What if you received an inheritance of a million dollars or won a cool million playing the lottery. Would you know what to do with it?
I know many people believe that money will make their problems go away, but I truly believe that money magnifies your problems. Whatever you were doing with your money when you had less is what you’ll do with it when you have more. Think back when your income was half of what it is now. Are there many differences in what you do with it now versus what you did with it then. I know for me, I do more of what I’ve always done. I’ve always watched my pennies and I still do to this day.
If you can’t manage $10, the likelihood of you being able to manage 1 million is very slim. A lot of it has to do with your behaviour towards money. This would explain why unfortunately so many people who win the lottery end up loosing it all. It’s always so sad when I hear these stories because money can be a great thing if you are ready for it and if you know what to do with it.
Do you remember Evelyn Adams? Evelyn was the lucky lady who won the lottery twice? Well maybe she wasn’t so lucky! Her first win was in 1985 and her second win was in 1986. Her total winnings were $5.4 million. Imagine winning the lottery two years in a row. Those are some serious odds! Unfortunately Evelyn lost it all and currently lives in a trailer. I wonder if her life was better before her lottery winnings and if she has any regrets about winning twice. Especially if relationships were broken as a result. If you play the lottery or may receive an inheritance in the future, here are a few tips to prepare you for a big windfall:
- Know how much money you make. It surprises me how many people don’t know exactly how much they make
- Know exactly what your expenses are
- Make sure your expenses are less than your NET income
- Have a savings plan
- If you have any addictions, get help. Addictions + Money = Disaster
- Discover what your purpose is, money will most likely help you get there faster
- Set short and long term goals for your money and your life
- Try to create a balanced life for yourself
What would you do if you suddenly received a million dollars from the lottery or an inheritance?