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What would you do if you won the Powerball? Reward $2
Created by carlasss, 1771 days ago, 1608 views

What would you do if you won the Powerball?
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√ Best Answer


armistead1763 days ago

pay off all bills first,then buy a farm complete with everything, build a bunker,go off grid

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chakramed1771 days ago

5 Things To Do If I Win The Powerball Lottery :

1. Remain anonymous if your state rules permit it. Once people know you’re suddenly wealthy, you’ll be badgered by requests for handouts from everyone from charities to long-lost friends and relatives–not to mention all the financial “experts” who will be vying for your business. So check state rules to see whether you can dodge them all by remaining anonymous.

2. See a tax pro before you cash the ticket. You have the choice between taking the prize money all at once or having it paid out in 30 installments over 29 years in the form of an annuity. With a lump sum payment, you must immediately pay tax on the entire amount, says Michael A. Kirsh, a financial planner in New York. With an annuity, you are taxed only as you receive the payments. People who have trouble controlling their spending might prefer the discipline of receiving the money as an annuity. But this payout form has other drawbacks, Kirsh notes. You will want to compare the effective yield of the annuity with what you could earn by taking the money as a lump sum, paying the taxes and investing the proceeds.

3. Avoid sudden lifestyle changes. For the first six months after you win the lottery, don’t do anything drastic, like quitting your job, buying a home in Europe, trading up for a luxury car or building a collection of Birkin handbags. Meanwhile, set aside a fixed amount for splurges—it’s only natural to want to celebrate your windfall.

4. Pay off all your debts. As I wrote in my post, “The Best Investment Advice I Ever Received,” there is no better investment than paying off debts. Whether it is credit card debt or a mortgage, your rate of return equals the interest rate on the loan. With today’s abysmal yields on relatively secure investments like CDs and Treasurys, that’s especially true. When you’ve paid down a dollar of debt, that’s a dollar you no longer owe. When you invest a dollar, you can’t be sure whether it will grow or shrink.

5. Assemble a team of legal and financial advisers. In situations like this it’s very hard to know “who’s trying to help you and who’s trying to use you,” says Ely. Rather than signing on to a group of advisors that someone else has put together, he recommends handpicking your own lawyer, accountant and investment advisor, and requiring them to work together.

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restrictedarea1771 days ago

Buy a big motor home and travel the USA. That way all of those people wanting hand-outs will have a hard time finding me.

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biusinous1769 days ago

The Powerball jackpot has many Americans practicing their Scrooge McDuck money dive.

Before you perfect your cartoon dive, however, there are several tips that experts suggest you take into account to make the most of the big payday.

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texasito1769 days ago

i suggest traveling to asia

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Logicz1hunid1766 days ago

Hi @carlasss I would save 50% of that cash in the bank, ok once i'm done with that. I would assist as many people as I can. You shoulden't be selfish because as fast as that cash came it can go.
Have a nice day.

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SetupComputer1766 days ago

@carlasss ,

With the world market down crazy, I say I will use the jackpot prize to buy shares of stocks at blue-chip companies which are currently undervalued. This year, I project that the market will skyrocket again after plummeting, thus helping my money earn more, maybe a double or more.

Then I will erase all the debt of my parents and siblings, so the future will look brighter on them as well. I will also allocate soe funds for post-graduate education and maybe setup a small company.

I will give to some charities and my church, then I will save some money on the bank as well.

I will return to my impoverished grade school and give its library a major upgrade with new books and computers.

Maybe that's a shorthand summary. :)

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DavidChavis1766 days ago

Payoff all my past debts !
Donate a % to charity !
Travel !
Buy a new car & Home w/ all furnishings !

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hya1765 days ago

I will donate 50% to charity or maybe i should establish a self-sustaining community for less fortunate people where they will be given decent jobs, education and basic welfare. ^_^

I will invest 25% of it.

And use the other 25% for present needs.

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Drive01111764 days ago

To make profitable investments, and the income to pay off debts, help relatives and anonymously to those who need it.

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