The most common answer to the question “What would you do if you won the lottery today?” is always followed by a pause…”If I won the lottery today, I would… (pause)”. The person questioned then usually starts dreaming for a few seconds before going on to list a number of things, then adding more, then revising in what order they would do them.
After you have won the lottery the first thing to do is to is exactly that, pause and think of intelligent ways to manage these new found riches to make them last. Often people who have hit the jackpot are just too quick to fulfill all their dreams in a short time, only to file bankruptcy a few years later. We have heard the stories of people becoming millionaires over night, then losing it all. However, there are people who have done this right and I would take a good look at their choices.
The first thing I would do is to research on what to do if you just won the lottery. There are tax questions, do you take an annuity or do you take a lump sum payout? Of course, the amount won is a big factor for making a decision. I would seek the advice of a CPA or financial planner to find out what to do with my lottery winnings. I would also try and not make it too public that I came into money.
I would first pay off my mortgage, that’s usually number one on everyone’s list, along with buying a new house. Like most people I would try to secure my own finances first, then move on to see how I could help others. My family would certainly benefit from my lottery winnings, along with my friends, church and local charities that help people and animals.
People often think of what they could do with the lottery money, solving all their financial problems forever. They also feel that they want to share their new found riches. It is easy to just donate money when you have it but being financially independent also gives you an opportunity to give yourself.
The dream of winning the lottery would allow me to donate my time and to do what I enjoy on a daily basis. This does not have to involve spending money every day by partying lavishly or being on a permanent vacation but rather enable me to do the things I cannot do now because I have to spend my day earning an income. I would certainly continue to work, but not for money, for charity. After a day’s work of helping out society I could then return home to my house on the beach and relax by the pool with ocean view feeling complete for having made the world a better place. This would be my dream.