In case anyone has been in a deep sleep for the last couple of weeks, there is a huge powerful winning amount that is starting to stack up. Nobody won last night’s 900 million dollar amount so there will be another drawing shortly for about 1.3 billion dollars. Of course, after our tenacious government decides to take a bite out the winnings, the actually take home prize is far less. Regardless, the amount of take home money is simply overwhelming for many. So what would you do if you suddenly found yourself winning all of that money? How would you spend it? How would your life change? Would you take the lump sum or take the annuity option? Those questions followed me the other day after I shelled out a few bucks to buy a ticket. If by some epic miracle, my ticket matched the numbers drawn, how would I handle things?
Since I am still fairly young, I would probably take the annuity payments and ensure that I am financially secure for life. I don’t need a ton of goodies all at the same time. For instance, I don’t need to buy a house, new car, give people in need money all at the same time. Why not spread things out for a number of years? I am by far not a financial expert but it would make more sense in my personal situation to spread out the winnings.
Would I quit my job? probably not. I view my job more than just something that earns me a paycheck and helps me pay my bills as well as providing good health insurance. My co-workers are like my second family and to suddenly quit my job would be difficult. Furthermore, my job provides mental stimulation. It keeps giving me challenges that I sorely need. If I worked at some dead end job, it would be a totally different story. I would not get these things if I suddenly retired and did not work. Work is an important part of my life.
The big question is how would you spend the money? My first priority would be to give at least 10 percent to my church for missions work or to a charity. After that, I would buy a nice lake or beach home. I have always wanted to travel around the United States and world, so many of my winnings would go toward travel costs. I don’t really need a big fancy vehicle, but I would certainly buy a new car that would last me a few years and only one for myself. I would also make sure that my family is well taken care of. All of my nieces and nephews would get money to go to college along with a new vehicle when they graduate from high school.
Before I do any of those things, I would definitely meet with a good financial advisor to set up some kind of game plan for the future. It is unfortunate that so many lottery winners end up broke after 5 years.
Of course. my social life would probably be overwhelming as well. Friends and relatives that I have not seen in years would probably be calling. I would not have any problems picking up women, that is for sure! But sometimes money is the root of all evil and quite frankly, all the money in the world cannot buy me true happiness. But it is nice to dream a little from time to time about having all of that money.