Money illustrations by Storyset
In the spirit of wishful thinking, I decided to articulate my thoughts on how I would go about spending my fortune if I won big in a lottery. I am not much of a gambling man, and I don't encourage it, but I happen to play occasionally.
The funny thing about the way I speculate (I hate the word 'gamble') is that I never really aim for a huge amount of money. This is because I don't believe one can make a lot from gambling. Yes, there are instances where people get really lucky, but that's very unlikely, and for those who aim high, very few expect to win, hence their confusion when they do win.
I have heard stories about people losing their newfound fortune from the lottery as soon as they got it. That's understandable because, firstly, they never imagined winning such an amount in their lifetime, and they do not have the capacity to handle that kind of money. So they don't know what to do with it or the type of people they should have around them to grow or at least maintain that money.
If I were to stumble upon that kind of money (for instance, $1 million), my first instinct would be to dump it all in a fixed deposit account and travel for three months to get over the shock. I would spend that time reading and investigating how to protect my fortune. After which, I would get a lawyer and a portfolio manager and articulate my plans for my money (which is to be able to live off the interest of my capital investment), so they can draw out a low-risk investment plan that covers my current lifestyle (PS: no major lifestyle changes for at least one year).
Once my financial future is secured, I would go back to university and pursue a career as a writer and historian. I might also add a psychology degree as well. If I am lucky to make it into my 40s or 50s, I can then pursue a political career or become a lecturer.
So far, I have articulated how I would spend my fortune if I became nouveau riche, but let's also explore the dark sides of my personality. What are the negative things I would most likely indulge in, that might ruin me?
I might splurge on a lot of tech gadgets, but I don't think that would ruin me. What's the most expensive piece of tech I desire right now? I don't think it would cost more than $5,000. The next thing that comes to mind is cars, but I don't think I am much of a car freak. A vintage Mustang and a functional Japanese SUV would do for me.
The most important thing for me is living as simply as I can without worrying about my finances. I don't want much. I have almost everything I want. So if I came into some huge fortune, I wouldn't want it to change me per se. I want to be as true to myself as I can possibly be.
Unfortunately, I think there is added pressure with having a lot of money. Yes, you might not have to worry about your next meal, but you will constantly worry about maintaining your wealth, and I guess this is where most people lose it by overcomplicating things. These are the types of problems I will try to avoid.