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Thread: if you won the lottery?

  1. #1
    Super Member sahm4605's Avatar
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    I saw on the news yesterday that the pot was like 220,000,000. and it got me thinking what would I love to do with money like that. then today I saw that someone won the jackpot. (Lucky them :evil: j/k) And there were a couple of tickets that sold that won a bit of the pot also.
    Now my question to you is this. What would you guys do with all that money? I know that I would buy my MIl's house for her so she doesn't have a payment, (she can but all her antiques and not worry about money shes divorced) I would do the same for my parents. I would also give some money to my sil and bil and my bro and his wife for what ever they want. and then I would buy or probably build a house for me with a killer sewing room a long arm machine and lots of fabric storage. and off the sewing room have a large playroom for the kids get them all set of with saving accounts for college and or a home and weddings. then with what is left over (which there would be tons) I would save it and live modestly. I would also open a quilt shop probably. but not sure. maybe when the kids started school I would have done that. But I would be making quilts out the wazoo for people and not worry about the money. just the time involved. Oh it would be sooo much fun. (I would also donate about 10-20% of what was left from giving to the family to my church. and maybe a couple of other charities)
    What would you guys buy or do with the money?

  2. #2
    Senior Member Rachel's Avatar
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    I would pay off all debts for my mom and dad and my brother and his wife (including the houses) and then I'd buy my DH a dream car... then I'd start talking to a builder about my house and start looking for land. I know a lot of people say that having this kind of money brings its own problems, but it's a problem I'd really like to try to deal with. :)

  3. #3
    Super Member sahm4605's Avatar
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    They say that it brings out the wackos in your family that you never knew you were related to. hehe. that is why I would live modestly and not let people know that I am "rich" they say that you are more likely to keep all your money that way. my only "splurge" would be fabrics and quilting stuff.

  4. #4
    Power Poster sewnsewer2's Avatar
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    I'd buy my son a house so he could get out of mine! :lol: :lol: Then I'd demolish mine and rebuild with a great sewing room! :lol: :lol:

  5. #5
    Super Member Glassquilt's Avatar
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  6. #6
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    I would buy a nice ranch with a good airstrip, several homes on it and run an orphanage. The homes would be for the people who ran the ranch. I would build the buildings for the orphanage, school, etc. Kids would live in cottages with "parents" for each cottage. I would make each of my grown kids rich so they could learn how to handle wealth as they would inherit when my DH and I died. I would incorporate this whole thing and run it in the best tax based way and the best christian, loving way I could find. Each child would be loved, educated to the highest extent they were capable of and basically given the loving, christian family I gave my own 5 kids. The good Lord only knows how many lawyers, teachers, social workers, etc. I would also be employing. Oh well, that's my dream of the "rich life."

  7. #7
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    I would first find a good lawyer to set up protections so I wouldn't be swindled by all the people who will all of sudden become my best friend.

    Then set up some good investment accounts. and let it set for awhile until all the publicity went down.

    It's so easy to fall into the trap that so many lottery winners get into, buy the fancy houses and new cars for everyone and then within a few years have to file for bankruptcy.

    It seems that the ones who keep it are the ones who maintain their current lifestyle, pay off the bills and continue to work.

    I'd like to help my sister pay off her lake house. She wouldn't have bought it without my saying 'it's a really good deal' so I feel guiilty that the property values tanked a year after they bought it.

    I'd donate some to the charities I believe in.

    But after that I do have a list of things I want. Dh and I have discussions of our wish lists, the are labeled "some day" and "when we win the lottery." "some day" means we are actively saving for it. And "when we win the lottery" are things that are just for fun:

    I want:

    one of those super duper massage chairs, with the foot and lower leg massaging unit from Sharper Image.

    a table with heat and rolling bars that my chiropractor has in his office-it's almost worth having a back spasm to lay on that thing for 30 minutes.

    a super duper delux LA machine with all the bells and whistles complete with in home set up and a personal instructor to teach me how to use my machine the way I'll need to use it.

  8. #8
    Super Member LyndaOH's Avatar
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    After paying off our mortgage I would add on to our home - a new quilt studio large enough for a longarm, a workshop for my husband and a new master bedroom/bathroom. I would pay off mortgages for all our brothers and sisters and take care of college for their kids. I would have a great time giving 10% off the top to charities, plus more throughout my life. And finally, I'd have to hire some sort of help to keep my house clean and me organized, because I apparently can't do that on my own. The rest is gravy!

  9. #9
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    Oh, yeah, I like that idea. a housekeeper!

