Question of the Day

TysWife2Be

If you were to win 20 million in the lottery, would you take the lump sum (which would be about 12 million after taxes) or take the payouts over 20 years?  What would you do with all that money?

tyboyd

Lump sum. Pay 10% to the Lord then pay off all our debt. The rest... not sure. That's just the important stuff.

happe2gether

I think I'm taking the lump sum.  $12 million is A LOT!!

In this order I would:
Have the ballinist wedding I could ever think of
Go on the best honeymoon EVER
set aside money for my children's college funds
have the house of our dreams built
pay off all our parents debt
pay off debt for ourselves (mostly mine)
pay off our sibling's debt
invest and save
give FI money to open the business of his dreams
sit back and become a professional student
spend some cash on the kids but not too much - they have everything and then some already

BlissPhilly

I would take the lump sum, because I heard somewhere that if you take the payout and the lottery association goes bankrupt you don't get the rest of your money (not sure how true this is though, so don't quote me)....and the way this economy is I would just take the lump sum,  with the rest of the money I would, payoff debts, buy a new home and a nice car, put my daughters in one of the best private schools, get their college fund together, go shopping, buy my mom a home and a car, donate some to charity and then "try" to live off of the just the interest of what I have left.

JloveB

take the lump sum and pay off debt...give a lot to my family and put some in account that incurs interest so that my money can make money.  move to Brooklyn because that is FI dream location to live and put us on a yearly salary/budget with our money so that we only spend enough a year to live comfortable without blowing it reckless on anything and everything we see.

hotrocker2011

The 12mill.....pay of ALL debt...have the wedding/honeymoon of our dreams....Put at least 4mill in the bank to gain interest for our kids....invest, invest, invest.....buy a house and save the rest so by the time we're 40 we will be set, our kids will be set and so will their kids Oh AND go all over the world TWICE!!!

JKeyes2011

LUMP SUM
- Pay off my mom's bills and her house
- Pay off my student loan
- Move my wedding to the DeYoung Museum in San Francisco and hire David Tutera
- Purchase this plot of land that is for sale in my city, hire a church architect, build my church a brand new dream building. (Should take care of my 10%)
- Buy my grandma a house with two master bedrooms, one for her and one for my uncle who lives with her.
- Hire a bomb immigration attorney to get my FI here
- Build my FI and I the perfect dream home right here in California.
- Give at least 2 million to my mom.

island07b2b

I am taking the lump sum.

I would tithe 10% through donations.
Pay off debt for the parents and give them a cusion of funds.
Pay off personal debt.
Set up a nest egg for my son.
Set up a nest egg for myself through a mixture of investments/cash accts.
Give a one time monetary gift to certain family members not in immediate family.
Sell my current home and put proceeds into a new home.  Then fix up the new home to my exact liking.
Travel

lil01

Taking the lump sum!

I would:

- Pay off mine & FI's student loans
- Get a house
- Give $$ to my mom & Fi's mom
- Give our immediate families a certain amount "one time"
- Invest...invest