NWR-Hypothetical

CFM102012

With the Mega Millions jackpot up to $540 M, it's gotten me thinking.  If you won, A)what would be among the first things you do and B)would you get a prenup (if you aren't already)

After changing my phone number, hiring a lawyer and financial planner I would pay off my school loans, set up trusts for my niece and nephew, buy a house and go to culinary school so I could open a bakery.  

I'd like to say a sudden windfall wouldn't make me decide on a prenup but I don't know.  I'm sure the lawyer would argue for it.

getintheboxx

I've been thinking about this for days.

First I would pay off all debts: Students loans, my parents house and car, and help out the rest of my family. I would also pay off our house that we are building so there would be no mortgage.

Then I would buy myself a new car, nothing extravagant, like a Fusion or Jetta, and buy him the F-150 he has always wanted.  Invest some, set ups funds for college for my nieces and nephews, and our future children.  Get all of our furniture for the house and throw in some upgrades too.

Then lastly I would tell my boss to go F himself (he is a disgusting human being the stories I could tell you all would make you sick).  I would tell FI to quit his because I'm sure he would love to and we would go traveling like we have always talked about.

It may sound dumb but I wouldn't do the prenup.

mrshall1027

I would not do a prenup.  This is it for me!

I would pay off all debt, fix our house up and rent it out, buy our dream home, buy new cars, set up college funds for my stepdaughters, pay off my parents house, buy houses for my grandma and brother.  Invest in my company more and get it running perfect.  Make other investments in the stock market or other business ventures.  Travel, travel, travel, and more travel!!

lepoissonrouge

I wouldn't do the prenup either, so you're not alone there. I would pay off my college debt which is not a lot and the debt that my sister has which is a ton. I would finish paying for my parents house and help my brother out with his. Then I would save a lot of it, some to investments, and fill out our ROTHs for the year. Then FI and I would work on buying a house. We would then probably work on fixing up the apartments that my parents own, which all need some repairs but reall aren't affordable right now, because we plan on owning them someday. And then of course the fun stuff, like traveling and buying a few things that we really want.

mana8503

A.) Oh man, pay off loans, mtg, debt.  Get financial advisor and lawyer as well... I'd probably sell my house (or rent it), buy a ton of land and built the same house on it with more add-ons and a decorator to help me!  I'd buy my parents a house (or a house on our land).  Fix up their house for my sister.  Set up funds for FI's kids, and my niece and nephew.  And new car, probably Audi Q7 with everything.  FI will want his own garage with a pulling truck and other car related things.

B.) Last night FI said if we win, he'd sign a prenup.  Made me feel weird... I probably wouldn't do that, and we got the tickets together.

trawas01

Oh god, I'd make so many people happy.

First things first I'd call an attorny and an acountant. Wouldn't bother with a prenup. What we have both the ticket is no too much and the ticket is ours, not his or mine.

I'd pay off my parents house and set up a trust fund for them so they could both finally retire.

I'd pay off my sibling's homes and my little sister's college funds. I'd also set her up wherever she wanted to go to grad school.

I'd set up college funds for my two nephews and my FI's little brother.

I'd pay off my student loans and our house. I'd make a large contribution to the recue that we got both of our furbabies from.

We'd get married, like next week in Disney world. I'd pay for whoever wanted to be there.

I'd work on having kids. Like now.

It sure is nice to dream isn't girls?

mana8503

Trawas got my thinking - would your wedding change?

I think we would upgrade a lot, but keep the venue etc.  I'd pay for the hotel rooms and how people go there... and a few month long HM!  EUROPE HERE WE COME!

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-club-boards_october-2012-weddings_nwr-hypothetical?plckFindPostKey=Cat:Wedding Club BoardsForum:56b9bcef-1e34-456e-81f5-cfaa107456b2Discussion:13d05406-a713-45dc-9b83-ad1a55d4e5ebPost:b33ca25c-843b-4a97-a024-8a4495063bd0">Re: NWR-Hypothetical</a>:
[QUOTE]It sure is nice to dream isn't girls?
Posted by trawas01[/QUOTE]

And a lovely dream is it!!

