Lottery

What would you do if you won the lottery? We often joke about it with family or friends but when it happens I think you need to be prepared or you'll end up like a majority those people on the TLC show that are bankrupt with five years. I am writing this as a manual for myself.

1. Once notified that you have won, tell no one besides people living inside your house. If a child is in the house and can't keep a secret then don't tell them.  Family will come out the the woodwork for money. I guess you could base it on how many times they "liked" a post on facebook to see if they are worthy of money. If I based it on followers of this blog....only one person would get money. HINT

2.  Call a lawyer. Specifically a tax lawyer that helps out the filthy rich. The first thing the lawyer needs to do is protect your privacy.  You don't want a newspaper or TV talking about your  win. Then people are going to be at your door for their different charities. Of course money will be given to a charity....but you don't want to have to say no to any ones face.

3.  Now, this is when it is time to freak out. Scream, yell, laugh, cry and run in circles.

4.  Carry on a normal life until you get the money. Work. You don't want something to happen and you don't get the money. I imagine Publishers Clearing House coming to my door and three days later saying, "whoops it was your neighbor we were looking for". Don't count your chickens before they hatch. 

Now assuming the money is in your account you have to have a different manual depending on the quantities of money you have won.

1,000,000= Not much is going to change after paying taxes and paying off the mortgage.  You'll have more monthly money for vacations and nice clothes. Maybe your child can go to a private school. You might upgrade your car. I would make a mental note to save money for taxes on your land and house that you have to pay every year. This is where people fail, according to TLC.

1,000,000 a year for life= Um, you are pretty set to do what you want. It might be better to try to get a lump sum if you believe in the Mayan calendar.

How would I spend the money? I haven't a clue on the responsible way to do it. I imagine I'd want to pay off things off but maybe that would hurt your credit if you don't have any debt. Do you need "Credit" if you are rich? This is where I would invest in a very good financial advisor. I googled and  Gregory Vaughan is #1 on Barron's top 100, Karen McDonald is number 100, she probably is just as good and doesn't charge as much. 

On February 29th Publishers Clearing House said they are giving away money in my zip code. I really should have read the "*" at the bottom because how do they know that if the drawing is that day and do they have a prize list I can check the accuracy of this information on March 1st.

I am doubtful that I will win but I play the game. I don't buy lottery tickets (except for once a year..if I remember), I like scratch off's but I don't go into gas stations enough to buy them on a frequency.  I like the thrill of what if.  I don't believe that money buys happiness. Money can get rid of financial stresses but I am sure it brings on a whole lot of other stresses.  Of course, I am willing to explore those other stresses if I won. 

Comment back on what luxury you would buy with your winnings.