So glad this site is anonymous because we won scratch off tickets $500k dollars

[Anonymous]

Anonymous wrote:Remember to account for taxes, which can be a major chunk of it.

That was the first thing I asked when this thread started, before or after taxes.

Secondly, I hope the OP isn't screwing with people on here.

[Anonymous]

I made a lot of money in 2005 selling a condo in DC. I paid off my six figure student loan and put 20% down on a new house. Paying off the loan was the best decision I made. Otherwise, I would still be paying it off.

[Anonymous]

Don't tell any one. Ever. If it all goes to debt, no one will know as your lifestyle won't increase. Yay for you! Make it count!

[Anonymous]

500K in student loans?!

[Anonymous]

Anonymous wrote:

Anonymous wrote:Hope the OP doesn't live in VA, otherwise, the name/pic will be out there on the VA Lottery site.

In MD, you can remain anonymous and do what others do and place the big check in front of your face.

This. As a Va resident I learned this during the recent Powerball frenzy. Not only can Virginia make you do a press conference, publish your name, hometown, and picture, but they WILL. It's awful. Apparently MD is one of the few remaining states that allows anonymous or representative collection (your accountant, attorney or LLC, etc.).

Congrats by the way! What a great way to start 2016.

Iowa shares names, I don't think Wisconsin does.

[Anonymous]

Anonymous wrote:Mortgage or student loans? What would you do?
Family still doesn't know l.

Invest half in solid blue chip mutual funds, then pay the mortgage down.

[Anonymous]

Students loans - all of them
Good chunk into kids college fund
Splurge
Rainy day fund
retirement fund
Mortgage

[Anonymous]

OP-
Which scratch card? Do you regularly buy them? How much was the scratch card?

[Anonymous]

Student loans absolutely!!! Then buy a rental in an up and coming but still very scary neighborhood in DC.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Mortgage or student loans? What would you do?
Family still doesn't know l.

Invest half in solid blue chip mutual funds, then pay the mortgage down.

solid blue chip mutual funds???? do they even exist?

[Anonymous]

Op, what are your interest rates? That completely dictates what you do with the money. if they're both 4% or lower (and the rates aren't variable), I'd put all the money in a vanguard targeted retirement fund or a mix of S&P/international index funds. In 30 years the 250k you put in (I think 50% of lottery winnings go to taxes) will be worth a hell of a lot.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Congratulations! OP, I'd find a financial advisor and talk to them before I made any decisions.

We had a lot of problems with the financial advisers b/c they all wanted us to put money in the stock market.

Of course that's what they want you to do, that's where they can gain a share.

One important thing to consider: on a pure mathematical approach putting everything on the stock market can make sense. The average return on 10 years is higher than the cost of your debts if you have low interest mortgage or student loans. BUT this doesn't take into account how YOU feel. Are you a risk taker? Will you enjoy watching your dollars go up and down? Is your goal to become as rich as possible or to enjoy your current lifestyle more?

In your situation I would choose peace of mind, I would pay all my debts, yes even my mortgage although that's not the smartest thing to do financially, because that would force me to keep my current lifestyle and just enjoy it better. And invest al the rest Iin retirement and college saving . But that's because material goods don't make me happy, the happiness of knowing I can safely keep enjoying my life is priceless

We did this. The freedom of knowing that we could still live in our home whatever happens (or sell it) was very liberating. We also paid down debts and yes, bought a new car. I really Love that car, and no car payment. We also reinvested 20%. That has grown as well (but we did not put it in the stock market) I told some people which was a big mistake. Congrats OP and enjoy!

[Anonymous]

I call bs. But there is good advice here.

[Anonymous]

Anonymous wrote:I call bs. But there is good advice here.

I said something similar....the OP has yet to acknowledge anything.

[Anonymous]

It doesn't really matter, though, does it? It's not like we can confirm or debunk either way. This will be helpful for someone!