  10. #10
    Senior Member Helovesme's Avatar
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    Ditto TanyaL. I would also provide a safe place of comfort with all the ammenities for all those women who chose life for their babies.

  11. #11
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    I would pay off all of our debts including our house, give some money to my brother and his family so that they could purchase a home. I would set up an education fund for my son. Then I would renovate the house and start looking for a new one in England. Finally, I would open up some kind of retail business.

    My church (well the conference/governing body) has a history of not accepting large donations that come from lottery or gambling winnings. So I would donate to some of the church programs and missions in lieu of a cash donation.

    So nice to have a little daydream this morning. :)

  12. #12
    Senior Member sarahrachel's Avatar
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    First and formost, enough would go into my college fund so I don't have to worry about paying for that.

    Second, 10% would get put in my church's benevolence fund as there are people worse out there than I am

    Third, three quarters of it would be put into investments that I couldn't touch for at least 5 to 10 years so I don't fall into the lottery trap and loose it all.

    Whatever is left, I would buy myself a sewing machine for me and maybe some material to build my stash. The rest would go into the bank so I have money when I need it.

    And I might buy the car I want as well, a blue volvo station wagon preferably a 940 cuz you can fit just about anything in those cars.

  13. #13
    Senior Member qbquilts's Avatar
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    Not that I play the lottery (100% against gambling), but:
    Give Uncle Sam his share, then pay off my student loans, put aside plenty for retirement, buy a modest house (currently rent) with a room that can be used for a longarm, buy a longarm to fill that room, and maybe buy a new (to me) car (mine's 7 1/2 yrs. old and about 125K miles). Donate to charities (don't know which ones - would have to consider that as time happens) and maybe play a version of "secret santa" for people/groups in need in my town. ETA: forgot about my nephews - start college funds for them.

  14. #14
    Super Member Quilter7x's Avatar
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    I would buy a house in FL for my parents to live in while I continued working. Then I could just hop on a plane for long weekends while they enjoy the FL weather and lifestyle they love so much.

    Here at home, I would love to have a LA, but no place to put it, so I have to decide on either adding onto my house, or moving into another one. I have always dreamed of having a room on top of a 2-car garage. I would have tall walls in it with plenty of windows for natural light and that's where a LA machine would go.

    My DH would love to open a quilt shop with me, but if we did that, we wouldn't have a life outside of the business. There would basically be no vacations, no days off, working long hours, etc. Having my own LA would be fantastic!

  15. #15
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    After hiding for a few weeks researching estate planning attorneys, I would hire one to work with my attorney who did our wills and such. I would want to make sure there was money going to my church and college alma mater. Like many of you, I would get the dream "sewing room" but I would hire a LA (on retainer). I would help some relatives with financial issues now - like those sending kids to school but I would not bail them out or pay off their homes. I would set it up so that my in laws would get a monthly income for life- just to ease their minds. I would set up plans for some relatives to have lifetime income when they retire. I would be generous once a year on a monthly rotation for random giving to relatives- not just at Christmas. I would frequent stores and pass out money especially near Senior neighborhoods and military bases. I would spend some of my time finding buyouts of food and clothing to give to the food banks and I would send my husband out to see car dealers who could provide used cars to people who need them to go to work. See that is why I would want the LA on retainer so I have time to do those charitable things and still quilt. We can all dream!

  16. #16
    Junior Member quiltingb1's Avatar
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    First I would give each of my children (3) enough to pay off their mortgages. Then I would buy a cottage on Cape Cod to spend my summers in (I am originally from that area and now live in Texas where summers are HOT). I would set up trust funds for my 5 grandchildren to help them with college when the time comes. The rest I would start a no-kill shelter for animals to give them a good life while waiting to be adopted. Other than that my lifestyle would not change a whole lot.

  17. #17
    Super Member brookemarie19's Avatar
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    Quote Originally Posted by sewnsewer2
    I'd buy my son a house so he could get out of mine! :lol: :lol: Then I'd demolish mine and rebuild with a great sewing room! :lol: :lol:
    LOL too funny! I would pay off my house then buy my sister a house up her (she lives in FL) so that she would have no reason to say she can't afford to move. WIth no mortgage she can't say no right LOL then probably her SIL a house as well as we miss her and her kiddos so much also then we would have everyone I need up here with me. Man what I would do to win the lottery... although then I guess I would have to play first right LOL

  18. #18
    Super Member judykay's Avatar
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    The first thing I would do is set up an education fund for my two grandsons. Then I would give my dd & dsil money to purchase a new home (too many things going wrong with theirs) & a new car. I would also buy me a condo and my son a condo or home whichever he would prefer. I would then give some money to charities and make some investments for my children & grandchildrens future. I know I am dreaming especially because I don't buy a lottery ticket.

