Making Your Money Last

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.

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.

Most Popular

Who Should Return Their Third Stimulus Check to the IRS?
Coronavirus and Your Money

Who Should Return Their Third Stimulus Check to the IRS?

Some people who receive a third stimulus check are required to send it back to the IRS. Others can return it voluntarily.
April 12, 2021
Where's My Stimulus Check? Use the IRS's "Get My Payment" Tool to Get an Answer
Coronavirus and Your Money

Where's My Stimulus Check? Use the IRS's "Get My Payment" Tool to Get an Answer

The IRS has an online tool that lets you track the status of your third stimulus check.
April 4, 2021
11 Good Reasons to Cancel Amazon Prime
Budgeting

11 Good Reasons to Cancel Amazon Prime

You probably aren't using most of the perks tucked into that $119 annual fee -- which you don't need to pay to get the free Amazon shipping you crave.
April 13, 2021

Recommended

36 Best Amazon Prime Benefits to Use in 2021
Smart Buying

36 Best Amazon Prime Benefits to Use in 2021

At $119 for Amazon Prime, get your money's worth by taking full advantage of your membership. Here's a list of the best Prime perks.
March 17, 2021
What to Do When One Spouse Spends Too Much in Retirement
spending

What to Do When One Spouse Spends Too Much in Retirement

If one partner takes a less conservative approach to money, it can wreak havoc on a marriage. But the problem can be addressed by agreeing on bigger f…
February 10, 2021
A Golf Course Community’s Big Variable for Retirees
Smart Buying

A Golf Course Community’s Big Variable for Retirees

Golf club memberships can often be a separate, and hefty, annual fee at golf communities. Here's some guidance before you tee up your retirement move …
December 14, 2020
Don’t Buy This: Top 20 List of Things That Aren't Worth the Money
spending

Don’t Buy This: Top 20 List of Things That Aren't Worth the Money

Buyer’s remorse is real, and if you purchase any of these 20 items, chances are you’ll get to experience it firsthand.
December 9, 2020