I take a very different tack. The last thing you want to do is think about buying things. Winning a big amount of money changes a person from labor (which almost all lottery players are) into a capitalist. The 'job' of a capitalist is to make the money work for you. All the best tax breaks favor the capitalist who invests and lives off dividends and interest. I think your objective should be that ten years hence your capital will remain and, hopefully, will have appreciated. Things like cars, homes, women, etc all need to be maintained and some (most) will depreciate. Most lottery winners go on a buying spree and develop a life style they cannot afford when the income stream stops. Additionally, the moment the world learns you have a huge windfall, strangers start "slipping" on your front curb and suing you under liability figuring you'll settle instead of going to court. Shelter the money so it will work for you the rest of your life would be my strategy. I would love to win so much money I could test my strategy.
Originally Posted by gern
I think I'd probably buy a couple homes (pay off my dump and square away my sister's). Second purchase would be a car... something a little extravagant, a little too pricey, a little too unreliable, maybe... a BMW or a 20 year old Toyota Supra or a big crappy muscle car from the 60s.
I did see an interesting stat on the lottery. People making <$13k / year average $900 on lottery tickets. I don't know if that is true but that could be one of the saddest things I've ever read if true.
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