What Would You Do if You Won the Lottery?

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Printing out a Powerball ticket for a customer in Dallas on Tuesday. The Powerball jackpot, $500 million as of Wednesday, is one of the highest amounts ever. Related Article Credit Tony Gutierrez/Associated Press
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Questions about issues in the news for students 13 and older.

The Powerball jackpot, $500 million as of Wednesday, is one of the highest amounts ever. Do you ever dream about winning the lottery?

What would you do if you won?


In “The Case for Buying a Powerball Ticket,” Neil Irwin writes:

Financially literate people like to complain that buying lottery tickets is among the silliest decisions a person could make. And it is true that the odds of winning anything substantial, let alone the estimated $500 million that could be given away if there is a winning ticket in the Powerball lottery Wednesday, are very much stacked against you.

There is no doubt that people should not spend money on lottery tickets that they can’t afford to lose. If you have a gambling problem, or are financially destitute, it is a terrible idea. And for anyone to stake his or her financial future on lottery tickets is beyond foolish.

But there are a couple of dimensions that these tut-tutted warnings miss, perhaps fueled by a class divide between those who commonly buy lottery tickets and those who choose to throw away money on other things like expensive wine or mansions. As long as one thinks about the purchase of lottery tickets the right way — again, purely a consumption good, not an investment — it can be a completely rational decision.

And if you’re going to ever think about buying lottery tickets, a moment like this — when the Powerball jackpot has reached remarkable highs — is the best possible time.

The biggest and most generally applicable reason buying lottery tickets is a non-terrible idea is this: It is fun to imagine one’s future after arriving at vast wealth.

Who doesn’t daydream about what sorts of houses and cars and airplanes one would buy with the half-billion-dollar Powerball grand prize? (It’s more like around $340 million in cash value terms; the larger number is if the prize is taken as an annual payment.)

Fantasizing about what you would do if you suddenly encountered great wealth is fun, and it is more fun if there is some chance, however minuscule, that it could happen. The $2 price for a ticket is a relatively small one to pay for the enjoyment of thinking through how you might organize your life differently if you had all those millions.

Students: Read the entire article, then tell us …

— What would you do if you won the lottery?

— How much of the money would you save, spend and give away?

— How do you think your life would change?

— Do you know anyone who plays the lottery regularly? Will you play the lottery when you get older? What do you think of Mr. Irwin’s reasoning, that buying a lottery ticket is usually a terrible financial investment, but that it can be a completely rational decision if you enjoy dreaming of winning?


Students 13 and older are invited to comment below. Please use only your first name. For privacy policy reasons, we will not publish student comments that include a last name.

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What would you do if you won the lottery? How much of the money would you save, spend and give away?

I have thought about this question for a long time. When you imagine that you won a million dollars, it is easy to make your mind up about what to spend it on. However, with 500 million dollars, anything that I say would seem absurd! Anyway, I would donate 1 million dollars to charity, 4 million to cancer research, and 5 million for aid to Africa. I would save the rest of the money, and use it occasionally to buy stuff. It wouldn’t hurt to put it toward a college fund either.

How do you think your life would change?

I would feel a little more confident, because I would know that I can afford to have a good education, and my family and I are set for life. On the other hand, I have a feeling that other people would ask me for money, and that would be a pain.

Do you know anyone who plays the lottery regularly? Will you play the lottery when you get older? What do you think of Mr. Irwin’s reasoning, that buying a lottery ticket is usually a terrible financial investment, but that it can be a completely rational decision if you enjoy dreaming of winning?

I do not know anyone who plays the lottery, but when I grow up, I might try it out just for kicks. I agree with Mr. Irwin that if someone is poor, they shouldn’t keep buying lottery tickets because the odds that they will win is low. However, if someone already has a paying job and a decent financial basis, it might be fun to occasionally buy that 2 dollar ticket. Two dollars isn’t a steep price to pay for the chance that you may win big.

