111 replies to this topic

[Greg Wann]

Give my kids a million each. No more... don't want to spoil them!

Invest most of the rest in real estate, buy as many income producing properties as I can. Put a part of it in the bank so I could live off the interest alone. And invest the rest in guaranteed return financial products. (small return but guaranteed, vs. stocks, potentially larger return but no guarantees, plus possible loss of principal).

My plan would be to leverage the winnings into income-producing properties that could be handed down to my kids and become their "career" if they wanted it. Or they can sell off the properties and do whatever they want with the money.

Hey Harry,
This sounds like the Dave Ramsey Plan.

http://www.daveramsey.com/home/

This is a good place to start a financial plan. I'm trying to get on board.

[von Zipper]

[Harry P.]

Hey Harry,
This sounds like the Dave Ramsey Plan.

http://www.daveramsey.com/home/

This is a good place to start a financial plan. I'm trying to get on board.

Never heard of him, but if his plan is the same as mine, he must be a pretty smart guy!

[A.R.C.]

I`d paint my truck.

[Greg Wann]

He is a smart guy and by golly you are too, Harry. He hosts a radio show and does something called Financial Peace University. Millions of people have gone through it. Classes are usually done through a church but some major corporations have sent employees through it. He offers good stuff about money for kids too. CASH IS KING! Paper currency still has a note that reads "For All Debts Public And Private" If you are tired of being broke and stuck in a credit card rat race, he is a good starting point. Darn shame the government won't follow this plan.

Edited by Greg Wann, 26 November 2012 - 08:30 AM.

[Nick Notarangelo]

buy a tank of gas

[sjordan2]

It would be a start toward running for President.

[Michigan Madman]

I would go anyways!...Just google my last name to find out why!

Sick of all those step-siblings?

[Casey]

After retaining a lawyer to act as my representative and protect my privacy,

I think this is the most important thing any lottery winner can do, but very, very few do it. Humility and winning the lottery don't usually make good bedfellows.

10. Enjoy life a little.

That's always free.

Here are some interesting stats based on 43 previous national lottery winners: http://www.statistic...ner-statistics/


Effects on Lifestyles Percent of lottery winners who had spent their entire winnings within 5 years 44 %

[High octane]

I'd hire a bunch of people and pay them good money with benefits to just sit all day calling up and harassing the bill collectors that have been doing that to me!

Might as well instead of just paying off your bills as that would be too easy.

[johnbuzzed]

Too much but not enough. Pay the bills/debts off, "help" our kids and grandchildren, get new car or two or three, travel, "collect" a few classic cars, invest in an SBD-3 and a P-38L, build an 8 car garage with a detached 4 bedroom/5 bathroom house, travel some more, build a second home near some salt water, travel some more across the US by railroad, donate to some worthy charities...

[ZTony8]

Since I'm 58 and most likely wouldn't live to see all the money if I took it on the 30 year annuity I'd be forced to take the lump sum(which is a bit over $196 million dollars after taxes here in Michigan),darn it.Going on that premise I would:
1)Park most of the money (about $150 million or so of the winnings)in interest bearing accounts that would yield at least 3 to 4% per year.After a year or two I'd then live off the interest.
2) Take the rest and pay off bills for myself,my daughter and some friends and family.I'd fix up my house to sell,buy another place to live and then I'd begin to enjoy life by:
3) Building a first class slot car center on the east side of Metro Detroit.There are 3 on the west side but there are plenty of guys who don't want to travel that far to race.Think along the lines of the old American Raceways places of the 60s and add a drag strip to it.
4) Buying a big plot of land and pave it so the local autocrossers can have a permanently available place to run each Sunday.Erect a top quality facility there with plumbing and lavatory facilities and lighting to be able to run at night if necessary.Add a grandstand so spectators don't have to stand to watch the action.We'll call the place Pylon Park.
5)Buy all the old cars I've wanted and an old warehouse or factory in which to store them.If you local Detroit guys ever saw Dick Kughn's old Carail place you know what I'm talking about but it would be about 10 times the size of Carail.maybe even Jay Leno facilities sized.
6)I'd dabble in some investment grade styrene : ) and find my grail kits.
7)Donate to select charities,probably anonymously.

[mr moto]

See how much of Jo-Han I could put back together?

That sounds like a great way to end up with nothing left!

[G Holding]

Publish a monthly Model Car Magazine and put the others to shame...by being TIMELY.....

[Futurabat]

It would be a start toward running for President.

The fact that I have a clearcut plan to balance the budget, end government spending and bring peace to all nations, CLEARLY disqualifies me as a presidential candidate.

[bandit1]

Sick of all those step-siblings?

You probably didnt google enough!

my name is an "Americanized" version of the name ..."O'MacBradaigh" which is irish!....Not really tired of all the siblings being one is a guard of some sort to the royal thrown , one was / is the King of Scotland....another is a former Army capt/col. that made history back during the indian days!...out in around toledo ohio there is a gorge out there that he leaped off of to escape the persuing indians from killing him and lived to tell about it!...AKA..."Brady's Leap"...google it!

[bandit1]

I just want to go...so i can get the rest of my family history!

[Skydime]

I'd pay all my family's debts and move to Hawaii.

Id get the following vehicles:
70 Chevelle 396 SS red w black stripes and interior pro touring
66 Nova black w/red pearl and 87 Grand National drivetrain protouring
72 C10 Body Dropped, bagged, and shaved
2013 Terrain (Wife)
2 Oval Window Beetles (My daughter and I)

Oh yeah, and I'd hire a good (ie quality, value, honesty) contractor to "flip" houses for me so I could be sure the money wouldn't run out as I spend it.

Edited by Skydime, 26 November 2012 - 02:14 PM.

[Kris Morgan]

I would also buy up, fix up and, flip a bunch of the foreclosed homes in my area. My plan would be to sell them on landcontract at a low interest rate to families that have lost a home through no fault of their own.

[Tonioseven]

Work towards financial stability not only for myself but also for the next couple of generations (Lord willing) after me.