This is actually a question I have debated about a lot, In fact Kensei and I were talking about it just last week when the powerball was at 600 million…. We didn’t win just so you know, but I still buy at least one ticket a week because if you don’t play you can’t win.
First it depends on how much I win what I would do. Let’s see current Jackpot is 50 million.
so I would take that and I divide it in half for taxes because well they will kill you in the taxes, so now I have 25 million and then I split that in half which leaves me with 12.5 million.
I put the first half into a savings account of some kind, several CDs, IRA and/or a 401K.
Then I take 1 million and pay off EVERY person I owe money too, student loans, old debt, everything. If It’s on my credit or I owe them money they will be paid off completely.
Then with whatever is left over from that million I will put it away in a bank account to spend on school.
Then I want to take 2 million and buy some land and completely build a new house from scratch…Kensei and I have discussed this plan in detail, because of his schooling in architecture he will draw up the plans, but my main requirements, a Library, ( a sliding panel in the library) a state of the art kitchen, and an indoor or outdoor swimming pool.
so now I’m down to 9 million, 1 million will go to Kensei’s education so he can finish school, 1 million to be split between friends and family
1 million for new cars, for both Kensei and myself.
and 1 million for each of us to spend on whatever we want!
and 1 million on our wedding, and honeymoon!
the rest goes into savings accounts to be used for bills, etc. later on!