  19. #19
    Super Member GrannieAnnie's Avatar
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    After the normal stuff of protecting my money and taking care of family, I'd start a cultural center here in our tiny community. The closest shopping is about 10 miles, about the same for any kind of "lessons". And that's quite limited. Big shopping and "culture" is 15 miles or more.

    Anyway--------------and I've got the land to put this on.
    First BIG building--not fancy--money goes to innards
    Bottom floor--walk out basement--woodworking equipment and supply storage. Metal arts can be 500 feet away in my hubby's barn. I told him a long time ago all he's getting is the best of everything so he can pursue his favorite hobby--WORKING! Also, in another barn some big equipment so they can learn to use a back hoe or bulldozer or whatever. (some of that is going to be MINE!)

    In this big building--ground floor will be for handiwork of various sorts. A couple long arm machines, a couple embroidery machines, several sewing machines from old treadles to ultra fancy computer machines, computers for design, cutting tables. Storage of course. Knitting, crochet, hand embroidery, whatever supplies and plenty of sewing rockers for all. List isn't complete but you get the drift.

    Also a kitchen area big enough to do stuff like making cookies and cakes and such or just learning new recipes.

    And here's how I'd expect it to work. Keep it open as many hours a day as possible to allow 2nd & 3rd shift workers to come in, too. We'll have to have someone on site most of the time, but my brother, his wife, my sis and her hubby, me, my hubby, older DD and her hubby and my younger DD's hubby (notice younger DD got left out---she wants a REAL job) would be a good start in staffing the center.

    It would be open to anyone living in my county and the one just east. And we have a huge industrial plant about 3 miles from us---anyone who works there, regardless of where they work.

    If I've got 200 million, I can afford all this. But in light of my belief we should all pay it forward, I'd expect help or donations of items once in a while from everyone using the facilities.

    Since the money is way down the road, all this is subject to rewrite. tee hee

  20. #20
    Super Member happymrs's Avatar
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    Pay off all debts possible, then remodel this house completely! Love where it sits, just needs work, lol, what older house doesn't right! Then save all we can, for who knows what the future holds, & take some trips & enjoy the rest of our lives! Good start anyway!...

  21. #21
    Senior Member Linnie's Avatar
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    First I would change my phone #. Then take a long cruise to work out how to distribute some money. Family and friends would all share the wealth. Then some for charities close to my heart. Then invest so that my husband and I could live comfortably for the rest of our lives.

  22. #22
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    Oh if only.I would pay off my childrens debts(student loans) and build them houses.Put money into a trust fund for DGS,so that he could live comfortably.Build my dream home complete with quilting studio and housekeeper .Help the rest of our families( to a point).

  23. #23
    Super Member ptquilts's Avatar
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    I wonder about buying houses for your family, how that would work out. What if a year afterward, you hear, "oh I need some more money for taxes, or I will lose the house." Are you going to give them more, or let them lose it?
    In other words are you creating a new set of dependents? How are you going to refuse when they know you have all that money? You will seem like a piker if you don't break them off another couple of thousand to pay the taxes.

    I don't play the lottery, but if I got extra money I would donate to humanitarian organizations like Doctors Without Borders. Anything I or my family might want or need pales in comparison with children starving to death.

  24. #24
    Senior Member hannajo's Avatar
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    I was just thinking about this in regards to my parents. They haven't won the lottery, they have just been very hard & smart workers, and very wise with their money. When I was growing up, I would say we were lower middle class, and they struggled to give us small luxuries. Now they have some money, they basically are living the same exact life as before. they just don't stress about money. Instead of buying a fancy house, they paid off their small one years early. They buy the same model cars they would have bought before, but they're new and paid for in cash. They eat out at the same diner they've always loved, but probably twice a week instead of once in a while. They buy the same exact clothes and groceries, but don't have to search for sales. And they're able to be more generous in their gift-giving to charities and loved ones.

    I always hoped that if I came into money, I would do the same thing.

  25. #25
    Super Member oma66's Avatar
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    Well, after Uncle Sam takes his money, I would give 10% of the gross to my church, buy all my children and grandchildren their home, pay off our mortgage, set up college funds for all the youngsters in our family, give to my sister and brothers - in other words I would spread it around until there was just enough left for us to live on comfortabley. Just think of the homes that could be fixed up in the poor areas of our country, the food pantries that could be stocked, the fund that could be set up for the children of the poor for thier needs...well, it is nice to dream, isn't it? Guess I have to buy a ticket...

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