kit
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Pay off debts |
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Simi
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Do a happy dance and pay off my student loans so I don't have to survive on ramen for years after I graduate. Then, if any is left over, buy a new car because mine is starting to break far too often for my comfort. |
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Blondie
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I would definitely get my boyfriend out of debt and then i would get my parents out of debt and then I would buy myself a car and with the rest of the money I would buy myself a house! |
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sparklysatsuma
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i would save it so i could get lots of interest on it, then buy lots of chocolate with the interest =D |
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Court
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Move to a beautiful beach. |
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luvstoburn
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Hope it was enough to pay off all of my debt. |
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meriholland16
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give some to my parents and my brothers and sisters, then id buy a house and a nice car, put myself through school and live the life |
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Automation Wizard
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Handled poorly this can ruin your life. I don't know how much money is a large sum to you.
Decide up front how much can be spent on wants and how much can be spent on investments. Then hold to that.
Step 1, hire a tax consultant and make sure you know how much money you actually have after taxes.
Step 2, separate the funds. Put the money you get to waste (10%?) in a separate bank account from the part you must invest (90%). Any gifts to friends, family, and charities come out of the 10%. When the waste account is gone it is gone. If you want a new car that comes out of the 10% so tell that church member to buy their own airplane tickets to their grandfather's funeral.
Step 3, Read everything you can find on investing. For example, now is a good time for some careful real estate investment.
Step 4, Start making investments slowly. See that the initial work is paying off before you repeat the process. For example, if you buy one house to rent out then make sure you are getting those rent checks before buying another house.
Step 5, Get a good estate lawyer and put your will and trust together (even if you are 16 years old).
Step 6, never exhaust the 90% account completely. Investments sometimes require money to keep them in good condition or work through tough times. |
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Manda
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Pay off all debts. Maybe get a summer house on the beach :) |
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jetblacksnake
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Open up a few business, invest some of it, buy a house, upgrade my car, and then throw a party with lots of strippers hahaha |
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SmartA$$
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I'd give 10% to my church toward their current efforts to purchase a building.
Then I'd get out of debt including my mortgage.
Then depending on how much was left I'd do things like put an emergency fund in a savings account, set aside some money for my kids college, make upgrades to my house, possibly take a big vacation to celebrate (either to Hawaii or a big ski trip).
I wouldn't quit my job right away unless the amount was so huge that I could live off of the interest. But with no mortgage payments I would be able to save for retirement pretty fast. |
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mr.J
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do the happy dance |
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T-Jean
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College, travel, charity. |
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angelawri06
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don't tell anybody. Go to a money advisor and invest and then give away alot to your favorite chairty. Do all this before you tell anybody you won it. So that way when people start asking you for a little "gift" say sorry It's already gone. I have hear of some sad stories about people who win the lottery and their life goes to ship cuz of it. People start coming out of the woodwork to be your friend. |
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kayla
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get my own place, somewhere awesome like Dubai. then put the rest in savings and live off the interest. |
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K-Tron
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I would buy my parents some land a few Yurts. (They're cool, look them up).
I would donate money to an organization like World Vision or One or Until There's a Cure.
And then I would travel. :)
Paying of college would be a wise idea, too. lol |
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James Dylan Dean
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"Large sum of money" could be equivalent to one hundred bucks to some people, but I'll assume you are talking about acquiring more zeros...
If that income was a tax-free gift (up to $12,000) from a friend or family member, I'd pay down my debts (30%), invest in value stocks (35%) and put the rest into a long-term savings account (35%) earning the best rate in the nation (www.bankrate.com).
If it were acquired any other way, and I'd have to claim it on taxes at the end of the year, I'd put 50% into a long-term savings account, about 30% would pay down my debts and the remaining 20% would be invested in stocks.
Should I be expecting a "check in the mail"? HAHA! 8D |
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munchonsomegrindage
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i would pay off my credit card then i would go on a round the world holiday. |
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thel33ter
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spend it |
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NotSm@rt
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i would more than likely have multiple organisms. lol i would invest it and live off the interest for the rest of my life. |
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Stefan N
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i would sleep with two girls at the same time. |
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Qwastime
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I would immediately donate it to charity. |
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