Community Chat

[Suziepeach]

We'd do everything in our power to not go public and change our last names to Anonymous, get a good attorney and financial advisor. 

Once everything was said and done, 1st thing to is to bulldoze my MIL's home in Memphis and get her the hail out of her neighborhood, you'd have to know to know & understand..

[Mominohio]

The first thing I'd do is try to keep it quiet.

I'd only pay off existing bills and mortgage, making no final plans for the rest until it 'sunk in' a little.

My husband and I would have a big discussion about retiring early, but be realistic about what health coverage and care would look like down the road and what pension payout would look like should anything ever happen to this new found wealth. Along with this would be the 'where would we live' question. This would be a bigger decision than most people think it would be (for us anyway).

Seek the advice of a good (or perhaps two or three) financial adviser.

Not give away or spend or travel, or donate, for a time, to be sure, after it is 'real' just where and how much to assign to each of our categories. 

And I'm not sure we'd give much of anything to our son right now. He is 19, in school, and I think needs to learn and earn his own way right now. Of course he'd inherit what we leave, and maybe on down the line when he shows that he is responsible, focused, hard working etc. there would be a time and a place to help him out with actual cash, but I'd not deny him the experience and pride of earning for himself what he wants and desires. Those lean years are some of the best of one's life, and they teach lessons you can't learn any other way. I'm pretty sure we wouldn't go crazy and buy him a house, and a car, and other material things. I would rather, at this stage provide him experiences (travel) and opportunity (continuing education) rather than material things.

I would enjoy traveling as a family, though, and paying for that experience for everyone.

[Plaid Pants2]

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@Mrsq2022 wrote:

General question (just planning ahead lol!):  When you win something like this, are you obligated to appear on television?  I'm always surprised to see the names of these big winners released and I can't imagine they wanted to appear on television with the announcement.  Do you have to sign something agreeing to appear and agreeing to release your name when you collect your prize?  

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I think that by buying a ticket, you are enetering in to a contract with the state, that if you winn, they have the right to use your name and image to promote the lottery.

Here's what it says on the California Lottery webisite reguarding going public.

"Can I be anonymous when I win?

California state law requires that the California State Lottery release the winner's name and the location of the retailer where the winning ticket was bought."

[Lipstickdiva]

Move.  I'd move to an area where I had lots of land and could open a sanctuary for dogs. 

I would donate my current home to a women's shelter so they could either use it as a safe house or give it to a woman in need.

I would buy a condo for my sister as she wants to be out of her house and into a condo within the next 5 years.

[Plaid Pants2]

Realistically, I would get a top notch accountant and attorney to help me with this new found wealth. 

Second, I would also get a top-of-the-line, state-of-the-art security system for my home. We're talking cameras all over the place, inside and out, constantly recording. I'd trust no one. 

There are a lot of people out there who would claim that they were "injured" on your property, and sue you, because, hey, you can afford it.

[Laura14]

Okay, here's your odds depending on what state you live in.  Let's pray the QVC office pool doesn't empty the place out...

MOST POWERBALL JACKPOTS WON

• Pennsylvania — 16
• Indiana — 11
• Louisiana — 8
• Florida — 7
• Missouri — 7
• Iowa — 6
• Minnesota — 6
• South Carolina — 6
• Arizona — 5
• Connecticut — 5
• Kentucky — 5
• Wisconsin — 5
• New York — 4
• Oklahoma — 4
• West Virginia — 4
• Delaware — 3
• Georgia — 3
• Kansas — 3
• New Hampshire — 3
• New Jersey — 3
• New Mexico — 3
• North Carolina — 3
• South Dakota — 3
• Rhode Island — 3

Compiled by The Star-Ledger
Source: Multi-State Lottery Association

[travelin grandma]

Agree about an attorney and financial advisor.  I'm elderly, so I would take a world cruise as soon as possible!  My children would benefit and my grandchildren and great=grands would have tust funds set up.  I don't believe in handing money to children in one lump sum.  I'd also pay off my granddaughter's student loan.  

I am very leery about charities, but Parkinson's needs to have a good amount from me.  I would also like to buy a condo in NYC for trips when I felt like going to the city.  I would not sell my house -- I'm perfectly happy in my seaside cottage -- but definitely get a high-tech security system, even living in a gated community.

But the very first thing is to pay the taxes due!!!!!!!!!  And in Florida, your name is made public.  However, I believe the right attorney can make you a foundation and give it a name.  Not sure, though.

[2blonde]

I'd buy this place.

[MaggieMack]

I wouldn't share the news with very many people, only those on a need to know basis, for a couple of months. Get the ducks in a row. After the announcement, I would vanish for a while. Taking the cash option would net around $450M; after taxes, there would be about $200M left, luckily my state doesn't have an income tax. With no kids, that would leave me a lot to play with, a significant portion would go to charity. The rest? I would probably move to the Sedona area and build my own private golf course!

I know a woman who was on Price is Right, won a refrigerator and some incidental items totaling about $1,800. You would not believe the phone calls and visits she received from total strangers begging for money, some berating her for not sharing her windfall. What???

For me, it would be incognito, baby!

[CelticCrafter]

The first things I would do would be to speak with an attorney, our accountant and financial advisor.