How To Spend Money Wisely?

If you won the lottery, how would you spend your money wisely?

  • Most of those who win the lottery, are bankrupt within 5 or so years. If you were to win the lottery, what could you do with that money to best suit your needs down the road?

  • Answer:

    I would put half into a trust to allow me to keep my current lifestyle the same.  I live in the best city in the world, doing and being exactly what I enjoy already!  I would invest in education to allow for children to have BIG real life experiences.  For instance, a foundation that is application-based where middle school kids apply to immerse within a specific topic, country, or culture that appeals to them, encouraging their passion and direction during a very impressionable period in their life.

Brooke Beauchemin at Quora Visit the source

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Other answers

You didn't give an amount so lets assume $25 million USD. With very minimal risk you should be able to make 3.5% (as the economy gets better I would think I could double this rate) on whatever you save so if you put 50% away (12.5 million) you should be able to take out about $375,000 per year to live off of. I currently don't need 1/2 that much but if you have it you tend to spend it so why not? At that draw rate you would never see the principal go down which leaves me with 12.5 million to spend as I wish. I have never really had the ability to give back so first and foremost I would create a couple of foundations using 10% of the original amount (2.5 million) and dedicate it to cancer research. My Wife is currently suffering from breast cancer after surviving terminal ovarian cancer 25 years ago. She also lost a child to leukemia when he was 7 years old. I lost my mother to thoracic cancer when she was 49. To say it has affected me is an understatement so if there is anything I can do, I will. If I need to dedicate more or I see that the money is truly helping I'd have plenty more to give but you have to start somewhere! I have 10 million left. Pay off Parents and Sisters debt including house and cars. Create college fund for my nephew - 1 million Sell the house and cars and get out of this state (Texas) Buy a house in San Diego, CA. - 1.5 Million Buy a house somewhere in Hawaii (The wife would MAKE me do it) - 1.5 Million Buy a house in NY just outside The City. - 1.5 million Buy a house in Europe somewhere - 1.5 million Cars for each house $750,000 total Split 1 million amongst my small circle of friends That leaves me with about 1.2 million discretionary cash. Some of the above amounts might be higher or lower regarding real estate and familial debt. Since I cant live in all those houses all the time I would probably make a few bucks on them renting them out seasonally at least enough to maintain them. I think that's a good start.

David Rosen

Step one, put the cash in a blind trust so people don't come around asking me for any of it. Step two, tie up all my financial loose ends. Step three, hire a financial planner to take care of the money for me. I haven't the first clue about how to handle money, which I imagine is why most lottery winners end up broke. I know when I'm out of my element.

Matt Hughes

1. Hire a 'guru' architect to conceptualize, plan and oversee the construction of a relatively small, but sustainable estate, somewhere in Central Europe. 2. Construct series of modern facilities so that I can produce my own fruits and vegetables in a healthy, green and sustainable way. Should be able to fulfil 80%-100% of my family's yearly food needs. 3. Relatively vast and cutting edge water filtration system, allowing for maximum water re-usability. 4. Either solar panel array or wind turbines farm... Or an adequate combination of the two. 5. If there's some money left I would help my closest people as much as I can.

Martin Velchevski

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