Recently, one of the biggest multi-million jackpots was out there for the taking. So many people gave their money for a chance at the big ticket. Your chances of winning are remotely small, but what would you do if you won?
I recently read a book called Rich Dad, Poor Dad that has shaped my answer. After giving my tithe and paying taxes, I would BUY ASSETS! It's the only smart thing to do. You have to make your money work for you. Why in the world would I want to blow it all on liabilities when in just a short amount of time, I'll be reliant on my income again. Why don't people learn? Put your money to work and buy luxuries out of the cash flow that is created. Instead, most people buy liabilities like fish aquarium pumps or Alexandra de Markoff cosmetics or a cool pirate hat.
Take a lesson folks. Buy assets, whether you win the lottery or not....by the way, a lottery ticket is not an asset.
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Comments: 1
Back to your question. Assuming we are talking about a big win. After taxes, I would pay my house off, make sure I had a reliable safe car, probably put in a pool. Not a big fancy one, but a basic allow me to swim and thereby hopefully extend my mobility (medical disability and an RX means no taxes on it). I would set aside enough for my daughters to go to college. 4 years, should suffice, no special frills or fancy cars. I would try to set some aside to make sure my niece and nephew have enough to help with college. They are good kids who don't come from much financially and I would hate to see them not go because of money. For me personally seeing those four kids get a college degree would be investing in assets. Not for me personally but I am thinking of the bigger picture. They all have good caring hearts and I think would do good for the world. Maybe I should require that in the funding. Summers with Peace Corp or something like that. After that I would want to give some to charity (my choosing) and invest in somethings that are really stable.
Now if someone I know wins I always ask for the same thing, and I ask before the drawing and lo and behold everyone agrees. I ask for a candy bar. Hershey's with Almonds, regular not king size. Guess why I ask? Because they ALWAYS say yes. See you can have everything you ask for, if you are careful about what you ask.