Monday, April 16, 2012
It's Money Monday, and since I'm writing this blog from work, you can guess that I didn't hit the huge Mega Millions jackpot from a couple weeks ago :-) All of my friends and family told me what they'd do if they won the lottery, but none of them mentioned having a sound financial plan. Good thing we have Austin the Realtor here to give us some insight on what to do if you hit it big. What would YOU do if you hit the jackpot...let's go!
If I Had Million Dollars...by Austin the Realtor
Hey guys and gals! Hope all had a great weekend. I’d like to change gears for a minute and get some insight as to what you would do if you would have hit the Mega Millions or came into a large sum of money. There is a show called “How the Lottery Ruined My Life,” and it talks to past winners who are now broke.
Whether you have millions or a regular paycheck, planning is key. Many went out to buy lavish toys or made bad investments without a good plan.
If you hit it big, what would you do first????
a) Get a hot new ride
b) Take all of your friends to Vegas
c) Hire a Lawyer and Financial Advisor before collecting your winnings
If you chose “a” or “b”, we’ll...see you on the next episode of the above show soon. But if you chose “c”, you are on the right track. Not everyone is savvy when it comes to investing, so it would be prudent to hire a professional to assist with making short and long term goals. Of course you are going to have some fun, but make sure you are not broke when you are done. Your best bet is to set up a financial plan in which you put a portion of the funds to work for you so that you generate income over time.
Financial Tip Example:
$5 million invested in a Microsoft Corp Bond yielding 3.18% will generate $150,000 annually before taxes.
Have any of you ever come into a large sum of money or know someone who hit it big? What would you do if you hit it jackpot???