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How would you Spend your Lottery Winnings?

Updated on April 21, 2012

Many people want to win the lottery but then you hear stories of those that have won and have nothing left a year or two later.  I can fully see how this happens to people as all of a sudden have a bunch of friends who come out of the woodwork and want to help with that money.  Or else, they go off on wild spending sprees and have nothing left but stuff at the end of it, which may not make them happy.

There are a lot of people that dream of quitting their jobs or retiring when they win the lottery.  While this is a great dream, there are a few different things that have to line up in order for most people to be able to do this.  One thing is the amount that they would have to win.  Most people are not able to retire on a million dollars unless they are already close to retirement and have the funds in place.  A million dollars is not a lot of money, especially depending on where you live and the cost of living. 

In order for me to be able to quit working after winning the lottery, it would need to be several million dollars, like 5 million.  Then I could easily live off the interest and not need to work unless I need to.  While winning 1 million on the lottery and being able to invest it would come close to my current yearly income, especially as I would not have to pay all the different things on that income as I do on my working income, it would be nice to make a little bit more than I require to live as then I could do some other fun things.

For instance, if I won the lottery and had about five million, I could easily pay all the bills that I have now and pay off my house.  I would need to take to a financial advisor to determine if that would be a smart move or not, as sometimes it is better to have a mortgage.  I could also spend my time doing things that I would like to do, some of which I just do not have the time to do right now, such as volunteering.  

I know that my winning the lottery is not very likely, but it is always fun to dream.  Without dreams and hopes, life can be boring.

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