Mega Millions lottery
- Thread starter Maxhunter
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BKC
Very Active Member
I would set up kids and grand kids for the rest of their lives. Buy some muscle cars. Finish my pilots license and buy a plane. Anything left would go to charities.
Here is how it would work for me, pay off my house, we are within shooting distance of paying off our last student loan. Set up my kids for eduction(trade school, business classes, etc. their choice), then set up a tapered trust fund that would help them launch their businesses. Then I would set up incentives for them when they reach certain mile markers. This isn't a free ride, you want capital from the fund you have to manage what you were given the first time well etc.
Then I would earmark my distribution for living retirement well. Being debt free there wouldn't be much to worry about from a bills perspective plus I would keep working and investing to grow beforehand.
Then I would set aside enough to do some major anonymous giving. Orphanages have a pretty soft spot in my heart and setting up a plan for money to anonymously end up in accounts of ones that run well would be a dream. I would also do tapered contributions to other non-profits, giant one time lump sums tend to really make budgeting tough for non-profits. Smaller commitments over time tend to do them more good.
Yes, I have thought about it a lot. When I realized my relationship with money needed to change I had to take a real hard look at the way I managed it and honestly how it is simply a tool. People who love money tend to use it poorly, people who use it as a tool to be managed often are far less stressed and at the end of life aren't burdens to others.
Cue the Dave Ramsey show music LOL
Then I would earmark my distribution for living retirement well. Being debt free there wouldn't be much to worry about from a bills perspective plus I would keep working and investing to grow beforehand.
Then I would set aside enough to do some major anonymous giving. Orphanages have a pretty soft spot in my heart and setting up a plan for money to anonymously end up in accounts of ones that run well would be a dream. I would also do tapered contributions to other non-profits, giant one time lump sums tend to really make budgeting tough for non-profits. Smaller commitments over time tend to do them more good.
Yes, I have thought about it a lot. When I realized my relationship with money needed to change I had to take a real hard look at the way I managed it and honestly how it is simply a tool. People who love money tend to use it poorly, people who use it as a tool to be managed often are far less stressed and at the end of life aren't burdens to others.
Cue the Dave Ramsey show music LOL
Colorado Cowboy
Super Moderator
My wife and I did some great planning for retirement. We spent 20 years researching and traveling the western US for Location....did I say Location! Picked our spot and bought 6 acres of bare land. Designed and built our home and retired at age 58 and never looked back. I have a great retirement package and that along with some good investments we made, don't have any financial worries. Been retired almost 21 years now and it has been wonderful. One thing I might do with lottery $$$ is buy a summer place in Alaska. After visiting there in 2019, I love it. Just don't thing I could handle the winters. I would also give a bunch to my son (who is 55 now) so he can retire , so we could hunt & fish together for the rest of my days!
JimP
Administrator
One day I was doing next to nothing and figured that if it was invested properly then most of your family would never have to work a day in their life.
Since I am single I have often wondered just what to do with my investments once I am gone. I am looking real hard at setting up a education fund for others in my family. While it isn't going to be a lot of money when you look at it compared to the lottery it would be enough to put a lot of kids through college without having to touch the principal investment.
The problem with most is that they just go on a spending spree and a year after they get it they are broke again with no prospects of gaining any of it back.
Since I am single I have often wondered just what to do with my investments once I am gone. I am looking real hard at setting up a education fund for others in my family. While it isn't going to be a lot of money when you look at it compared to the lottery it would be enough to put a lot of kids through college without having to touch the principal investment.
The problem with most is that they just go on a spending spree and a year after they get it they are broke again with no prospects of gaining any of it back.
yup. worst thing you can do for them is to give it to the kids with no strings attached.
I would maybe give them a hand up by buying them a house and a car but I would not give them cash to blow.
IF they want toys that is fine but with no home or car payments one should be able to invest a large portion of income to retirement which is what I would advise them to do.
if they blew that gift I figure it is up to them to live or die of their own efforts
I would maybe give them a hand up by buying them a house and a car but I would not give them cash to blow.
IF they want toys that is fine but with no home or car payments one should be able to invest a large portion of income to retirement which is what I would advise them to do.
if they blew that gift I figure it is up to them to live or die of their own efforts
Cause I want my kids to know what it’s like to have to buy their first home. I think that’s one of those things that’s kind of a right of passage that can make or break a lot of people.
I woodn't tern down an edecashun.
it would be really cool to just pick some one at random, who you thought had potential and pay for their schoolin
HuskyMusky
Veteran member
I know every state is different....but I've almost quit buying any of the power mega ball lottos...
i play the regular lottery sometimes but also the little lotto....5 numbers....
the odds for 5/6 number lottos while terrible are WAY better than any of the mega/power lottos....
the lotto around here is usually like 1-10million which is plenty
the little lotto is usually 100k-800k which also would be very welcomed....
I always thought instead of the powerball type lottos.....having one like that where more winners get like 10M each makes more sense than 1 guy getting 500M etc...
i play the regular lottery sometimes but also the little lotto....5 numbers....
the odds for 5/6 number lottos while terrible are WAY better than any of the mega/power lottos....
the lotto around here is usually like 1-10million which is plenty
the little lotto is usually 100k-800k which also would be very welcomed....
I always thought instead of the powerball type lottos.....having one like that where more winners get like 10M each makes more sense than 1 guy getting 500M etc...
HuskyMusky
Veteran member
someone mentioned buying your kids a car...house etc...
one thought I had was... buy the house...own it....but make them pay the utilities etc.... but I could see them being like im not paying the utilities....of course you could kick them out then but that could be a mess....
btw I've got the perfect solution for all the friends and family coming out of the woodwork for a handout....
when they ask, you agree etc...tell them sure no problem.....Call my accountant....he'll cut you a check....
then when they call the accountant, he tells them "absolutely not!" my client doesn't give anyone money......lol.
one thought I had was... buy the house...own it....but make them pay the utilities etc.... but I could see them being like im not paying the utilities....of course you could kick them out then but that could be a mess....
btw I've got the perfect solution for all the friends and family coming out of the woodwork for a handout....
when they ask, you agree etc...tell them sure no problem.....Call my accountant....he'll cut you a check....
then when they call the accountant, he tells them "absolutely not!" my client doesn't give anyone money......lol.
mallardsx2
Veteran member
- Jul 8, 2015
- 3,814
- 3,011
Also, I would change my name immediately. I wonder how many Mike Smith's there are in the country?
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Team Kabob
Very Active Member
- May 9, 2014
- 793
- 148
I would invest in properties, businesses, trust for my kids, and donate a good portions of the profits to my current job at the Children’s Hospital in KC so they can put more smiles on the kids faces and make a difference.
I love playing lotteries and often a game of poker. Especially I like to play the lottery and often check the megamillion statistics https://onepoundlotto.com/statistics/megamillions I do win some small cash prizes from time to time. But my dream is to win the jackpot. I heard that the highest number of jackpots won in a month was 3?
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