Lottery!!!

[xcrnrkyle]

My mom won 175,000 in the lottery. We found out yesterday. What now?!?!

[Urban_Squrill]

Buy a new computer/car/friends.

[lost-and-found]

give some to me

[Epidemic]

You give 60% right back to the state and fed and you buy a nice car

Wow though sounds great.

[xcrnrkyle]

According to www.illinoislottery.com the gov is gunna take out 28% of it. That totals about 125,000 dollars. We have til April 15, 2005 to pay our taxes on it, so I am thinking that we should put it into a CD til then and then give the gov the taxes on the 175,000. Another thing is that we'll most likely end up getting a new tv and car....but after that, we would have about 75000 left and what to do with that? lol

Buy a two-bedroom condo or small vacation home in central Florida for around $80-100k. Keep the rest to pay taxes, insurance, and association fees for many years to come. Enjoy the sun, surf, and beach several times a year!

Sit on the property for 5-10 years, then sell it for a massive profit. Then repeat the process several times again until you retire. You will have a nice retirement fund.

Robert Richmond

[Epidemic]

Actually My personal opinion is that you should not buy a brand new car. You lose 5 to 7 thousand dollars in the first day. buy one slightly used much better value IMO. 125,000 dollars does not make your rich so throwing away 7,000 bucks is just kinda foolish IMO. So now that you followed my advice you now still have 100,000 dollars. Put that in a safe investment that yields more interest or close to the interest you are paying on your house mortgage.

100 grand goes a long way toward college education, or retirement of your mom.

[xcrnrkyle]

If I were to have 20,000 grand saved up for myself, I could get through college. we would upgrade cars, not get a new one....My mom was considering doing so before, but said that she needed a raise to afford it. The car is pretty much a must because this one now is too small.

[RedFury]

That is just sweet....congrats!

I agree that that kind of money doesn't last long. It seems like a lot of money now, but it's really easy to eat that up redecorating the house and driveway

Personally, I think I would use it to get myself more secure financially ( pay off all credit cards, car payments, etc ) and then throw the rest into a money market account and forget about it.

That way, it's gaining interest, you can still access it like a checking account, but you have it for the occasion when you need a chunk of money ( ie. new roof on the house, furnace dies and needs to be replaced )

I've pretty much figured that if I were given that kind of money, I'd have it blown in a matter of a month or less. For me, the best thing to do would be to not do anything with it until I had a chance to calm down and start thinking rationally again ( and thrown away all the ads from the Sunday paper..........aahhhh, Plasma screen....<drools> )

[wju425]

Lucky you!

That's how much I could win on cash5 but I only got 4 numbers so I got $528.

\o/ Billy