Sometimes the incredibly unlikely (or near impossible) happens, like winning the lottery. It is unlikely that anyone reading this will win a huge lottery jackpot, but bear with me. Hopefully, this short blog post can get you to really think about how you use your money.
What would be the first thing you would do if you suddenly had a windfall of money? The answer to this question is important because there is a good chance your answer reflects how you handle your own money now. Here are some potential answers:
- Throw a huge party to celebrate
- Go on a shopping spree
- Plan (& take) a dream vacation
- Buy a new car, house, boat or another large purchase
- Give money to charities
- Call a lawyer, accountant, and financial planner
- Pay off excess debts
Your initial instinct likely reflects your current mindset about money, how you manage your personal finances, and potentially what the future of your finances looks like. If you chose any of the first four items listed, you would be a good candidate to join the list of lottery winners that lost it all. If you got a windfall of money from the lottery or any other way, I’d recommend figuring out how to make that money last for the rest of your life (and potentially pass on to future generations).
If you picked one of the first four choices, how do you think about money? Spending? Saving? Retirement? If you don’t think about your financial future when using your money, try reading the blog posts linked below. They may encourage you to think about money differently.
“Spending with a Different Mindset”
“What is Your ‘Latte Factor’?”
If anyone has had a windfall of money, good for you. I hope you enjoy it and can make it last for a long time. If you haven’t, hopefully reading this might be able to help you think more about how you are spending and saving your money. Most people work hard over the course of multiple decades to become financially secure, but they all had to start somewhere. They all had to choose to plan for their future lives. You will also have to choose to plan for your future as well. The sooner you start planning, the better your financial ending will likely be.
This will wrap up the “What If” series. (Here are the first, second, and third posts in the series.) If you have a topic or question you would like to read about in a post, fill out the form on the Contact Us page.
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