The Mega Millions- what would you do with it?

[Will B]

Several years ago Sky Magazine (Delta's inflight mag) had an article that was the top 10 things you should do if you win the big one. I can't remember them all, but they make a lot of sense. In no particular order except the first one...

1. Don't tell anybody you won including your spouse or S/O until you can take care of most of the following
2. Create a LLC to put a level of protection between yourself and the money
3. Hire a trustworthy lawer who works on a per hour basis
4. Hire a trustworthy money person who works on a per hour basis
5. Get an unlisted / non-published number
6. Claim the prize anonymously (I don't think you can with Mega-Millions)
7. Take 10% of the initial payout and just blow it. Get it out of your system (this was in the days before the cash option when the winnings were paid out over 20 years with a big chunk up front

I can't remember the other three. The one thing that was made clear is that you will all of a sudden have friends and relatives that you never knew about.

I would love to see a big study done on how many people actually wind up worse off after winning than they were before. I would wager it's a huge percentage.

 

[Matt J]

Loads to charities and enough to live comfortably and be able to travel. Of course the urge to dress like a pimp and drive a rolls royce is always there.

 

[traderx]

Several years ago Sky Magazine (Delta's inflight mag) had an article that was the top 10 things you should do if you win the big one. I can't remember them all, but they make a lot of sense. In no particular order except the first one...

1. Don't tell anybody you won including your spouse or S/O until you can take care of most of the following
2. Create a LLC to put a level of protection between yourself and the money
3. Hire a trustworthy lawer who works on a per hour basis
4. Hire a trustworthy money person who works on a per hour basis
5. Get an unlisted / non-published number
6. Claim the prize anonymously (I don't think you can with Mega-Millions)
7. Take 10% of the initial payout and just blow it. Get it out of your system (this was in the days before the cash option when the winnings were paid out over 20 years with a big chunk up front

I can't remember the other three. The one thing that was made clear is that you will all of a sudden have friends and relatives that you never knew about.

I would love to see a big study done on how many people actually wind up worse off after winning than they were before. I would wager it's a huge percentage.

I can add one more: don't go on TV and say that you are going to buy Mama a new doublewide. The last thing you want to be is famous. People will ring the doorbell wanting money for their daughter's kidney transplant. You would have to move immediately and maybe even change your name.

 

[Ocean Lover]

Several years ago Sky Magazine (Delta's inflight mag) had an article that was the top 10 things you should do if you win the big one. I can't remember them all, but they make a lot of sense. In no particular order except the first one...

1. Don't tell anybody you won including your spouse or S/O until you can take care of most of the following
2. Create a LLC to put a level of protection between yourself and the money
3. Hire a trustworthy lawer who works on a per hour basis
4. Hire a trustworthy money person who works on a per hour basis
5. Get an unlisted / non-published number
6. Claim the prize anonymously (I don't think you can with Mega-Millions)
7. Take 10% of the initial payout and just blow it. Get it out of your system (this was in the days before the cash option when the winnings were paid out over 20 years with a big chunk up front

I can't remember the other three. The one thing that was made clear is that you will all of a sudden have friends and relatives that you never knew about.

I would love to see a big study done on how many people actually wind up worse off after winning than they were before. I would wager it's a huge percentage.

I guess I can agree with all of them but the first one!

I can add one more: don't go on TV and say that you are going to buy Mama a new doublewide. The last thing you want to be is famous. People will ring the doorbell wanting money for their daughter's kidney transplant. You would have to move immediately and maybe even change your name.

That would be the hardest...knowing when a certain cause is legit.

I would absolutely love to give a huge donation to my church. We are self supporting and since I worked there for 5 years I know how much of a budget every ministy works with. There were many times we couldn't do what we wanted to do in children's ministy due to budget consraints.

 

[scooterbug44]

Wasn't there some lawsuit fairly recently where someone won the lotto, then divorced their spouse and waited to collect until the divorce was final?

Lawsuit was obviously brought by the spouse ;-).

 

[Minnie]

Random acts of kindness. I think that would be ultimate way to spend it. Sadly most who win do not live happily ever after.

 

[ohmom]

we had this discussion at school once...only one teacher said she'd keep working!
for family...I'd pay off student loans, set up college funds for grandkids yet to be born
I'd buy a lake house somewhere close to home so any time I want I could dangle my feet in the water...and find a good manager who would field requests for help, and make recommendations...anyone who hopes to be philanthropic and never get taken is a dreamer...I say be as smart as you can, and then let it go. I can live with my intentions to be good to others. It is on them if they are dishonest. And I try like heck to keep my mouth shut about the luck...of course none of this is bound to happen since I don't buy lottery tickets.

 

[DD]

I'd quit my job, buy the Washaway and lots of insurance, 10 years worth of alcohol and leave the rest to the kids.

 

[kathydwells]

I'd quit my job, buy the Washaway and lots of insurance, 10 years worth of alcohol and leave the rest to the kids.

Would you let me rent a room?

If I won, I would buy Seagrove Villas Motel (If they would sell it to me), I would move my family and friends in rent free and live happily ever after.

 

[Smiling JOe]

DD, if you pay cash for the Washaway, you won't need insurance. Just rebuild it if it blows down.