During my time of growing up on the farm, I got to see how my Grandpa was always a very private man. He especially kept his financial business to himself. He wanted very little to no attention on his family, and enjoyed his private life on the farm. Whenever, I'd get a speeding ticket it would irritate him to no end, because our local newspaper would publish it. Our entire small town community would see, and Grandpa would say, “You know the whole church will be talking about us on Sunday?”
In watching my Grandpa's private life philosophies, I think about how I would react if I won the lottery. I wonder, “Would I take the winnings anonymously“? Would I let the sudden expansion of wealth affect my lifestyle? If I were to win the lottery tomorrow, here are my top 5 things I would do if I won.
- Immediately move to another state – particularly a state that is lottery friendly and will allow me to take my winning anonymously. Here are the six states that currently allow you to take your winnings privately:
- Delaware (DE)
- Kansas (KS)
- Maryland (MD)
- North Dakota (ND)
- Ohio (OH)
- South Carolina (SC)
- Payoff all my debts – I'd be sure to practice what I preach and pay off all my debts.
- Hire a chef to make me Texas Roadhouse Rolls and Cinnamon Butter everyday – I know this is a bit of an oddity, but if I have enough money I think I'm allowed to splurge for at least one treat. Gosh I love these things!
- Meet with an accountant/financial coach prior to taking my winnings – in dealing with any large influx of money it just makes sense to have a plan. A plan of both how you'll spend your money and how you can protect your wealth long term. On top of that, it would equally benefit you (in terms of taxes) to decide how you are going to tithe or donate money towards a cause you are passionate about.
- Live within a budget – often times lottery winners will “live it up” and spend as though they are not bound by money. However, are you aware that 70% of lottery winners are bankrupt within five year? It makes sense to continue to live within a budget or you may find yourself like one of the 70%!
Honestly, I very rarely play the lottery, but when I do I often find my imagination getting the best of me. As I drive home I'll often think about what I would buy first or how I'd quit my job (maybe) or what type of vacations I might go on with my family.
Even though the odds are completely against you or I ever winning the lottery it's smart to have a similar plan on how you'll spend an inheritance or any large sum of money. The odds are more likely that you'll obtain an inheritance before ever winning the lottery.
I'd like to hear from our readers on what you'd do if you won the lottery or how you'd spend a large inheritance.