How Would You Spend Your Lottery Fortune?
When plunking down your dollars to buy a lottery ticket, it only makes sense to start planning how your inevitable millions will be spent. But not everyone dreams of a personal chef, a pet dipped in gold and a tropical island to call their very own. More than six in 10 adults say that, even after hitting the jackpot they would follow a cautious course and live frugally, holding their current job while parsing out their fortune in nickels and dimes at discount stores.
It’s a hypothetical decision about a wildly hypothetical windfall, but maybe the long-lagging economy has had an impact on the way Americans think about lavish spending. An online survey of 2,570 adults conducted by the penny-pinchers over at CouponCabin explored how a lottery fortune would affect spending habits and choices, and more than half of respondents said they would be "extremely or very likely" to maintain cheap living habits such as shopping at dollar stores and buying items only when they're on sale. Thirty-six percent said they would continue working at their current job.
Could a sudden multimillionaire really keep the purse strings tight on a bulging purse? Some, at least, indicate they’d try not to go all Kanye with their winnings. CouponCabin offered a sampling of responses to a question about what people would do with the money if they won a large amount. You can read their list here, but following are a few notables:
• "Build a homeless shelter."
• "Pay for medical procedures that my insurance won’t cover."
• "Get a divorce."
• "Buy my parents a home closer to me so I can take care of them."
• "Start my own business."
• "Donate 10 percent to my church."
• "Get rid of my student debt."
• "Open an orphanage."
The Daily Dose offered a handful cautionary tales of lottery fortunes turned to profound misfortune earlier this year, when a record-breaking Mega-Millions pot prompted us to ask, Who Could Blow $640 Million? Perhaps the best way to make sure a lottery doesn’t change your good habits, or your good life, is not to win at all.
Photo: Buena Vista Images/Getty Images
1. Consult with a trusted cpa and set up a trust so I could collect the money anonymously. Do not tell a soul outside of immediate family and swear them to secrecy. Collect the cash in a lump sum. About 227 million after taxes where I live. Set up a good team of financial advisors and diversify my holdings in order to mitigate risk as much as possible. Make sure to cover things like estate planning, etc.
2. Take care of immediate family and swear them to secrecy. None of them will ever have to work again. Tell no one else.
3. Move out of the country. Most likely to a country that has no income or estate taxes such as Monaco or Andorra. Begin the long process of changing citizenship so uncle same wouldn't take 90% when I die.
4. Travel, party, do everything that sounds fun. live the dream. Funnel large amounts to charities. Eventually send about 90% to charities and 10% to family members at my death. I have a soft spot for veterans, children and animals so I could see a foundation being set up to support worthwhile organizations that serve these groups.
if you win and come forward, your long lost COUSIN WILLIE will call you for
a new kidney, car, house, etc.
cant we just be anonymous?
♪♫I wanna be a billionaire so fvcking bad.
Buy all of the things I never had
I wanna be on the cover of Forbes magazine
Smiling next to Oprah and the Queen. ♪♫
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