Winning the lottery shouldn’t be a part of your financial plan- but why are we so enthralled by the idea of winning the lottery?! On average, Americans spend over $1,000 every year for the chance to strike it rich. That’s a lot of wasted money that could be going towards literal investments. But even though we’re not going to win millions, statistically speaking, this exercise can provide some insights about the ways we want to spend our money and our time. This is helpful because there is a much higher likelihood that we would experience some sort of windfall in our lives whether that be a bonus at work, proceeds from a home sale, or even an inheritance. And if we haven’t taken the time to think through what we would do in these scenarios, there’s a good chance we could make the wrong decision in the heat of the moment. We’re going to get personal and share what we would do if we won the lottery, and we’re also going to explain how you can come up with your own money mission statement.
A crucial aspect of knowing what to do with any unexpected sum of money is by having a Money Mission Statement. You can ensure that you’re doing the right thing with a windfall when you have proactively created rules that not only guide your life, but your money as well. Download our worksheet and start living on purpose!
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I did inherit a million dollars. The first thing I did was to make the money joint property since my wife and I are equal partners in life. Next we spent less than 5% to upgrade our main hobby equipment (boat and ATV). The rest went into investments where it has remained untouched for seven years and has just grown and grown.
Heck yeah, Steve! Sounds like you guys have handled that incredibly large inheritance really well. Nicely done.