What lottery winners do with the winnings

I hope you were among the lucky 4 winner, who won the largest jackpot in Canadian history over $50 Million.

Over the weekend I asked what you would do if you wont the lottery and promised to post results from the OGL survey.

 

Ontario Gaming League does a survey of winners who have won over $1million and asks what they did with money, many are very conservative with the winnings here is a quick result from a past survey:

  • 90% banked the money
  • 65% purchased a new car
  • 60% paid off debt
  • 56% went on vacation
  • 48% shared winnings by donating
  • 38% became mortgage free
  • 36% purchased a house
  • 31% paid for education for themselves or their family.
  • 14% changed their overall lifestyle.
  • 7% bought a boat.

How does that compare to what you would do?

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Comments

  1. says

    I’d add it to our savings for retirement, and possibly pay off the mortgage, which currently has about 7 yrs left.
    We are fortunate to be at a point in our lives when after putting away over 20% of income toward retirement, there’s still some money to save for the ‘wants’. I have no desire for boats or a newer car. Actually, I’m not a car guy, $1M or $10M, I’d not change the car. $100M, I might stop driving altogether, and just hire a driver. But any money now that comes in just gets saved or used to pay down the mortgage.

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