Statements appearing in these forums represent the opinions of the authors
of each post, not the opinion of WritersWeekly.com and/or BookLocker.com.
It is currently April 24th, 2014, 10:20 am

All times are UTC - 5 hours [ DST ]




Post new topic Reply to topic  [ 10 posts ] 
Author Message
 Post subject: If You Won The Lottery
PostPosted: November 17th, 2004, 6:44 pm 
Offline

Joined: November 17th, 2004, 6:34 pm
Posts: 1
Location: Ohio
What if you played the lottery and suddenly became one of the worlds richest people, how would you handle it and what would you do with your money? Would you put it all away for a rainy day? Would you spend every cent within a couple of months? Would you give to charity? Would you help family? List everything you would do and more.

_________________
Tracey


Top
 Profile  
 
 Post subject:
PostPosted: November 18th, 2004, 1:13 am 
Offline

Joined: November 1st, 2004, 1:42 am
Posts: 16
I have thought this out many times in my head. First, I would set up a college or trust fund for my son and buy a new car for myself. Then I would buy or build a house. After that I would buy my parents a new house and new cars. Then, I would pay off my sister's student loans & buy her a house also. I'm not much for traveling, but I would visit my other sister in Florida. While I was there I would buy her a house & set up a college fund for my niece. After all that, I would start a charity for low income single parents.


Top
 Profile  
 
 Post subject:
PostPosted: November 18th, 2004, 1:59 pm 
Offline

Joined: April 29th, 2004, 8:49 pm
Posts: 3631
Location: God's country
Too many houses for me! I'm not that interested in housing family members who have adequately housed themselves until now. I would seek out the war torn areas of the world where housing is REALLY an issue--not a luxury.

Sudan for instance. I would fund stabilizing efforts in war torn areas.

I would fund a face reconstruction program for burn victims.

I would sociological research on women's relationship patterns and how to intervene.

I would fund AIDS research but also current treatment and housing issues related to prejudicial treatment.

I would fund sustainable living programs that educated OUR country and other countries.

I would fund under-funded Faith-based initiative programs.

And lastly, I would fund at-risk childrens programs that used the arts as base core curriculum in high schools.


Top
 Profile  
 
 Post subject:
PostPosted: November 18th, 2004, 3:12 pm 
Offline

Joined: April 20th, 2004, 4:22 pm
Posts: 217
I am not as good a person as Willow is. The first thing I would do is pay off all my outstanding debt, and just GET IT OUT OF MY HAIR. Call me selfish, but there's no point in passing up the ability of paying it off and being done with it.

Then, I would pay off my parents' debt - including their house. They've worked hard their whole lives, struggling to get by and provide for their kids. The least I can do is help them actually HAVE a retirement that they can enjoy. My worst fear is seeing them have to work well into their 70s or struggling by on Social Security. They are planning to sell the house they're in, so they shouldn't have a problem with finding a new one... depending on where it's located, of course. They probably won't make a profit.

(Actually, I may even reverse those two: parents first, then me.)

After that, hell, I'm going on vacation! And taking Mom with me. She has never traveled out of the States, and that's her one biggest future wish. (My dad hates flying, otherwise, he could come too.)

And yeah ... after that, set up trust funds for any future offspring; funds for my own retirement (since Social Security will no longer be around for ME); and charities, with a larger focus on local, rather than national, organizations.

_________________
There are only 3 types of people in this world: those who can count, and those who can't.


Top
 Profile  
 
 Post subject:
PostPosted: November 19th, 2004, 3:05 am 
Offline

Joined: November 1st, 2004, 1:42 am
Posts: 16
Akcotham, I have to agree with you. Maybe what I want to do if I win the lottery is a little selfish. No, its not drilling wells in Africa or rebuilding schools and hospitals in war torn areas. I just want to do something nice for the people who have stood by me at my worst. They could really use it. Plus, I want to start my own charity here at home for low income single parents. I think that helping people in war torn countries is a great idea, but mine is ok too.


Top
 Profile  
 
PostPosted: November 22nd, 2004, 4:21 pm 
Offline

Joined: October 28th, 2004, 1:30 pm
Posts: 122
Location: Denver, CO
1. Pay off my debt: credit cards and home loans/mortgage.
2. Put away $100,000 for my daughter's college education.
3. Pay off anything my parents wanted.
4. Put aside money in trusts for my sister's 5 children, for their college education/adult start-up money.
5. Buy a new house in the country, with at least 20 acres. The house will have everything I have always wanted. (this list is too vast for now, but if anyone really wants to know, I'll list the details)
6. Buy two new cars.
7. Plan a party and have our closest friends there. Give them each $10,000. Swear them to secrecy.
8. Oh, yes, and I would quit my job when my contract expires, but not before. I would want to keep my winnings a secret from the general population.

*sigh*

After all that, I would figure something out for one weekend where I would have two whole days to myself, completely alone. No husband, no child, no dogs. I would soak in the tub and watch all my favorite movies, and drink tea and sleep a lot. Not necessarily in that order.

Now that I read that last item, it appears that my dreams are not so big, after all. My husband always asks me what I want for the holidays. I now can tell him: I want two days off, completely. I want a hotel room with a jacuzzi tub. That's all.

