How fortunate can you be, winning the lottery... or, can you? Apparently, lottery winners are more likely to declare bankruptcy within 3 to 5 years than an average American.
That makes me wonder: how about an average European? And Asian? African? Other-than-US-American?
Many are born financially bankrupt. Many are prevented by laws and biases to have a fair start. But that's all a whole different topic, one to be covered in a separate blog post.
So, you won the lottery... what happens then? Maybe people turn up to ask for a cut of the win. Should you share your money? Under what conditions? What proportion of it? Or keep it all for yourself? Give it all away to charity?
It all depends on what your plan with the money is. If you consider money a tool that helps you to reach your objectives, if you fully understand that you are in charge of the money, yourself and the decisions over your money, you are more likely to have the headspace to think about the plan you may have with the money. Invest via professional investors with a clear mandate and expectation on the risk, return and impact profile of your investment. A portion of the money could be used as donation to family, friends of charity, with clearly defined parameters (especially if they are facing debts, unexpected healthcare costs or similar).
A portion of your newly found fortune could probably enable you to kick-off the start up you always dreamt of, especially if you have a solid business plan, proof of concept and a good sense of the demand for the solution you are planning to create.
And importantly, it's about not letting money get to the steering wheel. You are the captain, money is a tool, a friend helping to realize your ambitions.
If you don't know where you're going, any road will get you there. Also, you might just get stuck on the road, or worse, get into an accident. Better have a plan. Be charitable, be generous. Think, feel, validate, act. Don't become like many of the American lottery winners did.
Use money as you baker's yeast and grow the wealth, to everyone's benefit. Put it to good use! If you put whatever little or much money you have, you might actually feel like a lottery winner. Or even better: a lottery winner with a plan!
Comments