If I won the 500 million dollar power ball lottery a lot of things would change in my family. I would not only pay of both of my parents houses, I would pay for all my siblings education, I would buy all my siblings cars, and give them a nice lump sum of money to put away for the future. I would do the same for my mom and my dad buy them something really nice and take my whole family on a vacation somewhere tropical. I would give both my parents a lump sum of money as well. I will make sure my parents will never have to work another day in their lives. And for myself of course I would buy a nice big house, then multiple vacation homes around the world, buy myself really nice things like cars. But I would also put 100 million away in savings for when a dark day comes and i’m completely broke. I would also give a couple million to various charities in my state and worldwide as well. My life change drastically if I won the lottery, although my life as it is right now isn’t that bad all. I go on 1 or 2 vacations every year I have a nice house in Rockland county but it will still drastically change my life and my family life forever. I know a lot of people that play the lottery like both of my parents. But I am not old enough to yet buy a lottery ticket since I am only 16, but once I turn 18 and the power ball or the mega millions is a couple million dollars you bet I am going to buy a COUPLE tickets and hope I win!

I would pay off all of my moms fine and my step dads fines. I would move to a different state with my mom,step dad, and siblings. Buy a huge house, buy my mom a car. I would go shopping for the house to get furniture, myself, and family members. After, I would save the rest of my money until the day I die for my siblings.

All the money would go to my family and pay for collage. I think it would make my life (and my family’s) a little easier .

There are a lot of things that I would do if I won the lottery. I know that winning would mean a huge change for me. I would begin by evaluating just how much I won. If I won a seriously substancial amount, like the current jackpot, I would begin by putting half directly into a savings acount that I would only be able to touch when I turned 18. Then, with that money, once I turned 18, I would hire a financial advisor to help me to invest my money. Then, hopefully, I could turn that money into a greater sum of money. With the other half of the money, I would divide it into different parts. One fourth would go to an account that I could spend as I like. A second fourth, I would use to pay for mine and my brother and sister’s college, along with any expenses that come along with it. All the rest of that money would go to my parents and family. I would help by paying off my parent’s loans and bills. Then, I would buy my parents a house of their choosing. With that amount of money, one could potentialy live anywhere in the world. Therefore, I would give them any house they wanted. Not much of my lifestyle would change, however. Everyone has heard stories of people who won the lottery only to become bankrupt only years later. This is because they spend all their winnings on lush, expensive, unnessasary things that they have no use for. I’ve heard stories of people who buy planes, boats, houses all around the world, and more. Buying such unnessesary things is just wasteful. Of course it is nice to have luxaries, but if it means spending all your money on things you don’t need, I dont believe it is a good idea. I would definetly still go to college, even though with the amount of money I would recieve from winning the lottery would mean I wouldn’t need to work ever again. If for some reason I would loose all the money, I would want to make sure I would still be able to make money for myself. The article also talks about the risks involved with buying a lottery ticket. Buying a lottery ticket is a form of gambling, so with any type of gambling, I believe it should only be used for fun.

To me, winning the lottery would be a life changing experience. There is a one in a million chance I would be able to win but it is still fun to think about what I would do if I won five hundred million dollars. If I won the lottery there are so many things I would want to do with the money, I would go on a two week vacation to Bora Bora, then I would travel Greece. After my traveling is done, I would build a pool in my backyard and put an extension on my house. I would also give one million dollars to cancer research and another one million to charity. With the money I have left I would put it in the bank and save it to help pay for college and for any other time my family or I need it.
I would travel to Bora Bora and Greece for many different reasons. I have always wanted to go to Bora Bora because I love the beach, even though the flight is long it will be worth it once you step onto the island. From pictures and TV shows it looks absolutely beautiful, the water looks insanely clear and the sand looks super soft. I would go snorkeling, scuba diving and stay in a villa right on the water. I would also like to travel to Greece because Greece also looks beautiful. There are many different areas you can go sight seeing, you can try new food and also visit there beaches. Bora Bora and Greece would definitely be two places I would travel to if I won the lottery.
Two other things I would do are build a pool in my backyard and add an extension in my house. I have always wanted a pool in my backyard for hot summer days where I can just sit by the pool and relax, so a pool would be nice. It would also be cool to add an extension to my house because I would build a bigger bed room for each of my family members and also build a hang out room so when my friends come over we have a place to hang out.
I would give one million dollars to cancer research because we need to find a cure for cancer, and I would give another one million dollars to charity, because it is always good to give back to others when you can. I would then save the rest of my money and give a large amount to my parents and put the rest in the bank for college.
If I won the lottery not only would my life change drastically but my family’s life would also change.

Wow, half a billion dollars does sound good right about now. People can only dream about what it feels like to have that much money. And to think that it would only cost two dollars to receive all that money is crazy. The lotto is a good way for someone to become rich fast; however, if they are too lenient with their cash prize, they could end up bankrupt. I personally enjoy the lottery, although I am too young myself to actually play it right now I sometimes “help” my dad try to win. He would come home with a ticket and I would nag him to check his numbers every day until the drawings were made. We would lose every time but that did not take away the fun we had memorizing our numbers and checking every night until the drawing was, anxiously awaiting for our numbers to be called. Powerball was not the only type of lottery my family enjoyed. Occasionally, about two to three times a year, my dad would bring home one scratch off game. We never won big but the small winnings of a dollar or due fueled us to get more. Using only the money won from previous scratch off’s, we would but more and more. Slowly we watched our one or two dollar investment grow slowly but surely. In about a week we would have about ten dollars and try for one of those more expensive scratch off games. Here we usually lose all our money and do not win a thing ending our little run. It is okay because we had fun playing and using our money the right way. Yes it is gambling; however we ( my dad) play conservatively with little risk and high rewards. Because of our little risk, there is a small chance of us really winning big. People realize that the bigger the risk, the more of a chance to win and play the lottery consistently and pay high prices. This would be an example of not doing it correctly. This form of playing the lottery just feeds the prize money. It increases your chance of winning yes; however, the chance that one set of numbers to actually win is so small that you would need to pay drastic amounts of money to change your winning probability ever so slightly. If I were to ever win the lottery I would so overwhelmed at first. I would obviously try to save some and not spend it all in one day but I would also want to buy so many things I do not know if I could control myself. I would first buy a bigger home. I always wanted a bigger house; however, I do not want too big of a house where it feels like there is too much house and not enough persons to live in it. As a soon to be graduating high school student, I plan to go to college so I would also like to save enough money to pay off not only my tuitions but also my two sisters two. There would be a bunch of personal items like a pool and a huge television that would be on my wish list, if only I could win this lottery.

I have always dreamed of winning the lottery and have even had plenty of conversations about it with my family and friends. Although it would never happen, it would be a very great experience. Me personally, I would buy a car the first day I won because that is what I am currently saving up for right now. If I were to win the lottery I wouldn’t want anyone to know because I wouldn’t want to be used or thought of differently by my friends or family. Of course, I would help out both my friends and family but they wouldn’t need to know exactly where my money came from. I also would continue my life as normal. I would pursue my future in finance/marketing and continue my life completely normally. I would still go to high school and college. I would even still get an everyday job, because it would get very boring sitting home and doing nothing everyday. There’s only so much you can do while sitting at home and I would want to live a normal life. The first thing I would do with my money is to put half of it into the bank and eight million dollars into three separate accounts for my future kids. I would also give a lot of money to my parents so they could finally retire a little early and make their lives a little easier. I would also give my brother and sister a lot of money so that way no one in my family will ever have to struggle their way through life, financially wise, ever again. My life would change in many ways because I would have a sort of “endless” supply of money and what used to be a tough part about being a sixteen year old kid would no longer ne as much of a struggle for me. I agree with Mr.Irwin’s reasoning, that buying a lottery ticket is usually a terrible financial investment, but that it can be a completely rational decision if you enjoy dreaming of winning. Of course, if you cannot afford it, it is a terrible idea but if money is not a HUGE problem, playing the lottery every once in a while can be a very enjoyable thing. The cost of lottery tickets begins to add up over time, and it can be a very unnecessary expense for most people that can use the money. But playing the lottery can also be very fun and enjoyable. When I get older, I plan on playing the lottery occasionally and when the jackpot raises to an extensively high number, I plan on playing it with a group of friends with the dream of one day possibly winning.

The power ball jackpot is at five hindered million dollars and my parents both bought a ticket. My family does not waste money on the lottery regularly because the odds of winning are so slim that it is a poor financial investment. However, i I was to win the lottery, I would be smart with my money. I would take the twenty year payout so that I could get more money. After taxes that is still about fifteen million dollars a year. If I were to put that money in the bank at a one point seven interest rate, I would make two and a half million dollars in the first month on just interest. So i would keep some o the money in the bank while I would use the other part o it to pay or some o y expenses. The first thing I would do is to put a lot o it in my college fund so that my parents wont have to work for my education. I would also use my spending money to buy myself a nice car. My car now is nice but it is a little low tech. My lie would change drastically because now I don’t have to worry about my college being payed for and my retirement is set. I will be able to take a more relaxed approach at life knowing my future will be financially stable. Buying lottery tickets is a poor investment because the odds of you winning are less than the odds that a polar bear attacks you in a beach in California. People should be more careful with their money and spend it responsibly.

What to do if I won the lottery? After last nights jackpot of five hundred million alot would be going on in my life. My first priority would be my parents and getting them out of any debts they owe at the time. Any car payments, or house bills that they owe would be payed for first. Next would be a couple of donations to close family who have helped me out my entire life. They would get a generous amount to help get them on their feet and maybe pay off most of their expenses. If I came home with all five hundred million, I would save around two hundred million right away in the bank. Others will be given to family and I would invest my money to make even more money in the future. For myself I would put myself through college so I have no debts when I come out. Most people would just sit around and do nothing but I would be bored all the time. I would still go to school and get a normal job. I wouldnt have to stress about getting the best job in the world but something to keep my mind going all the time. For myself I would buy a decent sized home and a couple of cars for some sunday drives. I dont know anyone who plays the lottery regularly but when the prize winnings are high my dad takes his chances. When I get older im going to do the same thing. Im not going to play on a regular basis because its very expensive to play, but when the lotto hits a big hefty number I will definitely play.

What i would do is i would pay the house bills.I would buy everything my mom and dad and siblings need.I would save money for my sister so she can go to college.I would give like 5,000 dollars to homeless communities.I think that if i do this maybe i would be more liked and make more friends by more people.It also shows me that i can make a difference in this world.

If I won the lottery, I would probably move. It’s dangerous to have that much money in a populated city, so maybe I would move to a suburban area. I would then pay off the house, pay off my student tuition, and then save the money. I would save at least 250 million of the 500 million. and spend about 25 million dollars. My life would be easier, but I would also be paranoid about losing money. My mom often plays the lottery and although I won’t play the lottery very often, I think it can be fun to imagine what you would do with the money.

I would will donate some of my money to the needy to help their lives better . Also i will pay off all my mothers & stepfather loans that they have . I will buy my sister anything she want. I will also pay for my college tuition for myself to be successful . I want to buy myself 5 cars and a beautiful mansion that i want built in the middle of Philadelphia. Im buying myself 25 Lou Vuitton & a bunch of Mac lipstick . I just want to live life like I always dreamed of I won the lottery!

I would will donate some of my money to the needy to help their lives better . Also I will pay off all my mothers & stepfather loans that they have . I will buy my sister anything she want. I will also pay for my college tuition for myself to be successful. I want to buy myself 5 cars and a beautiful mansion that i want built in the middle of Philadelphia. I’m buying myself 25 Lou Vuitton & a bunch of Mac lipstick . I just want to live life like I always dreamed of I won the lottery!

If I had won the lottery, the first thing I would do is pay off my parents debts and bills. They have given me so much and they deserve the chance to be debt free. The second thing I would do is, as cliche as it sounds, give my siblings and my parents most of the money. Even though I do love money, I feel that it is better to share then to keep it to myself. Then, with the money I have to myself, I’ll put the money in an account and use it to a responsible use, for example, charity. People tend to spend their money on desires they want. But it is a great feeling to know you help others.

If I won the lottery I would use it to help my me and my family. I would help my mom with finding a good house where me ans my sister would have our own rooms. I would also help my mom with groceries and bills in the house. I would save half the money for college and then use the other half to help my mom with finding a house, bills, groceries, and anything else that we need. I know my life would change and it would change for the better not just for me, but for my family because we would have a good house and minimal house and college problems. While I do not know anyone who plays the lottery regularly, but when I get older I may just play the lottery a couple of times in hopes of maybe one day winning.

If i won a lottery of 500 million dollars, I would help my mom pay off any loans or bills she still have. I would help the family move my grandpa’s grave to Canada. I know my sister’s struggling with money in her life, so i would give some money to her. I would also like to donate 1/3 of it to charity. Buddha said if we doing something good, something good would return back to you. I know relatives at Vietnam right now we are struggling as well, i would love to help them up. I’ll probably keep 1/10 of the money, because I’m fortunately have a family, free education, food, clothes, so i wouldn’t need that amount of money. So i would end up donating it to third world countries, after i help my family out. Thats what i would do if i won 500 million dollars.

