I just heard on the news about a young guy won over $200 million on the lottery and is going to get a single payout of about $90 mil. It just makes me wonder, what would you do with all that money? Would it be a blessing or a curse? You hear all the time about people winning the lottery and their life is destroyed. Anybody got any thoughts on whether it would be good or bad to win?
Whether winning the lottery is a blessing or a curse depends on how prepared you are to manage the money. If you have solid money management skills it can be a blessing, if you don't it could quickly turn into a nightmare.
I just heard on the news about a young guy won over $200 million on the lottery and is going to get a single payout of about $90 mil. It just makes me wonder, what would you do with all that money? Would it be a blessing or a curse? You hear all the time about people winning the lottery and their life is destroyed. Anybody got any thoughts on whether it would be good or bad to win?
In response to the question "what would you do with all that money?" I would suggest they invest the money and live off the principle. By taking the winnings in a lump sum versus an annuity they receive $90 million dollars. After taxes they may have $45 million dollars left - OUCH!
Even still, if they were to invest that money at a reasonable return (say 5%) that would equate to over $2 million per year in income, without ever touching the principle. That means they could expect to receive $2million dollars every year for the rest of their life.
What most people fail to realize is that they don't have to win the lottery to put themselves in that position. We all know the odds are better that we will be hit by lightning than win the lottery. However, we all win on a smaller scale every week. It's called a paycheck, and while it may not be millions of dollars, it is much more reliable. If we learn to get out of debt, manage our money and properly invest our money we all could retire with a couple million dollars. That's what the D2P is all about...being able to build passive income and live off the interest.
