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You can't buy happiness, but you can buy freedom

myturn's avatar - 6a00d8341c565553ef0148c6e6e8fe970c 800wi
myturn

The joy of winning a large sum would not be to blow it recklessly on fast cars and faster women, who would disappear when the money runs out, or run off with it.

I think it would be more fun, and much more rewarding both personally and financially, the use the win the build a business. What kind of business or investment would you start?

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Steven948
honestly if i ever win a large sum of money, lets say 50 millions or over ill give almost all of it away i dont want the headache of being so rich brings, a couple of million is enough for me
JackpotWanna's avatar - squiz
JackpotWanna

After much thought, the best plan for me is to live off the interest.   Why start a business or enter into a large investment plan, where you can lose it again?  Not for me. Eat well, travel and help the needy is my plan.  Maybe buy a few toys.

jackpotismine's avatar - kanji for_peace.jpg
jackpotismine
In response to JackpotWanna

I Agree! I think it depends on what stage in your life you are at. I would do as Jackpotwanna. I love to learn languages so I would go to the country and study it right from it's source and learn some of the culture. I would'nt want to start a business only to worry and wonder if I'm getting ripped off by the lawyers,accounts or employees. Buy a nice house, decent car and help some people out, that's what I would do.

ThatScaryChick's avatar - pI8lWzJ
ThatScaryChick

I think that winning a large jackpot can buy security and a certain amount of freedom which can lead to happiness. It would allow me to retire and allow my mother to retire and not have to worry about bills or medical expenses or things such as that. It would also allow my family and I to travel and get the things that we've always wanted.

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KY Floyd

Why would I use the money to build a business when I could use it to buy the freedom to do what I want, when I want? Running a successful business requires a lot of work, and building a business requires even more. If you get involved in a business you really enjoy you may not notice that you're a slave to it, but that's certainly not my idea of freedom.

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Bagent

I Agree!

If you are lucky enough to win a large jackpot, why on earth would you want to continue working at all.  For me, I have been working for the last 40 years and I would definately stop working, allow my wife to stop working and would never look back at a job or anything like a job again.  Like KY Floyd said...running a business is a lot of work and with that kind of money doing a lot of work will not be on my schedule.

justxploring's avatar - villiarna
justxploring

Although I agree with KY FLoyd & Bagent, I still might want to open up a small shop.  I know how to manage a store, but I never had my own.  Still, more new businesses fail than succeed.

However, there are many multi-millionaires who start new businesses.  If you like what you do, then working hard at it won't matter.  It will become a challenge.  A lot of great places like Saint Jude's & the Hole in The Wall camps wouldn't exist if successful people didn't follow a dream.

Maybe I could finally develop & patent one of my many inventions. :-)

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KY Floyd

One of the main reasons that new businesses fail is that they don't have enough start up capital, and go under before they start to turn a profit. If somebody's idea of freedom is quitting a job they don't like to work even harder on their own business, that's all well and good, and having enough money gives them a better chance at being successful. I'm sure most people would get a lot of satisfaction from starting a successful business, the same way it's satisfying to do well at anything else. Some people need that sort of satisfaction to be happy, and others don't.

As far as multi-millionaires starting new businesses, many of them became multi-millionaires because they have already done well at running (or starting) a business. I think most of the people who say they would start a business if they won the lottery would be making a mistake if they actually did so. If you have what it takes to start or run a successful business you don't need to win the lottery in order to get started. Having the money just saves you the effort of raising the start up capital.

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jarasan

Fishing charter boat, whether or not,  weather permitting, we would be out and about pretending we were working, 'cause any bad fishing day is better than any good day at work.

 50' version of one of these, would be good for one or two days of work per week.

ThatScaryChick's avatar - pI8lWzJ
ThatScaryChick

I agree with many that I wouldn't want to start a new business, but my mother has always had a dream to open up her own shop and I would give it to her. I just asked her why not just retire from work all together and she said that she wouldn't be in it to make it a multi-million dollar business, but to sell things that she loves and to interact with people. Plus, it would only be a little shop and if needed she can hire a couple of people to work there and come in when she wants.

tntea's avatar - Lottery-059.jpg
tntea

I don't think I would want to keep running a business.   You meet too many rude people.  lol

However, I love my career.  I would want to keep teaching, even if it meant teaching adult ed or home schoolers.

My hubby wants to travel.  We will probably follow the Red Sox.

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Uff Da!

If I had won a big jackpot when I was in my 30s or 40s, yes, starting my own business would have been a perfect solution for me.  At that time I was a workaholic and couldn't imagine ever wanting to retire.  I'd have taken a few more business courses first to cover those areas in which I felt I lacked enough knowledge to be successful, but having the capital at that stage of my life would have given me the freedom to be a workaholic for me, not for someone else. 

But at this stage of life I am tired, as well as retired.  I need my daytime naps.  I don't want to get up before 6 am unless I feel like it.  I'd use part of my money from a big win (or even a relatively small one) to work even less - housekeeper, gardener, etc.  And I'd get my most pleasure from a big win, not from spending on myself, but from helping relatives and a few very close friends to achieve a reasonable, not a luxurious, lifestyle in spite of the hardships which have been thrown their way. 

myturn's avatar - 6a00d8341c565553ef0148c6e6e8fe970c 800wi
myturn

I am not talking about WORKING!

I am talking about managing to money. Would it not be interesting and fun to use the money to create or build something? Hire others, reliable people, to do the work. Use the money to build your vision. I know people who have longed for retirement to come, it was fun for a few months, but boring as hell after that.

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KY Floyd

People who are bored in retirement were probably bored before they were retired. If it was only their job that kept them from complete boredom, that says a great deal about the rest of their life.  There are plenty of people who will manage your money for a reasonable fee (or offer a bit less management for free), and any investment will let other people build something with the money. If you want some control over what is built with your money you can make investment decisons based on the type of business, as well as the risk/reward of the investment. Especially when you have enough money to travel and indulge yourself in activities that don't have to be cheap, there's no good reason to find retirement boring.

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