If you won a lottery, million dollar jackpot, how would that set you for life? Would it just cover what you already owe? Would it buy you the life you always wanted but never had or would it keep you very comfortable for life?

That`s a really tough question and I am wasn`t sure which answer to take, I finally decided on:

`Million would cover what I already owe but leave me a fair amount to spoil myself with(I would not be able to quit my job)`

I think that would be it, at first I would pay all my bills etc. put some money on the bank for later days and then I would probably buy a new car, a house - if the money is still enough,- and/or take a vacation

sunshine

I also voted that it would cover debts, but would not allow me to quit my job. $1 million isn't that much money these days if you're living on either coast of the US. It definitely isn't enough to retire unless you're near retirement age already.

Since I am the definition of "stingy pollak" (that's what all my friends call me), I don't spend much (any) money and I am obsessive compulsive about paying bills the second I get them. So 1million dollars would get rid of my stress about paying for grad school, and the rest would go right in the bank to earn intrest so maybe I can retire early

- Alicia

The trouble with a million bucks is that they don't generally give it to you in a lump sum <g> They stretch it out with yearly payments for 30 years...

I think my husband would quit his job -- it's way too stressful and he's got some medical stuff going on. So we'd use enough to support ourselves, and work on paying down all the debts...

Wouldn't it be nice...

PJ

Good point. If it *was* a lump sum, I could work part-time for the rest of my life because I'm the cheapest person on the face of the earth. If it was stretched out, I'd probably just pay bills with it and save up for a rainy day.

Jen

You Americans need to win the Canadian lottery - we win it all at once, there is no tax on it even. But of course, any interest you earn on it is taxed at the same rate as your regular income - unless you invested it, that is taxed at a separate rate, usually less. Believe me, I've already checked it out - and I used to work for the CCRA (Revenue Canada, the Canadian equivalent of the American IRS)...

But I figure that for me to stop working, I'd have to win five million or so, not one, or even the two that is the minimum for the 6/49...

Melisma (dashing off back under her Rock to dream some more...)

Melisma's got a point about taxes. With taxes in the US, that $1 million lottery prize is really closer to $525,000. That's definitely not enough to retire on. Perhaps the question should be about a net of $1 million. That's what I was assuming.

Here in Spain if you win the lottery you don't pay taxes for that. Are included in what you pay for playing

So here, you win 1.000.000 € or more

Jose

No idea about taxes in the UK - not having ever been lucky enough to gain intimate knowledge of how the lottery works over here.

But, assuming I had a million in the bank at the end of it all...

Favourite fantasy of mine, so I know exactly what I'd do. <G> I'd buy a couple of upfront large purchases to start with: dream house in my favourite place in the world (which I'm still working towards retiring to) St. Andrews, a car for Stuart, couple of horses, payments to close family.... And then our needs would be simple enough for us to be able to live comfortably on the interest each month without very often needing to touch the bulk of the cash.

But the very very first thing I'd do, soon as the cheque hit the bank, would be my ultimate dream <g>....sit at the pc with Amazon and go click, click, click on every DVD and book I've ever wanted....

Bliss....

LabRat (who has no hope of ever achieving this as she never plays the lottery. Which is, admittedly, something of a requirement... <g>)

Same thing in France, Jose!

Well, if I had a million, I'll buy my mother a house were she could enjoy her retirement time, wherever she wants it to be. Then I'll make sure my grand mother changes from the medical house she's in to a better one, where the staff will treat you and care for you as a human being.

If there's money left, and as a world round tour with the Concorde is no longer possible, I'll go visit the countries I've never seen (there are some left ) or...

I'll create my own paper (wait a sec, that step alone certainly costs more than a million :p ).

Carole (who never plays lottery)

Actually, I never consider entering the lottery until it's up near the 100 million mark. If I'm going to fantasize about something that will never happen, I'm going to fantasize BIG!

But even given the 'million' dollar prize offered in this poll, I think I could safely make my way for a time. Being older I wouldn't need as much to take me into my decrepid years.

The first thing I'd do is set my mother up. Pay off her bills and set something up to make her comfortable the rest of the way.

Then I'd pay off my own bills and look into an investment option that would pay me an decent monthly stipend. I don't believe I'd go off the deep end with frivolous purchases. I would probably get a nice car or truck, and I'd have to be careful about getting greedy when it came to guitars, but that's really about it. I could be satisfied living in the house I'm in, but I'd probably have to look into renting a nearby space where I could set up a work shop, and have some room for storage.

Other than that, I'd use a little extra money to help us throw one heck of a comic book convention. And, you know, maybe I'd just decide to put on the folc fest to end all folc fests.

Tank (who considers fast food an elegant dining out experience)

South Carolina had their first big payout awhile ago. The jackpot was $80 mil, but since they took the lump sum, they actually got about $28 mil. The rest of the $40-some was taken by taxes, and the other $40 mil would have been interest if they had take it over the years.

One million would allow me to pay off all my bills, house, and car, buy a new car (Hubby and I currently only have 1, so we'd get one for each of us), and computers. Then I'd start drawing blueprints of my dream house. $200,000 would pay off the bills, and I believe get us the car and computers, so I should be able to build a fairly nice house.

A coworker and I were talking about what we'd do if we won Pepsi's current sweepstakes, which is $1 billion. We both agreed we'd give 1 mil to our parents and some to our siblings. I have 3 brothers, Hubby has 1, so they'd each get a mil, all 4 parents would get 1 mil each.. then I'm not sure what I'd do, other than go back to school full time.

If I won a million dollars, I don't think it would last long. First I would get a home so I wont have to live with my parents. Then I would have to spend 15 thousand dollars to get three of my teeth fixed. Then after all that I probebly have to get a driver because I can't drive!

Melisma, Luck you. But if you take canadian $ and divide it by the exchange rate, you get far less then if you've won American $ and take it to Canada with you. Then you would multiply the American dollar by the exchange rate and vola, you money doubles.

I know I wont be happy with one million. I like to see it to be more then 10 million.

I wish congress would abolish the sweepstake taxes. Greedy congressman! :rolleyes: