Open Phones: How Detailed Are Your Lottery-Winning Plans?

Wednesday, March 27, 2013

lottery ticket (The_Reboot/flickr)

Pedro Quezada from Passaic just won over $330 million from Powerball and, so far, hasn't announced his plans beyond buying a new car and never getting up at 5AM to open his bodega again.  What about you? How detailed have you gotten in what you'd do with future winnings?  Are you like the school principal on a recent This American Life episode who can go on for minutes with how you'd solve your community's problems with the money?  Do you have a long, long shopping list?  Share your plans, call 212-433-WNYC, 212-433-9692.

Comments [6]

Amy from Manhattan

Generally, my longtime thought on what I'd do w/a big lottery payoff is: Put some away, give some away, & spend the rest!

More specifically, I'd put some away in socially responsible investments, esp. companies working to make renewable energy more efficient; give some away to causes I believe in & to people I want to help; & spend the rest on eco-friendly, socially responsible, fair trade, & otherwise sustainable products & services. This is pretty much what I already try to do, but I could do a lot more of it w/lottery money. I'd also see what I could do to help make these kinds of things more affordable for people w/the kind of money I make now.

I agree w/antonio about a financial advisor, but I'd announce in all my lottery-winner interviews that I'd find my own advisor & that any advisor who approached me would be out of the running.

Finally, I'd use the time I didn't need to spend working to catch up/keep up w/all the things I don't have enough time for now.

Mar. 27 2013 12:20 PM
RUCB_Alum from Central New Jersey

NJ doesn't have an anonymity law re: lottery winners does it? I would rather keep a low profile since charities and kidnappers could come after me.

I would buy college educations for every child of a friend or a family member AS LONG AS they pledge to do the same for two other people at some point before they die. Pay it forward.

I would endow the return of NCAA Division 1 Fencing (men and women) at my alma mater...Rutgers University.

I would also like to see Men's Crew come back to RU but other donors have tried to persuade the President and AD that it should return -- RU is after all the birthplace of collegiate crew here in the United States -- but they could not be swayed. So maybe they would take my money to bring back Men's Swimming and Diving....

Mar. 27 2013 12:09 PM

It's nice to hear how generous "would be" lottery winners propose to be. However, 1.5 million doesn't go that far these days. After the mortgage and bills are are paid off and the new car is purchased, there won't be much left over - especially when one accounts for future cars, bills and retirement.

Mar. 27 2013 12:05 PM
John from Fanwood, NJ

I play with my work colleagues every week but never won anything. I would spread some of it around to my family and pay all of their bills. Of course I'd travel, and probably indulge a bit. I think I'd set up a charitable foundation with the bulk of the cash. I don't have children, so most of the money would go to people and organizations that really need it.

Mar. 27 2013 11:56 AM
john from office

This could be a curse for this winner. He should lay low, before he has a nightmare on his hands.

Check in on him in 10 years.

Mar. 27 2013 11:54 AM
antonio from baySide

First you MUST do the following FIRST...(whether you're educated or not).
1. Get a financial advisor (With those kind of duckets someone can come up with a equation/financial vehicle/safety net to prevent you from losing said winnings...)
2. Start to see a therapist. You're in a situation that, let's face it is a "game changer." He/she may steer you away from getting a gold platted bathtub, (i.e. see MC Hammer) or other irrational decisions. Why not you have the time, right?
3. Do something nice. Besides buying dear ole mum that new brownstone in CobbleHill, look around and find a great charitable cause. Again remember you have TIME, so be thoughtful. And it'll make you feel good.

If I ever won I'd want to set up a schools in East NY, Newark, Bed-Stuy, Camden that would center around learning programming, particularly javaScript. Every kid has a phone/device with it, and it's totally FREE!

And finally i'd try to find some other partners to revive streetcars in nyc (especially in the underserved areas)...We are woefully behind in transportation in comparison to other cities, and I think this a great, fun, clean mode of traansport that needs another look!!!

Mar. 27 2013 10:59 AM

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