ok, you won a big lottery (say >$10mil), what would your 1st purchase be?

[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.

[psychobilly]

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.

In no particular order:

1) Payoff the house and put it on the market.
2) Buy that piece of land i've been eyeing in Loudoun and build my house.
3) Trade in the 99 nissan and get my Toyota Tundra dream job.
4) Pay off student loans for wife and I
5) Thats about it. The rest i'd probably save.

[Freddyburg Hokie]

ok, you won a big lottery (say >$10mil), what would your 1st purchase be?

Two chicks.

[nolanvt]

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.

Most of the lottery-playing demographic is poor and/or uneducated.

[arch80]

Hookers and Blow

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.

[C67VTCC]

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.

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.

[nolanvt]

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.

True. I'll go one step further and assert that it's idiotic to play the lottery anyway.

[gern]

ok, how about "a rich distant relative dies leaving you $10mil of his $100billion fortune..."

[crooked road]

It's no more idiotic than spending money on Starbucks or any other personal indulgence. If the money spent is considered an indulgence, then it is no different from any other of the same sort. Las Vegas is full of people who enjoy spending money on an indulgence that they know will likely not 'give them a solid return on their investment', they have the desire to do it because it is fun for them.

['lag]

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.

About right, only indulgence would be a car. Maybe something Porsche Boxterish as for as price range and what I'd want, convertible? a nicer vacation every year? a cooler place to live? But all of these would be a couple levels above where I am now, not something to match the $10M lifestyle. $10M would be enough to retire on too. I'd consider that. (but I'm already in that age range)

The $10M question makes more sense then winning the MM and whatever, $300M, Most people wouldn't even know what to do with that kind of money, I mean, they don't have the education or experience or busy saavy to invest. Not even a question of a person going wild, just wouldn't have the experience and reflexes living in that world.




'lag