Winning the lottery is supposed to be prosperous. It’s supposed to bring good luck and fortune in the form of money, but what if instead of a glamorous lifestyle all you get is more problems with more money.
Would you prosper from winning the lottery?
I have read story after story about how winning the lottery ruined people’s lives and all I can think to myself is “Why are people blaming the lottery?” Winning the lottery is literally a once in a lifetime opportunity. It doesn’t happen to everyone and therefore people who are blessed with a mega cash windfall should cherish it, not waste it.
This woman won the lottery and found herself taking the bus to work just nine years later because she spent the entire amount on cars and other luxurious items. This couple bought their dream home and a brand new Porsche, but the new fortune couldn’t save their marriage. They divorced after 14 years of marriage and the husband took the Porsche.
I don’t see any problem with the lottery money in either of those scenarios, all I see is human error. However in their defense, it’s easy to get carried away with a windfall of cash if you’re used to being broke.
What would you do if you won the lottery?
If I won the lottery I would definitely splurge on buying a new house and car. I don’t really need either, but buying them ensures I will never have to pay rent or make another car payment again for the rest of my life. That’s money well spent if you ask me.
I would also take time off and travel. I would spend a year travelling the world and experiencing new things. I wouldn’t blow any of the money extravagantly or do anything out of the normal that I wouldn’t do in my regular life. Basically I would live my life, but abroad instead of in my apartment.
After seeing the world I would pick one spot and buy property there so I could escape to a second home whenever I want to. I wouldn’t buy a million dollar home, but I would buy a really nice home in a warmer climate. I think property is always a good investment so why not have some here and some abroad.
What wouldn’t you do?
I definitely wouldn’t spend it all. I would allow myself to splurge on a trip around the world, but I wouldn’t waste any money and I would also set a spending limit.
After the house, the car and the foreign vacation home I would give myself a set amount (maybe $50,000) for the trip around the world. Once the money runs out I would come home, or better yet I would plan to go everywhere I want to and make it fit within that budget.
I also wouldn’t flash my money around everywhere. Bragging and showing off can only lead to bad things and I definitely don’t want that, especially with my money.
If you won the lottery what would you do?
Kristina Tahnyak
Tahnya is a Certified Financial Planner and former Investment Advisor turned marketing and communications professional She holds a degree from Concordia University, is debt free and currently works in the field of digital marketing.
If I would be lucky enough and win the lottery, I would bring my whole family to a vacation, buy a house and lot and maybe a car too? I would also save for my daughter’s education.
I agree with your logic about the house and car so that you’re set for a long time. I’d probably do that. Otherwise I wouldn’t do much else. Like you said, the problem is people spend like crazy. I wouldn’t change my standard of living.
If no one knew I would pay off my debt, donate to a few charities, help out friends and family, then plan trips around the world. I would set up a trust for my kids. Then volunteer when I’m not traveling. If I had to do a press conference, I would move, buy a place just out the city then plan trips around the world, donate etc.
Well, I would have to buy a lottery ticket first. However, if I did receive a large amount of money, I would talk to my accountant then buy one or more income producing assets. Right now I’m doing that the slow way.
I would first set up a meeting with a financial advisor so I could make the best decisions and set up a plan for the future. I would definitely buy a new car because I have my dream car in mind!!!! I rent now so I would buy a house…but not a mansion.
I don’t have much debt but I would pay that off immediately. I would set up a few investments to give me income for the future and I would take a short vacation during the holidays (I am working on my PhD now so I am a starving student).
Oh and I would hire someone to vacuum because I hate doing that. :-)