Sure…the chances of winning are so astronomically slim it’s ridiculous (176 million to 1).
But every time a lottery like Powerball or Mega Millions reaches this magnitude, people start dreaming and get excited.
In fact, people are so pumped up about the chance to become a multi-millionaire that Mega Millions increased its jackpot for tonight’s drawing from $304 million to $312 million because of stronger than expected sales.
Unless you’re Albert Pujols or Warren Buffet – it’s probably tough to even imagine $300 million. But I bet you have a few ideas about what you could do with one of those giant checks they give winners!
Of course, one thing you’d have to do with all your winnings is pay taxes. That $312 million goes down to about $198 million if you just take the cash. But that’s still plenty of money to play with.
The Mega Millions website currently has some options for what you could do if you claim the jackpot. The homepage even suggests boring things like saving for retirement.
It doesn’t take a financial genius to realize that buying lottery tickets probably isn’t the best way to plan for your future. But that much money could really make some dreams come true.
So what would you do?
What Would You Buy?
Oh the shopping spree you would have with a checking account balance like that!
Every material possession you’ve drooled over could be yours.
That sports car could be sitting in your garage. Heck, you could go all Jay Leno and have dozens of cars in a giant warehouse.
Maybe it’s time to build your dream house. Where would it be…in the mountains, by the ocean? You might even be able to afford your own private island like Johnny Depp! He reportedly paid just $3.6 million for a 45 acre piece of the Bahamas. But I bet he had a pretty good real estate agent.
If recreation on the water is more your thing, buy a luxury yacht. Just be careful not to blow your whole budget. The most expensive yachts in the world can set you back around $350 million.
Would You Keep Working?
You wouldn’t ever have to punch a clock again if the Mega Millions jackpot was yours. But what would you do with all that free time?
Even if you like your job – would an early retirement be something you’d consider if you never had to worry about money again?
Or would work just become your new hobby? Some people really identify with what they do and would be lost without their job.
Maybe you could go back to school and pursue something you’ve always wanted to do – but didn’t think it was practical. Now you can finally take that class on The Philosophy of Star Wars or study the history of Cyberfeminism.
Who Would You Help?
You could do a lot of good with all of that money. A lot of lives besides just yours would be changed.
Think about how you could help your favorite charity. You could even start your own charity for a cause close to your heart.
If you believe in tithing – or giving 10% of your income to your church – you’re going to have your priest or pastor shouting Hallelujah!
Perhaps there are friends and family members who you’d love to help out. Would you spread the wealth by giving money or buying gifts for those closest to you?
The only problem with that idea is pretty soon everybody expects a hand-out, and you’ll have “friends” coming out of the woodwork.
If you feel like sponsoring the war in Afghanistan…you’re going to spend it all…in one day. The Pentagon said last month that the Afghan war costs nearly $300 million every 24 hours!
How Would You Invest It?
Obviously, the first thing you should do if you win the Mega Millions drawing is pay off all your debt. Credit cards, student loans, the mortgage, medical bills and that 50-bucks you still owe your cousin Larry – it all goes bye bye! Aaahhh that feels good does it not?
Hopefully, you aren’t stupid enough to blow those millions without stashing some of it away for your future and your families future.
But how much of your jackpot winnings would you put in the stock market right now? How about other types of investment like real estate? Do you think it’s a good time to buy, or are you worried the U.S. economy could take another turn for the worse in years to come? It would be a shame to see all your “hard-earned” lottery money disappear.
Would you stash away money for your kids to go to college? What about your grandchildren, or great grandchildren?
We’ve asked a ton of questions in this post and we’d love to hear what you think. Leave us a comment and chime in. Tell us where you’d go on vacation. Tell us what stocks you’d buy. Tell us if you’d spend the money on millions and millions of Pez dispensers.
Check out the video below for even more ideas on what to do if you win the lottery.
Image Credit: The Suss-Man (Mike), net_efect and andyjakeman
Image: Andy Newson / FreeDigitalPhotos.net
+Kasey Steinbrinckis the web content creator for online check printer Check Advantage. Visit the site to check out Cool Checks and Cute Checks at prices up to 75% off what your bank charges. Contact Kasey to get free original content for your blog or website.
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If I won the mega millions lottery, I’d pay off my mortgage, spread a huge chunk amongst my family and never work again! lol….. I can dream can’t I?