CFM102012

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-club-boards_october-2012-weddings_nwr-hypothetical?plckFindPostKey=Cat:Wedding%20Club%20BoardsForum:56b9bcef-1e34-456e-81f5-cfaa107456b2Discussion:13d05406-a713-45dc-9b83-ad1a55d4e5ebPost:b33ca25c-843b-4a97-a024-8a4495063bd0">Re: NWR-Hypothetical</a>:
[QUOTE] It sure is nice to dream isn't girls?
Posted by trawas01[/QUOTE]

<div>Yes, yes it is. When I told him I'd started this thread FI said he'd sign a prenup if that's what I wanted.</div><div>
</div><div>I don't think I'd change much of my wedding, maybe a few upgrades and actually take a honeymoon (it doesn't look like its in the cards right now).  I don't know how soon you actually recieve your winnings.</div><div>
</div><div>Assuming you're the only winner, would you take the lump sum or the annuity?</div><div>I'd take the annuity.  If we were 50 or older I'd probably go lump sum but we have our whole lives ahead of us, why not have a wonderful income for the rest of our lives.  Of course this is also where the financial planner comes in, if he would advise us to take the lump then we probably would, but at this point annuity.</div>

mana8503

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-club-boards_october-2012-weddings_nwr-hypothetical?plckFindPostKey=Cat:Wedding Club BoardsForum:56b9bcef-1e34-456e-81f5-cfaa107456b2Discussion:13d05406-a713-45dc-9b83-ad1a55d4e5ebPost:2dad2eef-cdbe-4017-bbf1-ae446855b675">Re: NWR-Hypothetical</a>:
[QUOTE]In Response to Re: NWR-Hypothetical : Assuming you're the only winner, would you take the lump sum or the annuity? Posted by CFM102012[/QUOTE]

Lump sum!  If you die your family doesn't get anything... and it take 20 years to get all the money.  You may be young, but you aren't guarenteed tomorrow.  I would like to say where the money is and how it's being used... I missed my calling as a financial advisor.

CFM102012

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-club-boards_october-2012-weddings_nwr-hypothetical?plckFindPostKey=Cat:Wedding%20Club%20BoardsForum:56b9bcef-1e34-456e-81f5-cfaa107456b2Discussion:13d05406-a713-45dc-9b83-ad1a55d4e5ebPost:852d4f67-0583-443e-b6d6-3e6416dc2bab">Re: NWR-Hypothetical</a>:
[QUOTE]In Response to Re: NWR-Hypothetical : Lump sum!  If you die your family doesn't get anything... and it take 20 years to get all the money.  You may be young, but you aren't guarenteed tomorrow.  I would like to say where the money is and how it's being used... I missed my calling as a financial advisor.
Posted by mana8503[/QUOTE]

<div>I hadn't thought of that.  Plus then all the taxes get taken out at once...definately hiring that financial planner.</div>

ivedonethisb4

I guess I may just be strange...but I would go right on living like nothing happened. Sure we'd go ahead and build our house debt free..but everyone wouldn't know that. We wouldn't do anything any more fancy than what we want anyway. I'd sell my car and get one I'm happy with. Nothing fancy..just a midsize sedan..or maybe SUV. Something good for hauling kids! Our wedding wouldn't change much but we'd be able to afford some things..that are looking iffie at this point. We'd definately take a nice honeymoon because right now its not looking like we'll be able to afford it. I would go back to school finally since I could afford it and finish my teaching degree. I may quit work for school but that'd be the only reason. Invest Invest Invest! I definately wouldn't want to do anything crazy with it. I'd help my mom with her current medical bills... Oh and NO prenup. He's just stuck with me.

nitecheese

I don't know if my family (all in the financial industry) would be ok with it, but I wouldn't want a prenup either. We already share everything but checking acccounts, which will happen in 6 months anyway.

Oh, the things I could do...

We would buy a house back East, and one for my FI's parents, too. We could also get my parents a place out West, which they've always wanted to have.

I could finish my MEd without having to scrimp and save, and FI could pay off his student loans.  We both have new cars, which we love and wouldn't replace.

I'm sure we'd both keep teaching, if only part-time. 

Oh!  And honeymoon to the Almafi Coast!

lehc723

I would not do a prenup, no, ha! But good question!

I would ABSOLUTELY quit work, and go back to school and get my masters. Travel. Buy a place. Pay off my student loans, and FI's, and hell, maybe even some of our friends'!

snuff9861

I would pay off my college debt, pay off FIs.

Then I would pay off my parents' mortgage, buy my parents new cars, buy ourselves new cars and buy us a house.

Then I would move my grandparents into their own inlaw suite. 

We would take our dream vacation to Australia and New Zealand and then save the rest for our children.

ktelizabeth86

FI and I talked about this last night. First thing would be to hire a financial planner.

I would want to pay off all of our debt (most of which is FIs student loans).

I would give a chunk to my parents, my sister, FIs parents and siblings and then some to extended family.

We would buy a house . . . nothing too extravagant. Ooo, or maybe a farm with lots of animals. Just want out of our 1 bedroom apartment.

We would quit work and travel and probably take up some kind of volunteer work to keep us occupied.

Start a family.  

aimee58

FI and I were just talking about this yesterday!!

1. I'd buy us a new house, pay off my debt and that of our families. Then FI would get a new car and get a financial planner to deal with the rest (charities, trusts, stocks, etc.)

2. No pre-nup. We're both in this for the long haul!