Alright, so lately, the big talk across news, at least, which people want to focus on, and actually discuss, would have to be the record breaking Powerball. In as little as two days (from the time I’m writing this), some lucky American could be holding the winning ticket for the 1.4 Billion dollar Powerball.
Now, after taxes, and dependent on what the person chooses, the amount they walk away with will arguably be a much lower, yet still significant sum of money. Money they could never have dreamed of having, more money than they could possibly know what to do with, and money that mere moments before, they didn’t have. That being said, while I am not a financial advisor, I would like to offer this advice, or suggestion per say, on what to do with that money.
First, let me say, I am in no way shape or form saying give it all away. Realistically, take care of yourself first, you won the lottery, enjoy it. However, what I am saying, is take a step back, and look at what else you have won…the opportunity to make a difference.
Sure, some people may say give it all to charity, others may splurge, buying all they want, potentially causing themselves to go bankrupt in a few years (something that is hard to believe, but has happened before in the past.) I, on the other hand, am recommending a route which not only ensures a comfortable life for the rest of the winner’s existence, but also a reward, an investment you might say, which will hold the winner above all those before them.
What I am recommending, is after choosing a realistic amount that will ensure you are happy and financially set the rest of your life (so, pay off all your bills, and set aside for yourself maybe 200,000-1million a year, including investments etc.…to make sure you will never need for money, and will, in your mind, be able to live a happy, debt free life with all the amenities you could wish for.) Then, after you have done that, what you do with the rest of the money, what I am suggesting, is what will make you stand out. (And yes, while the chances are slim, if I won, I will follow my own advice).
My plan, my suggestion, is similar to the pay it forward plan…but in a way that will allow you to cause ripples which will turn to large scale waves, to impact not only friends and family, but entire towns, cities, maybe even states. What is it, you may ask? I’m glad you did, because here it is.
Let’s say, to keep numbers easy, once all the taxes (including the amount planned for the 2017 taxes) are taken out, and you’ve set aside your personal stash, you have 200millioin leftover. That’s a lot of money you may say, think of the Things you could get, now push that thought away. Don’t be greedy, don’t be selfish, take this moment, to be HUMAN.
Take that 200million, and split it into an increment, say 10 increments of 20million a piece. With those 20 bundles of 10million, give them to 10 people of your choice, be they friends, family, Steve from the office, you choose. Give them that 20million, with the rule that they keep 1million, and hand the remaining 19 million, in various amounts of their choice (so they can give 19 to one person, or 1million to 19 different people). As this money continues to be passed around, with the recipient keeping 1million, and spreading out the rest, more and more people will be reached.
In the end, if you have followed the math, 200 people will have received 1million dollars.) That is 200 different hands, 200 different minds, 200 different individuals, who are now 1million dollars richer. What they choose to do with that money, whether they share their newfound wealth as well, or they pour it back into the economy by various purchases, the ripples will be felt. These ripples will create currents, and currents can, and hopefully will, lead to waves. At the least, by winning the lottery, you will have shared your wealth, your luck, your good fortune, with 200 people. Additionally, you shared the opportunity to give, to bless those around them, to those who participate in this giving, and that, my friends, my readers, perhaps the future lottery winner, is a priceless opportunity.