What To Do If You Win The Lottery?

Discussion in Off Topic Discussion & General Questions started by NinetyEighty1 • Aug 11, 2017.

  1. NinetyEighty1

    NinetyEighty1Active Member

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    What are some methods some of you have if you would win the lottery? What plans do you have in mind to keep your from wasting away your winnings and probably use whatever money you won? Would you invest it into anything and find ways to make more money from your winning?
     
  2. nangk08

    nangk08Active Member

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    I have never won a lottery and I think I never will because I never buy any! But I often think of what I would do if ever I get into a lot of money. The first thing I would do is put the exact half of it away in savings which I will never touch for spending, I will just keep it as my stash for a rainy day. I would use the remaining amount to do what I always wanted to, travel the places I dream of visiting, buy a decent sized land to indulge into my love of gardening, buy gifts for the people I love etc.
     
  3. NicholasMukuha

    NicholasMukuhaActive Member

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    I have always asked God for a chance to prove that winning the lottery will not make me a bad person. If I happen to wake up to the reality of this dream, I would first separate the money into two. The first portion, and not necessarily a half of the total amount, I would give a tenth to the church as a thanksgiving, and the other throw a party for family and friends.

    The other portion, I would buy a piece of land, fence it with walls stronger than those of ancient Jericho, build a house and invest the other in agricultural activities for commercial purposes. I would dig a borehole for irrigation during dry season, and save the rest, if any, for future use. You know, to pay dowry, or something.
     
  4. Shine_Spirit

    Shine_SpiritActive Member

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    The first thing I would do was travel the whole world to know every piece of land on that globe... Then I think I would open my own company and I would help various charities.
     
  5. Zero

    ZeroActive Member

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    Well that's an easy question, i'll create my own business in order to have a steady income.
     
  6. Krissttina Isobe

    Krissttina IsobeWell-Known Member

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    Well, for me I'd save some for taxes...I'd get an accountant, to tell me exactly what to expect in paying taxes for winning the lottery. Here in Hawaii, it's illegal to have a lottery, so I can only watch the news and wonder if lotteries will ever come to Hawaii, lol. After taxes are figured out and saved, I'd first put it in a savings account, all of it. The interest alone will be enormous! Then I'd get my credit cards and pay it all off. While I'm putting my lottery winnings in my savings account I'd ask customer service how much interest I'd make in a month, then go from there of what else I'd do next. :D
     
  7. Barida

    BaridaActive Member

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    I always buy lottery and hoping that soon, I have to win once more. When I started playing lottery new, I won some money and because it was my beginning time in the game of bets, I wasted the winnings on drinking with friends that were around to celebrate my victory.

    Now that I have learnt some lessons about money management, if I am lucky to win a lottery soon, I will make sure 75% of the winnings go into investment or use most of the winnings to purchase products that can last for a long period of time. Products such as electronics, mobile phone and clothes, so that each time I make use of such products, I will recall that it was the lottery money that made me buy them.
     
  8. TheOtherSide

    TheOtherSideActive Member

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    It has always been a dream of mine to one day win the lottery and I guess all are. And I make it a point to at least buy a lottery ticket whenever I can, it's the only way I know to achieve this fantasy. If given a chance, even half the prize, I would certainly invest part of it to some good business partnership. Others I would deposit to my bank account, and the rest I will spend on a good vacation house.
     
  9. NinetyEighty1

    NinetyEighty1Active Member

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    Sounds like something similar to what I would do. I would save a good amount in the bank and use the rest for a little fun. Then, I would try to either make my own business or invest in another.
     
  10. Shana Peckover

    Shana PeckoverMember

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    I guess I have to play the lottery to win it....but if I did, I would take care of my family first and give them what they need. Then, I'd pay off all of my debt, and then.....who really knows?
     
  11. Shine_Spirit

    Shine_SpiritActive Member

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    I think these options are the best (at least for an immediate decision) when you make a lot of money. I'm in love with travel and getting to know new places.
     
  12. Kiama

    KiamaMember

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    I have never played the lottery because I have seen what it does to people and how it has broken families of individuals who have spent money but haven't won.

    However if I won the lottery I would buy sizeable land and practice mixed farming. If there is extra I would build a house on that land and escape mortgages. I would then help my mum in her business and use some money to support my siblings.
     
  13. annitha

    annithaActive Member

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    I used to play lottery games, but I never scored anything. With the time I gave up and just forgot about it.
    I didn't give much of a thought what could I do with the money, as long as I had it won.
    I think I would set my own personal needs first and then start thinking about what to do for others.
     
  14. Kimika

    KimikaActive Member

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    Well if ever I win the lottery and win something so big. I wouldn't tell anyone just to be safe. I would start a coffee shop and once it's doing quite well, I will give it to my dad so he can quit his day job. He told me a lot of times that if he would stop working, he wants to own a coffee shop so that's what I thought I can give him. And for my mom, I would start a small spa that she can manage. I will buy pieces of land and just let them sit there. I would buy quite big piece of land and make a house there. I wouldn't put any money in the bank, I would just buy a vault and keep it somewhere in the house.
     
  15. NinetyEighty1

    NinetyEighty1Active Member

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    That actually sounds like a sweet plan. But for the vault part, wouldn't you be afraid that something would happen to the house or someone would steal it? Wouldn't you want to put the reaming half in the bank?
     
  16. wallet

    walletActive Member

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    This depends on the sum I won if it would be a lot of money I would spend on traveling, a new house, a new car, clothes, gadgets, etc. I would invest a sum in a business that I would start with my family.
    The rest I would probably spend it on everything that I and my family wish to have and we didn't have money to buy.
     
  17. Kimika

    KimikaActive Member

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    I actually have this plan of making an underground tunnel in my house if ever I have the money, the vault would be safe in there. If either a flood or fire would happen then we have a hiding place inside the house. I'm pretty sure no one could steal that money in there. About the bank thing, I really don't trust banks though I do love using them. I would rather have my money with me than let the bank handle it.
     
  18. NinetyEighty1

    NinetyEighty1Active Member

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    Well, won't the tunnel itself be a little pricey making you spend a good chunk of your winnings?
     
  19. Kimika

    KimikaActive Member

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    I think it would cost a lot but if it would be a lot safer for me then I do not mind building something like that. I wouldn't worry about building something like that since I would definitely have money for investments which would rake in a lot more money in a few years.
     
  20. NinetyEighty1

    NinetyEighty1Active Member

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    Good point there, you got a pretty good plan.