You Just Won The Lottery... Now What?
Written by: Mark Pfeiffer
Prudent Money Contributor Mark Pfeiffer sent this out today, and I thought it was something we should all think about.
What would you do with $1 billion dollars? Seriously. Think about it. Some individual in California became a billionaire overnight a few months ago with a $2 lottery ticket. Warning: below are questions to which I don’t have answers. The questions are thought provoking – at least to me – and have been rattling around in my brain for the past few months. My two girls are 12 and 8 years old. When the lotto billboards displayed “999 million” they asked me, “Daddy, what would we do with a billion dollars?” FYI, their first answer was “get a dog.” For the record, I agreed to finally get a dog if we became instant billionaires. Back to the question at hand. What would I do (differently) with that kind of money? The more I thought about the question, the more I realized I don’t have a good answer. It’s really a mind-binding question and it has me doing a ton of self-reflection. The initial and obvious answer for anyone is that you pay your bills, your family’s bills, your friend’s bills, give to charity, buy a mansion, maybe a jet, etc. Then you take lots of trips, do things, see things, and really experience the “Lifestyles of the Rich and Famous.” Okay, great. But then what? Do you devote your life to a higher purpose? Do you have an obligation to your community and mankind to give back? Do you start volunteering more? Whatever your answers are to all these questions, the real question is: Why aren’t you doing these things now? Aside from all the “stuff,” like the big house, nice cars, etc., there’s nothing stopping us from helping more, volunteering more, caring more, and donating more – now. The $1B will upgrade material possessions and alleviate financial stress; however, it doesn’t buy health, happiness, and love. It doesn’t provide a sense of self-worth or purpose. Pretend money doesn’t matter (it’s hard to do). How do you start living differently? Do you go home from work a little earlier to see the kids? Do you take that vacation you know you should before it’s too late? Do you send money to a friend in need even though your budget is tight? Why wait? These things are what make life worth living. The benefit to the question, "what would you do differently with a $1B in the bank,” is that it’s a life barometer question. If your answer is “nothing” (or “very little”), then you know that you’re living your fullest and best life. Be grateful. Best,
HomeBridge Financial Services, Inc., NMLS #6521
15305 Dallas Parkway, Suites 1222, 1223, & 1225
Addison, Texas 75001
Office: 972.829.8639 | Cell: 972.898.2595 | Fax: 972.782.4803