:)

_________________
my craft books: www.soapcrone.com/ebook.php
my new project: http://www.crafte-revolution.com


Top
 Profile  
 
 Post subject:
PostPosted: November 24th, 2004, 8:44 am 
Offline

Joined: March 2nd, 2003, 1:04 pm
Posts: 595
One of the world's richest people? I'd drag my mom away from her work, hobbies, and redecorating and take her to see Oprah.
After that, I'd get rid of all the things that have been worrying me: college debt, house debt, stuff debt. Then I would get rid of this house - donate the whole thing to charity, maybe. Though it would be nice of me to finish fixing it up first.
Then I would buy land, build a house with a room big enough for my entire extended family, have a place for everything and a maid to come on weekends and put it in its place. No mansion, though. Just a big, nice house without the really crazy bells and whistles you see the other "suddenly rich" get. And everybody would get really nice Christmas gifts. My husband would get a classic Camaro, a new Mustang, and his dream Corvette, and a really nice shop. I guess I'd get a '39 Ford pickup hot rod, but not to drive every day. In fact, I may not want to drive ever again. Also, I want a pony :)
I'd try to settle into a routine - not just going crazy spending money, but really try to be responsible about who I give money to and whether it will hurt them or help them. I don't want my currently self-reliant family to start begging me for handouts, but I don't want to ignore them when they need help, either.
I don't think even the world's richest person would be able to handle rebuilding a country, but I would set up funds or donate towards education, medicine, and peace. (Not sure how to donate to peace yet.) And I might start a school, just to have a free school in this country that is everything a school ought to be.
I don't want some rich, exotic lifestyle. I don't want people coming to me for handouts all the time. I don't want people mad at me because I won't solve all their problems.
I do want a comfortable life with my family and the people I care about.


Top
 Profile  
 
PostPosted: November 26th, 2004, 2:16 am 
Offline

Joined: August 20th, 2004, 3:01 am
Posts: 11
Location: Canada
The first thing I'd do is get an unlisted phone number. That would give me time to do some thinking. And then hire an accountant/lawyer (maybe both) to handle a whole lot of the junk mail and solicitations that are bound to come my way anyway. And they'd be people I could discuss my options with, too.

Paying off the bills and putting a good chunk aside as a living annuity/my retirement would be first on the list, I think. And then putting aside a bit of money for my kids, nieces, nephews and courtesy nieces and nephews (the children of good friends). I'd pay for the kids' university educations, tuition, books, maybe a bit for living expenses, but they'd have to find jobs to pay off the rest of the tab for that. I'm not going to hand them their education. And they'd have to have good marks, too.

For those that don't feel like going to university, there would be a trust fund set up for them if they wanted to start a business, otherwise, they don't get a cent until they get married or they turn 35, whichever comes first. And then, it'll be in the form of an annuity, not a lump-sum payment. They can learn to stand on their own two feet first.

There'd be a good chunk of change going to local charities - women's shelters, the Food Bank, Good Food Boxes, etc. I'd have the lawyer look into the difficulties each group is having and go from there. I'd help them out on the condition that I remain anonymous. It may be a great tax deduction, but not one I'd be willing to exploit right off.

Then, I'd probably have a house built for me, buy a new station wagon, and go back to school myself.

*lol* Who am I kidding? Serious computer programme upgrades, new computers/laptops, and a trip around the world with the kids to visit friends I haven't seen in years and meet new friends that I've met on-line. With a record of my trip to be kept on the computer. ;)

Cheryl

_________________
Open mouth, insert foot; that's what good stories are made of.


Top
 Profile  
 
 Post subject:
PostPosted: November 27th, 2004, 12:34 pm 
Offline

Joined: August 1st, 2004, 12:05 am
Posts: 19
Location: Montreal, QC
Always an interesting question.

Where I live, you have one year to claim your prize. I would take part of that year to speak to very, Very, VERY RICH PEOPLE. Preferably, people who have built their fortune themselves, not people who have inherited it. I would ask them how they manage their money, how and where they invest it. I would also ask them to recommend an accountant and a financial planner. I figure, if they're good enough for rich people, they're good enough for me.

I think one of the major mistakes that new millionaires make is to keep on going with the same financial planner. I mean, if someone has never managed a millionaire's portfolio, how will he ever manage yours?

I would also plan to leave the country for at least sisx months. here, when you win, if you've got a compelling story, your face is plastered all over the place on the news and the tabloids. People come out of the woodworks to beg money off you. I'd just leave the country for a while so people can forget me.

I would take part of my winnings to pay off my debts and pay for the yearlong vacation. And I would take the time to plan my future. I would probably start a business to help new millionaires manage their money, teach them how to deal with their newfound riches. Anything which would get me in front of a crowd to teach, inspire and make them improve their situations.

I haven't donated anything to charity yet. I won't do that until I make a profit, I think. So if I win ten million and take a million to splurge in that first year, I would need to build my fortune back to 10 million. The goal is to never have my capital go under $10 million. When you start eating your capital without a plan to build it back, you are headed to the poorhouse. Statistics I've heard of say that 85% of people that win more than one million dollars are in greater financial despair a few years later than they were before they one. I plan on not being one of those statistics.

When I tell people of my plan, they often find it too reasonable. I dunno. I don't see what the point of spending all the money I earn is. I need to leave some behind for my children and I need to do something to make things better around me. I don't think that ridding myself of the money as fast as I can spend it is very wise.

Sure, I'll do extravagant stuff, sure I'll live life to the fullest but I will need to be doing something useful with my life or else it just becomes a waste.

So, what's the winning number?

L


Top
 Profile  
 
 Post subject:
PostPosted: November 27th, 2004, 12:43 pm 
Offline

Joined: August 1st, 2004, 12:05 am
Posts: 19
Location: Montreal, QC
Oh, I forgot. I would also fund my brother's band. They a talented bunch, they work hard and things are getting better. But I do believe that the fact that he needs to keep a full-time job is holding them back.

L


Top
 Profile  
 
Display posts from previous:  Sort by  
Post new topic Reply to topic  [ 10 posts ] 

All times are UTC - 5 hours [ DST ]


Who is online

Users browsing this forum: No registered users and 3 guests


You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum

Search for:
Jump to:  
cron
Powered by phpBB® Forum Software © phpBB Group