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Yellowdog's avatar

If you had won ten million dollars earlier in life, what would you have likely wasted it on?

Asked by Yellowdog (12216points) December 18th, 2020
20 responses
“Great Question” (1points)

A financial adviser once told me that people who win or inherit large sums of money will blow it within eighteen months.

Well, maybe you could hold onto some of it.

But dreams change. Some of the things I was pining for in my early twenties I no longer care about.

So, you adults who have been adults for ten to thirty years or more—what would you have blown your ten million sweepstakes prize on that you probably wouldn’t want or would regret nowadays?

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Answers

Zaku's avatar

I thought about that since I was a pre-teen. The answer was pretty much all to put it in a safe interest-bearing situation so I could live on the interest and do what I want with my life.

Seemed like a good idea then and now.

There was just about zero chance I would spend lump sums that would put me in a dependent situation again.

Tropical_Willie's avatar

Nothing !

Don’t waste !

Get a financial advisor !

YARNLADY's avatar

I probably would have donated it it charity.

doyendroll's avatar

I still have my play lunch money.

Nomore_lockout's avatar

I’d have used part of it to finance a trip to Africa to go into Merc Work. Probably would have invested the rest.

gondwanalon's avatar

If I was 20 years old when I got the money I’d invest $8 million in the S&P 500.

With an annual growth rate of 10% (plus or minus 2%) at age 50 the $8 million would grow to $251,277,000.

I’d live frugally off the $2 million. It would help with college and starting a professional career.

ragingloli's avatar

An army of musclebound gigolos.

JLeslie's avatar

I feel very sure I would not have blown it in 18 months.

How early is early? 18 years old? I might not have finished college and have wound up married to my boyfriend at the time. He would have pushed me to spend more than I would have wanted to and I probably would have complied. House, cars, and I think we would have wound up divorced also and maybe would have been stuck giving him some if I had put the money in his name also. Ugh.

If it had been when I was a young adult I would have bought a new car and a house and travel to see friends. Probably, give my sister some money and grandma and aunt. Not a ton, but make things easier for them.

I’d put millions in the bank and try to live off the interest. $4 million at just 3% is $120,000 a year. Plenty for me. $4 million at 5% compounding interest in 15 years becomes $8 million. I knew all of that even when I was 15 years old. There’s still $2million I could have spent initially and still had all of that.

Laziness would keep me in line.

Dutchess_III's avatar

I have a 1st cousin who won 100 million in the lottery in 2015 or so. She’s been smart with it.

kritiper's avatar

Girls.
But I would have been very miserly with the money.

JLoon's avatar

I’ve always wondered how to pay off all these speeding tickets…

mazingerz88's avatar

I’m a bit embarassed to say…women, travel, drinks and food. But not all of that 10 million! lol

RedDeerGuy1's avatar

Chicken wings and cola. I would pay my rent 25 years in advance.

Mimishu1995's avatar

I have a bunch of books in my wishlist that I really want to get my hand on but haven’t gathered enough money for. They would be the most likely thing I would blow my money for.

That said, I would put most of my money into my savings. I have never been interested in spending everything in one go and I have trained myself to save. By “blowing my money”, I mean the most likely to spend big money on, not wasting my money.

AYKM's avatar

I would have ten times that much now.

cookieman's avatar

How young we talking here? 15? 18? 23?

If I was in college, I definitely would have paid off my tuition, set aside money for supplies, upgraded the death trap I was driving, and stopped working 30 hours/week just to survive. College would have been a very different experience.

I hope I would have been smart enough to set aside money for a house and save the majority of it.

I’m also pretty sure I would have taken some amazing trips with my wife, after graduation, and blown some of the money on that. A mil or two.

rockfan's avatar

I’m 29, but still going to answer.

It depends, if I won a jackpot of 300 or 400 million dollars, I would spend about 10 million to make an independent film based on a screenplay I’ve been writing for a couple years, and I’d enter into a film festival. And hopefully get noticed within the industry.

AYKM's avatar

If I was given this at age 20 I would have bought real estate. A nice house for myself, enough rentals to make a comfortable living and possibly land. I would have a couple additional college degrees by now also. You would not be able to tell me apart from others who are “working.”

jca2's avatar

I definitely wouldn’t have blown it. I would have spent some as “mad money” but would have invested the rest.

Patty_Melt's avatar

Country home, two or three cars, some travel. I would not have spent it all. Ten million still bought a lot in the eighties.

I think I would have spent a lot on my baby brother. He meant a great deal to me.

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