.

    Just think if your brother or sister told you they won, wouldnt you tell your most trusted friend?, well guess how many your parents have of the most trusted. and all it takes is one of those to tell the wrong trusted friend and the papers know, the news knows and your home is now put under 24 hour watch from helicopters, the press and those old boyfriends or someone who you dont like or didnt telling the press a whole bunch of stuff either you didnt want to be known or didnt do.

    Its difficult but see the advisors first, and make one of them to see as important as the others a therapist, not because you went crackers but because its nice to talk to someone about your win without them being able to tell anyone else, just make sure you pay them for the session before you tell them that you won or they are not obliged to keep your secret.

    Your financial advisor will tell you to form a trust so you avoid more taxes when giving money to your family and friends (you can give anyone you see $10,000 without paying a dime in taxes).

    You’ll also be told how much your investments can earn and to help you make up your safe and fun income level to keep that investment growing (to avoid inflation eating it away), important if your not 79 years old.

    I know this doesnt sound as fun as going on an unlimited vegas month but this is more likely to keep you rich till your time comes and not look forward as too many do to poverty, debt and having to look back for decades on the stupid things you did by just not listening to the advise or thinking because you were lucky once youll always be lucky.

    BTW…my wife won some serious money on a scratch tiocket and got her masters degree, went to a photograghy course and now works in a prison teaching prisoners to speak english and also sells her photos for a hobby that pays.

    Sometimes doing the boring and serious stuff first makes the fun stuff last forever.

    Just some boring stuff to keep your good times running WHEN YOU WIN!!

  87. 90. SST

    @Jason: “First thing which can be the hardest is not to tell anyone…”

    Sorry, doesn’t happen that way any longer.
    Once you claim your jackpot the lotto corp. already has the press on speed dial. It’s good for biz, y’know, to have people winning YOUR lottery on the front page.

    That’s the thing with the modern age, everyone has to know everything.

  88. 91. Jason

    SST-

    True that the lottery organizers want the advertising but look at how long it takes for people to come forward, you have upto 6 months or a year in some cases (although in some if you dont come forward quick enough they will make your price an annuity comparred to lump sum).

    You will almost certainly have to come to the media event…BUT…theres no law saying you have to be clean shaved, not wearing sunglasses, or a wig, or hoodie or even fat suit or lifts.

    You can avoid a lot of stuff and my recommendation is for immediatly winning, not immediatly claiming, you should have an estate laywer, accountant and financial advisor.

    You create a trust to take the cash (in effect you become the CEO), you then get your investments in place, your finances for the first year or so in cash available, and get your will sorted out, which can be creating accounts for the kids education which cant be touched if you dropped dead the next day.

    When you have your things in order you can then look at helping your family/friends if you choose (not everyone gets on with family or even have many friends).

    You can do all this without spending much more then the first few hours of help from the various professionals and therapist to help you cope mentally with whats going to happen, and they all have privacy laws so they cant tell anyone or they are going to be in trouble and probably lose their jobs.

    You goto a financial manager with a story about coming into $2M in inheritance and get to ask your list of questions like experience with high net worth people, recommended splits of investments, what kind of risk for your age/comfort level.

    When you talk to an accontant its the same deal but they will be the person you send your receipts to every month ready for tax day, they need good experience and you need a list of clients happy with their work and do some googling on all of them to make you feel safer.

    This is time consuming and can be difficult while your going through the honeymoon stage of sudden wealth but you can take months if you have the resources before claiming to do it.

    If you dont then consider selling some stuff from your home you wont be needing when you move, get enough cash to survive, take some time off work calling it vacation or a private family matter etc.

    You have in most lotteries 90 to 365 days to claim but as long as your ticket is in a SDB, you should feel calmer and remember ‘YOU ARE A MILLIONAIRE’ your just chooseing when to claim, dont be pushed by the stories of lost interest or other BS like that, betetr to get your ducks in order then to rush it and like running across the highway with your eyes closed your looking at a big likelihood of being hit by something.

    It will be the hardest to not tell your spouse if you have one or gf/bf, you might feel very guilty but this is the most important steps you can make which will make the rest of your life, to look back at the fact you did something right or messed it up, listened to nobody and 5 years later after moving several times to get away from the leeches that came crawling out from the woodwork and the hell that is media snooping (look at whats going on in england right now and expect most of that to happen or people to try to get to you like that).

    Prepare now for later, maybe not like these people preparing for the zombie holocaust but more preparation is less mistakes and a happier experience.

  89. If I won the lottery…I will make a hospital.

  90. 93. Allen

    Well first thing I would do is contact a few doctors and dentists and get every tooth pulled out of my mouth. And have new ones screwed in. I’m only 28 but I have had 3 compleat sets of teeth taken out of my mouth on on my 4th set of teeth. I’m talking about real teeth here not fake. Dose anyone know what it’s like to have all your wisdome teeth ripped out 3 times it hurts like hell especially when freezing doesn’t work on you and your awake for all of it
    The rest of the money I would just give it away to people like me who need there teeth fixed. I have been taking so many pain killers I have destroyed my stomach and. Teeth abscess and pain can kill you change your life
    I have never had a smile to be proud of. And anyone who would fix my teeth for me is welcome to. I don’t want money I want my life back nothing more just a smile will do thanks

  91. 94. max

    Easy stuff if I won millions in the lottery.
    1. Contact lawyer, financial advisor
    2. Take first flight to Zurich to open my swiss account.
    3. Wire most of the money there
    4. Stay over there for at least a few years to let things cool down.
    5. Invest in various funds.mutuals, cd’s etc..
    6. Return to the states to do the normal things, help family, etc..

    Most of my money would not be in a US bank.. Leave no trace.. perhaps a few 100K for expenses and such. That way if your ever in legal trouble, lawsuits, the money cannot be touched provided you did not break any criminal laws.
    Most likely reside in my newly purchased Alipine house in the Alps, where I know my money and lifestyle would be safe and secure.

  92. 95. Millionare

    I”ll give my thithe in church & partner with a few programs that are making a difference in the world as a thank you to God for granting my wish.

    I’ll invest some of it, pay all my debts, build houses for my mom & sister, a house for my granma and the grand kids she’s looking after, a house for my aunt, a house for my step mom & siblings, a house for my father in law and a house for my aunt in law & her grand kids and a house for me, my husband & son. get us a car

    i’ll help pay for my siblings and cousins school fees and help those family members who are struggling to get by, to start their own businesses or study further and get qualifications.

    Once that is done, i want to live the rest of my life helping teen moms who come from poor backrounds to study further and make a better life for themselves & their kids, give them a place to stay (for those who doesnt have it) and a place to keep their children during the day. help educate about avoiding teen pregnancy. this includes child headed homes.

    Help my husband start a reharb for those who cant afford to pay to go to reharb. help bring more awareness about the dangers of drugs.

  93. 96. miss g.

    if i won the 60 mill, came out with 20 mill, i would put 10 mill in a bank with the 8% interest rate,to live on. then buy 5 mill in war and government bonds, for retirement. then i would sell my home, im already debt free and buy 6 fixer upper homes, under 100,000 invest another 50,000 into them, fixing them up= 900,000,insure them fully and carry a note on 5 homes, liveing in 1, use that money to reinvest in 5 more homes a year for tax purposes, which i would keep turning over, generateing more cash to start another interest bearing account for my kids. and with the 4 mill, thats left, i would buy me a used surburban, buy a vacation time share, and do a little shopping.

  94. 97. Raymond Smullen

    I would buy my wife her dream house so she will not have to worry about having a place to live for the rest of her life after I am gone. Also donate some to cancer research and to a children’s hospital.

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