It depends on how you handle it. The first thing I would do, if I won, is visit some reputable financial advisors. Probably at my age, just a mutual fund that pays out once a year would be what I would do.
I would also keep working. A million dollars allows me one step up from my situation, not retirement.
"If I won the lottery, I wouldn't quit my job. I would just become very difficult to discipline!"
I was at the Post Office some years ago and the man in front of me was picking up his yearly lottery check. Of course, he had a HUGE smile on his face!!!!!
I know a guy who won $1 million plus in a state lottery. Fortunately, his family convinced him to do exactly as you suggested. He met with a major company financial advisor, and the money went into a rather conservative low-cost mutual fund.
After winning, many of his “friends” from the old days contacted him. “Congratulations on your win, pal! By the way, can you help me with my next car payment?”
Such requests were all politely declined.
I would think the biggest problem is that the nature of all of your relationships will change.
A million dollars sounds like a lot more than it is these days.
Yours is the best advice. Invest it and use it as a cushion, but don’t plan on living off it. People don’t realize how fast you can blow through that kind of money these days.
Exactly, but not for me. I would set up a method structuring the prize money as co-owned with my children. Save enough out for my in my dotage..which is now... and blend work with travel and a better State to live in. 100% Red preferably, likely in the West or the plains. Vacation bungalow in a resort in AZ, a newer car and put the money where it won’t be accessible.
That is for a Lotto of course, with a million dollar amount, do all the above without splitting with my kids. They can wait until I am dead...lol