If I won the lottery I would build my family a a new house first. I would give my parents half of the money so they wouldn’t have to work anymore. Also I would save money for my siblings and I to go to college. I would continue to live my normal life just change a couple things for the better. Lastly I would give back to my middle school and high school.

If I won the lottery, this question has plagued my mine many of times. Should I follow the norms and say i would it use on my family? Should i be selfish and only use it on myself? Maybe I could give my friends false hope telling them I would share it with them. Or should it go to my college funds, winning the lottery is such a big hassle, it puts a giant weight on your shoulders. You constantly have people looming over you wondering what you will do with the money, never allowing you to contemplate what you really want to do with the money.
Honestly if I ever won the lottery I would put money aside for my family and my college funds but I would also use it to make a change in the Philadelphia school system. As a high school student in the Philadelphia school district I see first hand the struggles they are having with money. We lose teachers constantly, classrooms are overcrowded, there is no money for new supplies for example textbooks, paper, etc. If something does not change and fast the quality and efficiency of education in Philadelphia will slowly plummet.

– If I won the lottery, I would first cry tears of joy because I don’t usually win stuff and because I can reward my parents for everything they have done for me. I would get it in small payments over a couple of years because that way, I would receive a larger amount in total.
-I would save $250,000 so in case anything happens to me, my family will have money for funeral costs and money to pay off any of my debts. Then, I would buy my mom her house dream in a quiet, calm place. I would get my dad his dream car, and I would pay off all of my siblings college loans so my dad wouldn’t have to worry about it, and I would give my dad monthly checks so he doesn’t have to work another day in his life. I would buy myself a small island in Dubai and build my own law firm there so I can become a very successful lawyer. This would change my life dramatically because I wouldn’t have to worry about going to college, living in a dangerous neighborhood, my dad over working, etc. No one in my life plays the lottery. If I become a successful lawyer.
-I may play the lottery because I have enough money for my necessities and for things I don’t need. I do agree with Irwin. If you are financially stable, why don’t you spend a couple of bucks to see if you win big money that can change your life for the better. It won’t hurt you.

If I won the lottery I would make sure I bought my mom and dad a house where ever they want and pay it off. I would also have someone that is able to take care of them since they spent their lives taking care of me and my sisters. I would buy both of my sisters a house also. I would buy myself a house also and travel. i would save most of it and donate some of it to charity and my church.

-If I won the lottery, I would buy the little things I could enjoy, such as electronics or other small, fun stuff. I would then take care of the people closest to me. I would donate 90% of the left over money to charity.
-I would save 10% for myself in case of future financial hardship.
-I think people I do not know or who regularly do not like me would try to get on my good side to get money. That would be very annoying and stressful.
-I don’t know anyone who plays the lottery regularly. I may play the lottery from time to time in the future. I think Mr. Irwin has a point, but a type of gambling that has a higher chance of winning and is consequently more logical would be stocks in companies that one expects to prosper in the near future.

If i won the lottery, I would do a lot of things with the money. First I would buy a new house for my mom and family because they deserve that. I would probably save most of it for college, but i would use some of the money for necessities and some luxuries. My life would change dramatically, because my family and I would never have to worry about money again. My aunt plays the lottery regularly, but obviously never won. I will never play the lottery when I’m older because I think its a huge waste of money. I 100 percent agree with Mr. Irwin’s reasoning.

If I won the lottery of $500 million. i would give $10 million to charity or to homeless shelters. I at least $20 million back to my mother. I would save $300 million for another times. I don’t think my life would change because money is not a major part of life it would give me things I want a need but its not a big deal. Nobody in my family or that I know plays regularly , but they do play sometimes.

If I won the lottery I would likely save some of the money, invest some of the money, and keep a little bit of the money around for spending.
I wound save most of the money, likle 80%, for when I’m older, keep 15% of it around for spending on clothes, food, and other items, and I would put the remaining 5% to various charities in hopes of benefiting mankind.
i think that my life would change drastically. If I had that much money, I would be able to afford the newest technology, I wouldn’t have to worry as much about saving for college, and I would be able to eat at the fanciest restaurants.
One of my cousins plays the lottery regularly. i do not think that I will play the lottery when I’m older. I think that Irwin’s reasoning is pretty solid, and that people should think of the lottery as a product and not an investment.