What would you do if you had 250k and your mortgage and bills paid off?

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intogamer

Lifer
Dec 5, 2004
19,222
1
76
Originally posted by: sao123
The mentality in this thread is alarming...

Powerball multi-millionaires have gone broke in as little as 3 years... and you guys are gonna quit your job over a lousy 250K???

I think you should all buy my new audio CD for $30... it explains how not to live your life if your should ever recieve a large lump sum payment of money for any reason.

Yup. I've been told that their lives have been turned upside down.

For example. Remember that old black lady that won 200million or something. She demanded all the money upfront. Because her "time" was up soon, and wanted to give the money to grandkids. Well since she made it all public and all over the media, people kept robbing them. Her hotel room was broken in and body guards didn't work.
 

TallBill

Lifer
Apr 29, 2001
46,044
62
91
If you say put it all on black or red on the roulette table, you are a moron. Baccarat happens to have the best 1:1 odds bet in Vegas, by betting on the dealer.

Personally, I'd invest it 100%
 

gsethi

Diamond Member
Feb 28, 2002
3,457
5
81
Originally posted by: gsethi
put it all on Black. If won, retire. If lost, continue whatever I was doing the day before.

Seriously, 250k is not much. Would invest it somewhere and continue doing what I am doing now.


Originally posted by: chuckywang
All on red, baby!

I bet the ball will still stop on that zero :(
 

Pocatello

Diamond Member
Oct 11, 1999
9,754
2
76
Not enough to retire on. So I would take a nice vacation, upgrade the kitchen, basement. Invest the rest.
 

Pliablemoose

Lifer
Oct 11, 1999
25,195
0
56
I would buy 2 shares of BRK.A (I bought 25 shares of BRK.B today.)

Seriously, money doesn't fall in your lap every day, if given the chance, spend a little, maybe buy the car you always wanted (used) and invest the rest.

You will live long enough to retire, retirement will be much more comfortable in a lightly used Lexus than a clapped out Corolla, trust me :)
 

mattocs

Platinum Member
Jan 25, 2005
2,246
0
0
I would buy a pizza shop franchise or something of the sorts. Buy a bit of land...work in my pizza shop and go hunting and hiking on my land.
 

slag

Lifer
Dec 14, 2000
10,473
81
101
Originally posted by: uclaLabrat
I like to think I'd surf 3-7 times a week. I'm such a better person when I surf more.

Now I'm just a stressed, angry, cynical and bitter grad student. Good times!

OMG, I totally agree with you. I'm a much better person when I can get out on my standup jetskis and just have fun.
 

alkemyst

No Lifer
Feb 13, 2001
83,967
19
81
Are you serious thinking anyone would think about not working anymore with only $250k to their name?

<jethro>Yahoo! we set for life, ma...we can finally git dat dubble wide!</jethro>

Winning 250k would be sweet, but at the same time like just getting a taste of what money can do.

I'd pay off all debts and stick the rest into retirement if any. Owning everything including where you live outright is a huge battle won.

I'd need to come up with about $15k or so for taxes and insurance each year on that home and my vehicles. Not having bills and a mortgage would effectively put me in a much higher income bracket. At this point I'd probably take out some money against my home and keep it liquid should I ever need to pay it back. I could deduct that interest off the taxes I do pay, earn more interest on that money and build equity at the same time.

What many do though is buy up a ton of crap and still manage to pay off everything. However; then they go back and re-mortgage everything to the hilt and spend that off. So many end up in worse financial shape than before winning a large sum of cash.

Many have wished they never won it. I did some internet search work for company that bought lottery annunities and paid out lump sums for them. I designed ways they could avoid all the green card and sports lotteries out there and get better leads. We had a few call the parent company and try to get their annunities back.