Crypto, paying off student debt, and a pony: How 'Jeopardy!' contestants spent their prize money

• "Jeopardy!" has a lot of prize winners. Some have made millions from competing.
• Business Insider spoke to 7 former contestants about how they spent their prize money.
• Some spent it responsibly, while others opted for wackier purchases.

With over 8,600 episodes aired, "Jeopardy!" has produced a lot of prize winners.

While some departed with nothing more than a consolation prize and a bruised ego, others emerged with substantial winnings, ranging from hundreds of thousands to even millions of dollars.

Insider interviewed seven former contestants whose winnings ranged from $2,000 to more than $400,000, about how they spent their money.

While some of them opted for clearing student debts and investing their money wisely, others went down less traditional routes.

Nanette Donohue

Nanette Donohue is a collections and technical services manager at Champaign Public Library in Illinois

Her "lifelong dream" of appearing on "Jeopardy!" came true in January 2002.

She won three games and lost the fourth, managing to secure a little over $50,000 in total. "That was big money for a grad student," she told Business Insider.

Donohue said she was "pretty frivolous with her money" but she's happy it allowed her to have a good time, giving her the financial freedom to indulge in travel and nice meals.

However, she said the best use of her winnings was clearing her student debt, which she described as being "fabulous."

Dennis Golin

At the age of 24, Dennis Golin won more than $60,000 on "Jeopardy!"

His initial purchases included an electronic drum kit and a full set of Kiss costumes for a public-access television sketch that never materialized.

"That was a weird splurge that ended up being really stupid," he told Business Insider.

He said he later invested in cryptocurrency just as it was "getting off the ground," turning $3,000 into $60,000 at its peak.

However, he didn't cash out, and the value has since decreased to about $15,000.

Golin also traveled across Europe using his winnings, with the late "Jeopardy!" host Alex Trebek giving him a piece of off-camera travel advice.

"He told me to check out as many distilleries as you can but, obviously, don't drive between them because you'll be too sauced to drive straight," Golin recalled. "I replied, 'I'm a New Yorker, I don't drive. Period.'"

Carter Lockwood

The majority of Carter Lockwood's $19,401 in winnings from appearing on "Jeopardy!" last year went toward covering his rent in Charlotte, North Carolina, he told Business Insider.

However, the attorney also has plans to spend some of his prize money in a far less traditional way.

"I want to spend some of it on a T-shirt cannon, like you see at sporting events," he said.

Despite not making the purchase yet, he said he intends to do it to live out a childhood "whimsical fantasy."

Jennifer Quail

Jennifer Quail, a winery employee in Michigan, won $230,800 from regular "Jeopardy!" seasons and an additional $100,000 as the first runner-up in the 2021 Tournament of Champions.

While she handled practical expenses like a mortgage and rebuilding a collapsing garage, Quail said she made one "weird" purchase — a Chincoteague pony.

Inspired by her favorite childhood book, Marguerite Henry's "Misty of Chincoteague," she purchased the pony through an online auction for $4,400.

She told Business Insider: "She's basically a big pet, a hobby horse, a pleasure horse."

Quail added: "I'm very happy with my impulse purchase."

Michelle Bemis

Last year, Michelle Bemis won $2,000 as a "Jeopardy!" contestant. Rather than focusing on paying bills and groceries, she chose to prioritize creating memories.

"I took my boyfriend on a trip to Universal Studios," she told Business Insider. "If you're in a position where the bills are paid, and you can afford to have fun with it, why would you not?"

Russ Schumacher

Russ Schumacher won more than $340,000 by competing in a regular season of "Jeopardy!" in 2003, as well as the Tournament of Champions in 2004 and the Battle of the Decades in 2014.

He told Business Insider that some of the prize money went toward buying his then-girlfriend an engagement ring and later to providing their wedding guests with an open bar.

The winnings also went toward the couple becoming homeowners, investing in a small business, and a memorable honeymoon to Australia.

"I tried to be as responsible as I could because it was a really meaningful amount of money," he said.

Austin Rogers

Austin Rogers is among the highest earners in "Jeopardy!" history by dollar amount. His total winnings from the regular seasons alone add up to a significant $413,000.

He said that the money came in handy while he was facing some hardship during the COVID-19 pandemic, adding that it was vital as a "rainy day" fund.

"That's not to say I didn't have fun," he told Business Insider.

Rogers used his winnings to travel across Southeast Asia, purchase a couple of cars, a coat, artwork, and make charitable donations.

But that only made a "little dent" in the total, he said.

"It was the emergency money I had saved that made a finer impact on my life and allows me to better appreciate the gravity of the situation of people forced — like I've been at certain times — into the desperation incumbent upon low-wage or paycheck-to-paycheck living," Rogers added.