Day 23: If You Won the Lottery
I am not by nature a gambler, but in the spirit of today’s topic I did purchase $10 worth of lottery scratch tickets. This will increased the total number of times that I have actually purchased lottery tickets to approximately five. I was feeling whimsical, what can I say.
The answer the question though, “what would I do if I won the lottery?” is actually dependent on the dollar amount. At different dollar amounts, I might choose to use the money in different ways. For the purposes of the following discussions, let us just assume that all the dollar amounts that I am talking about are post tax amounts.
So let’s say I won $2,000 or less. In this category, I would likely splurge a little on something. I might go for a new vanity for my bathroom, a new kitchen floor, a new wardrobe, or possibly something else all together. Any way you slice it, I would definitely be a little frivolous on something in this category and take what ever was left and put it in the bank.
If the prize was closer to the $5,000-$150,000 range? This is the paying of debts category. I would use this kind of money to work towards paying off student loans, car loans, and/or my mortgage. I would choose to do this because it would take a lot of financial pressure off of me if I could do so. I would continue to work and live my life, but with a lot more ability to actually save money for investment, vacations, home improvements, etc.
Now, lets imagine a world in which I get some kind of outrageous sum, $1 million or more. This would be the range in which I would take a sabbatical, and/or reduce my work hours drastically. I would still pay off all of my loans and debts first. I would want to maybe travel some, either to drive across country in an RV or head overseas. I would maybe be able to treat my friends and family to some nice things as well. I would want to set up some kind of investments to keep the money growing, so that I could continue to help out both my family and friends and my community. I might also consider, trying something very new, or opening a business of some sort.
Of course, the likelihood of these things happening is very slim! As I previously mentioned, I almost never actually buy lottery tickets. Oh and if you were wondering, on my scratch investment, I was a winner!!!!
I got $10. I’m going to try not to spend it all in one place.