If you won $30,000 lottery...

[mommy22boys]

Okay, so I know this is weird but I'm curious what you would do with $30,000 if you won it from the lottery (or other means of winning.)

Background: A lady in my town actually won $30,000 lottery and she used it all to buy a new BMW SUV. It's her business and I'm not judging... but her & her husband are both non-traditional full time college students, they have 2 kids and they live in low income apartment. Again, not judging- just giving the background info. I thought her use of the money was just not how I would have spent it especially if I was in her situation and especially considering she already had a decent SUV. Now she has 2- one really nice new one and one average economical one. I mean, I also look at it like it's money she would never of had if she did not play that one scratch ticket so who really cares how she used it. It just got my mind jogging wondering what I would do if I won that amount.

I doubt I would ever buy a NEW car with lottery winnings unless it was like a winning of over a million dollars. Just considering the value of a new car is like chopped in half when driven off the lot. And I have a decent car so why waste the money?

I thought maybe I would give $500 or $1000 to each of my coworkers (about 15 people.) That would be half my money if I gave them $1,000... or a fourth if I gave them $500... but I just feel generous as I think about this!

I don't have much small debt- just have my mortgage. The $30,000 would be a nice chunk out of the balance... but it's no fun to just apply all my money toward a bill.

Maybe I would take my kids to Toys R Us and let them do a little shopping spree- but then again, they have too many toys as it is

Maybe take myself on a little shopping spree

I don't know.... what are your ideas on how you would spend a $30,000 winning?

I don't play the lottery so I'm not gonna win anytime soon but it's still fun to think about! It's funny- they posted a big picture of that lady receiving her giant cardboard check at the gas stations in town- I suppose it was to advertise that "Hey! Even though this is a small town, she won and you can too!!! So play the lottery!" But it kinda made me think "hmm... if one person already won, the chances of another winning in this small town are slim to none!"

[CW&M Mom]

I would pay off all of our debt outside of our mortgage.

Probably with the rest..would go towards some of the more costly things we need to put towards the house. We need to put new gutters up, finish the drive way (it's only gravel)..and the kids would love it..because it would give them a lot more places to play!. And put the rest towards finishing the attic.

[Smee]

I would use it to get out of the ghetto. That would do it right there with some left over to save.

[Dengineer]

Receiving a large sum of money is unfortunately not one of the fixes for being stupid. That's why a large percentage of lottery winners end up bankrupt within 5 years.

IF I did play the lottery (I don't--losing money on a regular basis is neither fun nor entertaining to me) and IF I did win $30,000, we would buy land.

[CW&M Mom]

Receiving a large sum of money is unfortunately not one of the fixes for being stupid. That's why a large percentage of lottery winners end up bankrupt within 5 years.

IF I did play the lottery (I don't--losing money on a regular basis is neither fun nor entertaining to me) and IF I did win $30,000, we would buy land.

ditto

[katieyj]

I so know what I would do, 1/3 to re-do my kitchen, 1/3 to replace my pool and 1/3 towards my mortgage.

[Smee]

Receiving a large sum of money is unfortunately not one of the fixes for being stupid. That's why a large percentage of lottery winners end up bankrupt within 5 years.

Ain't that the truth. I have a friend who was awarded 30something thousand in a settlement last year. She figured she had it made because she also had a pretty decent paying under the table gravy job caring for a wheelchair bound woman who also acted as my friend's personal bank when she needed help-- friend has a history of pretty much doing the opposite of anything she should do, especially with money. Anyway, she blew through that 30something thousand in about a month, certainly less than two months. She has nothing to show for it except a shed. She didn't pay bills, didn't do anything to her house, just blew it and has no idea where it went. About a month later, her job ended because her employer died, and she hasn't worked since. She is waaay bad off now, often without power, water, and phone, and under the constant threat of foreclosure. That money could have paid off her mortgage with money to spare! I love this person, but I do not get her at all. She is the most wasteful money hemorrhaging person I ever met. Thank goodness she still has the ability to shoplift for what she really needs-- like fancy coffee pots and cigarettes (sarcasm). Anyway, I just do not get the relationship some people have with money. 30something thousand would easily get me out of this ghetto with money to spare. I don't need anything else.

[CouponQueen23]

I would for sure clear all our small debt balances. I moved balances here and there earlier this year to have them all paid off in less time. ( Currently paying 0% interest) One will be paid for after the New year and then we will apply everything from the one paid to the one still owed. But if I won money I would knock out those balances. Pay off the car, then there would be $700+ each month that would be available to apply to savings, or to principal of the house payment.) I am sure anything left from the $30,000 could be used to repair or replace items we need. I would just love the feeling of being debt free. I had a dream a couple of weeks ago that I won a couple million ..lol and the feeling in my dream was very light and comfortable feeling then I woke up! lol That is probley the closest I will come to knowing what it feels like to be a millionaire. My 13 year old asked me about a month ago what I would do if I won a lot of money I told him I would live day to day just like I always do with-in our means. I would make sure to set money aside for each child so there would be money for them when they wanted to move out on their own. I really couldn't see my self going all nuts buying all sorts of un necessary things just because I could. I like to have just what we need and be happy. I watched an episode on TLC how the lottery changed my life it is crazy how money changes some people. Some of the shows made me laugh one guy was 30 something and his 50 or 60 something year old dad won a million or 2 and the kid acted like the money was going to last them forever and the 30 old guy was acting like he was his fathers financial adviser. The 30 year old had no clue about anything, I busted a gut when they needed dinning lessons because the kids was like now that were millionaires were going to be eating a these 5 star restaurants a more and we need to know proper eating manners. ( Told my Dh about it I want to find the episode on demand so he can watch it it was so funny!)

[gctattoo]

I know exactly what I'd do with $30,000.

#1. LASIK-- that'll take about 3,500-$4,000

#2. Redo our master bath-- DH did the hall bath himself and it cost us a little over $1000 total. Can you tell we don't go high end? ;)

#3. Dental work-- I'd tell the dentist to do whatever he must do for me not to lose my teeth. DH would need to go too.

#4. Various odds and ends around the house-- things like French doors to replace our sliders, new couch, microwave cart, new shed, paint, carpet, etc.

#5. Savings. The rest would be put into savings and it would stay there-- hopefully.

[amylynne01]

After taxes, half goes to debt, and half goes to savings. While I would love to get new furniture, do some repairs, and such, that doesn't make financial sense for me at this moment. And in reality $30K doesn't get stretched that far.