What will you do if you become a millioner overnight
February 12, 2007 4:40am CST
I would invest in the bank the cash I get and latter think and make a detailed list what of things I had to do and also consult with others on how to spend them more worthfully.
15 Feb 07
Winning the lottery is not something that a lot of us will be able to do anytime in the neat future, and that's probably a good thing. A decade after the average person win's the lottery, they're bankrupt. People start spending uncontrollably and think they have all the money in the world, when often times the amount of money they won is not much at all. When the average person wins the lottery, they buy a whole bunch of stuff they don't need, fancy cards, nice houses, and the like. If you were suddenly blessed with a million dollars, would you just blow it away like most lottery winners do, or would you be wise with it? Most of us would like to be wise with our money in the event that we were blessed greatly with a large sum of money, but if we were to get a bunch of money, what would you even do with it? Let's pretend that you are blessed with one million dollars, what should you do with it? First and foremost, if you are a Christian, you should give 10 percent of the million to the local church. God commands we Christians to give a tithe to the church, and we should do that. If this is to happen, you should call up the church's business manager and have a meeting with him or her. Be sure to let them know that you want this to be absolutely confidential, because people will treat you different if they know you have that much money. This will probably be a great blessing for a lot of churches as well, but keep it anonymous! Secondly, you'll want to pay off any debts that you have. You might have a home mortgage, a credit card, a car payment, just go ahead and get rid of those as soon as you can. They're not worth your time any more now that you actually have some money! Let's say that all of your debt combined including your house adds up to $200,000, so we've spent $300,000 so far. After you tithe and pay off your debt, let's save some money. If you have children fund their college education, and otherwise save money for retirement. You should probably save at least half of your million for this. If you save $500,000 in good mutual funds for 25 years, you'll have 8.5 million dollars to retire on. That's more than enough! We've got $200,000 left to work with. You can give $100,000 of this away to your favorite charity, because if you are blessed, you should be able to bless others. Be sure to pick out a good charity too, one that has very low overhead. Finally, it's okay to have fun with some of your money, but keep it reasonable. Feel free to spend $100,000 of it on anything you'd like, have fun with it!
15 Feb 07
More any for me mental peace and love as money may not be able give it all. Still money helps me to do more social developmental works and spend were I feel interested. As it is part of human economy and statisfaction of material needs of human money is needed. Thanks for your valuable responds
15 Feb 07
that was a very informative and detailed advice. but i don't think it's easy to follow because most lottery winners are those who have not used that large amount of money or doesn't know how to invest. and reason they lose their winnings is sometimes bad advisors or selfish advisors who try to get their money to themselves. and another reason for losing everything easily is because they got it easily and didn't work hard to earn it so unconsciously they have a mind that says you can get it again or mentality to at least be comfortable now and not think or forgot of the future.
15 Feb 07
if i become a millionaire overnight, i'd probably pay off whatever i owe first, plan on how much i would need to spend and how much to save, also included in spending is a house for my family, a car if still allowable, education for my coming child, basic things me and my wife needs, and investment. If $1M, it would almost be Php50M here so it can go a very long way already for at least 2 or 3 generations :) and i would probably just use Php10M for what I need and I can at least use some of the Php40M left to start a very good business which might even be included in the Php10M already lol how come we always dream of becoming a millionaire overnight? hehehehe