Have you ever seen that show, "Lottery Changed My Life" on TLC? I have watched it once, and this one person won a few million dollars and totally blew all the money. Is now actually in debt! How can that happen? These people were not taught about finances, or how to manage their money. A man in his 40s who lives down the road from me (with his parents) just won Cash for Life. So he receives a $1000 cheque every week. What will he do with his new "salary?"
I would love to win the lottery, however besides a few TV bingo tickets every once in a while I do not play. I bought one lottery ticket when I turned 18, and didn't win. I haven't bought one since.
What would you do with a million??
I would first pay off the mortgage on my parent's house. Give them an amazing vacation (cruise is my mom's dream). And give them a good chunk to put into retirement! Renovate our basement, which is something they have been wanting to do for a while. I would then pay off the rest of my student loan, my family loan, my brother's student loan, and give my other brother a bit as well. From there I would buy a new car, give the one I have now to my youngest brother. Then I would purchase a house, modest size. I would allow my brother to live with me to help him find a job or apprentiship (since our town has little to no opportunity for what he wants to do). I would also have to furnish it, and get a kitten. I would give my brother and his girlfriend a vacation, and my other brother a vacation to take with who he would like. I would then put the rest, how much would I have left? I'm guessing I would have 400,000 left after this. I would put that money into savings. This would be wedding/honeymoon fund, vacation fund for when the boyfriend graduates, money to pay off his student loans, retirement fund, and then the rest just in savings for a rainy day, and planning for kids! I would also give my close friends a sweet gift, and have a nice party as well, I'll pay off their student loans too, why not? Wouldn't it be amazing to win a million?