What would you do if you won $ 1 million in the lottery?

[Anonymous]

Disclaimer: I am 33, have >$100k in student loans (at about 3%) and >$450k in a mortgage (at 3.5%).

Assuming $650k after taxes, I would take 10% for a baller family vacation. I'd take another 10% and divide it between my parents, brothers, and in-laws. Would be about $10k for each "unit". I'd take another 10% to give to three charities that I already like to support. I'd put the remaining $455k in my brokerage account not to touch.

It wouldn't change my life in the sense that I'd still have to work, obviously. But it would relieve a lot of long-term financial pressures, and would probably set me up for an early retirement (at age ~50 or so), if that's what I wanted when I got to be that age.

[Anonymous]

1. 100K in CDs/savings to be used to cover what 529s won't cover for our kids over the next ten years
2. 10K - beach vacation for family
3. Remainder invested/saved for following possibilities:
- Helping one or both parents in the next few years. May need to put addition on our house or help purchase/rent nearby condo or other living situation.
- Retirement expenses (pay off any remaining mortgage/purchase home in LCOL area and keep current home)
- Helping children with car purchase and/or down payment on house

[Anonymous]

used the the money towards getting my rent current to avoid getting evicted this week just to give me more time to find real estate then i'll just vacate the apartment to live in my brand new house or property(that would be a dream)

From that point on, pay off all bills immediately, all creditors including car loan.

Buy a townhouse or house for a reasonable price for this high priced area but I actually prefer to move back to South Florida or a cheaper area to get more bang for my buck.

Invest the rest of the money, college funds, retirement, and etc(i'll probably will get some sort of legit financial advisor to help me figure out my options)

Of course take a long vacation, i have over 140 hours to use.

[Anonymous]

Downpayment on a new house would eat up around 200k (in order to keep our mortgage similar to what we're paying now)

I'd spend about 50k on a new car and a couple of fun vacations with the family

Invest the rest so I would have a more secure retirement and could potentially retire earlier than I currently anticipate.

[Anonymous]

Hide it from the creditors.

[Anonymous]

Assuming after taxes its 600k:

-give 200k to parents to sort out their finances
-give 100k to DH so he can pay his grad school loans
-use 150k to finance my grad school

save.invest 150,000

[Anonymous]

Pay off 250k student loans
Put 100k in retirement funds
Take a vacation with the family (10-15k)
Savings for the rest

[Anonymous]

This happened to us 2 years ago. We put most of it into retirement funds. paid off credit cards. Bought new cars. Kept the mortgage as it is very low and we wanted the cash around. Went on a Caribbean vacation. Ate out a lot. Kid college fund. reinvested 20%. retired. $1.5m is not enough to retire around Dc without other funds, however.

[Anonymous]

-Buy a house ($350-400)
-Pay off all debt, including student loans) ($150k)
-50k to family
-50k to savings

I need $2M to really get something going.