How Jeopardy Champion Julia Collins Will Spend Her Windfall
A recent champ of the TV quiz show plans to play it safe with her winnings.
Julia Collins of Wilmette, Ill., (pictured at left) won $428,100 in 20 consecutive games on Jeopardy. The 31-year-old is the highest-earning woman in the game show’s 50-year history, with the second-longest winning streak. Her streak ended in June. Here's an edited transcript of Kiplinger's interview with Collins.
What have you done with your winnings? I wasn’t working when I went on the show, so I went to Paris for a month and spent a week in London. How often do you have time and money at the same time? When you’re working, you can never take time off like that.
What do you plan to do with the rest of the money? Probably mostly save and invest. I paid off all my student loans while I was working, so I’m lucky enough to have no debt, which is wonderful. I have saved and contributed pretty aggressively to my workplace retirement accounts, but I haven’t really done much investing, so I’m probably going to do that. Nothing too crazy—index funds, other mutual funds.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
You have a double major in art and history from Wellesley and a master’s in engineering from the Massachusetts Institute of Technology. How did you manage to pay off your student loans? I had about $12,000 to $15,000 in undergrad loans that I paid off before I went to grad school. My mother helped me out a lot with that, and after college I lived at home for a long time. I ended up borrowing $30,000 for graduate school. After I finished, I went into consulting. I was pretty well compensated and didn’t have an expensive lifestyle. My personal expenses were fairly minimal, and I prioritized paying off the debt as quickly as possible, but not at the expense of contributing to my retirement accounts. Those were my two priorities. I finished paying off my loans last May.
How do you deal with requests from family, friends, charities or entrepreneurs for a gift or a loan? I’ve gotten a few “Please join my pyramid scheme” requests. But not that many people I know have asked me for money. I think I’m a little too risk-averse to get involved in anything too risky.
Have you considered getting financial advice from a professional? I received my check with only California state taxes withheld, so I think I’m probably going to hire a tax professional. As far as investing, I’ll wait and see. I don’t want or need to make any hasty decisions.
What’s next? Things are settling down, so I can focus a little more on a job search. I’ve been in supply-chain management pretty much my whole professional life. I’ve done a lot of things in that area, and I may go back to that.
Block joined Kiplinger in June 2012 from USA Today, where she was a reporter and personal finance columnist for more than 15 years. Prior to that, she worked for the Akron Beacon-Journal and Dow Jones Newswires. In 1993, she was a Knight-Bagehot fellow in economics and business journalism at the Columbia University Graduate School of Journalism. She has a BA in communications from Bethany College in Bethany, W.Va.
-
Six Ways Women Can Overcome Any Financial Obstacles Holding Them Back
To improve your financial situation, focus on empowering yourself first.
By Kiplinger Advisor Collective Published
-
Should You Enroll in Medicare if You Still Have a Job?
This question is being asked more than ever these days, so here’s what you can do when it comes to making Medicare decisions while you’re still working.
By Jae W. Oh Published
-
403(b) Contribution Limits for 2024
retirement plans Teachers and nonprofit workers can contribute more to a 403(b) retirement plan in 2024 than they could in 2023.
By Jackie Stewart Published
-
Roth IRA Contribution Limits for 2024
Roth IRAs Roth IRA contribution limits have gone up for 2024. Here's what you need to know.
By Jackie Stewart Published
-
7 Things Medicare Doesn’t Cover
Healthy Living on a Budget Medicare Part A and Part B leave some pretty significant gaps in your health-care coverage. But Medicare Advantage has problems, too.
By Donna LeValley Last updated
-
Four Tips for Renting Out Your Home on Airbnb
real estate Here's what you should know before listing your home on Airbnb.
By Miriam Cross Published
-
Five Ways to a Cheap Last-Minute Vacation
Travel Procrastinator? No matter. You can pull off a fun and memorable getaway on a moment's notice — without breaking the bank.
By Vaishali Varu Last updated
-
How Much Life Insurance Do You Need?
insurance Instead of relying on rules of thumb, you’re better off taking a systematic approach to figuring your life-insurance needs.
By Kimberly Lankford Published
-
When Is Amazon Prime Day?
Amazon Prime In 2023 Amazon had two Prime Day events — one in July and another, called Big Deal Days, in October. We expect 2024 to follow the same schedule.
By Bob Niedt Last updated
-
How to Shop for Life Insurance in 3 Easy Steps
insurance Shopping for life insurance? You may be able to estimate how much you need online, but that's just the start of your search.
By Kaitlin Pitsker Published