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 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???




A-buzzz said...

first bitches

Stef said...

Dang it!

I'd hire a financial planner so that he could ensure that my children's children don't have to work. I wouldn't go crazy for myself since I'm used to living minimally, but I'd want to leave a fortune for my kids.

Powerz said...

As I was watching an epsiode of that show, an 18 year old won $11 million. The first 3 things he did was buy a new benz, then a Beamer and then an Escalade. THEN he said he bought his mom a house. Moved to LA I think and started a Female Wrestling show "Wrestlicious". He lived it up a bit, blew most his money and moved back with mom.

I'm going to say he didn't hire a Financial professional as one of his first moves.......

Courtney said...

I think most people feel that they don't need a financial planner if you win MILLIONS because most don't believe they can spend it all very fast. In Manhattan, millions is NOTHING. If you live in nowheresville, you might be able to get away with that if you don't lose your mind and still live comfortably.

This is great advice, and I guess it all depends on how much you win, where you live, if you have kids, and how old you are on how you save, invest, spend your money. I feel like when senior citizens win, they don't go nuts because they've lived their life and retired already. They usually leave it or divide it up among greedy family members :)

If I hit it big, I'd hire a lawyer and disappear!

Serena W. said...

I know I am a day late but I would hire a lawyer and financial planner! I would pay my taxes, then give a portion to charity, invest in my son's future, pay my debt (student loans are the pits).

This might sound crazy but I might keep my truck (shoot it's almost paid off) and find a nice started home for my son and I. Who needs lavish! I want to invest and enjoy life and I want my son to be set and heck even his children!

My friend's cousins came into money twice and went broke twice! SO sad, she didn't listen to sound advice and never put away for her children. Now she is broke.

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