Day 23: If You Won The Lottery

Day 23: If You Won the Lottery

I am not by nature a gambler, but in the spirit of today’s topic I did purchase $10 worth of lottery scratch tickets.  This will increased the total number of times that I have actually purchased lottery tickets to approximately five.  I was feeling whimsical, what can I say.

 

$10 in tickets and a shiny 2015 penny to scratch them with

The answer the question though, “what would I do if I won the lottery?” is actually dependent on the dollar amount.  At different dollar amounts, I might choose to use the money in different ways.  For the purposes of the following discussions, let us just assume that all the dollar amounts that I am talking about are post tax amounts.

 

So let’s say I won $2,000 or less.  In this category, I would likely splurge a little on something.  I might go for a new vanity for my bathroom, a new kitchen floor, a new wardrobe, or possibly something else all together.  Any way you slice it, I would definitely be a little frivolous on something in this category and take what ever was left and put it in the bank.

If the prize was closer to the $5,000-$150,000 range?  This is the paying of debts category.  I would use this kind of money to work towards paying off student loans, car loans, and/or my mortgage.  I would choose to do this because it would take a lot of financial pressure off of me if I could do so.  I would continue to work and live my life, but with a lot more ability to actually save money for investment, vacations, home improvements, etc.

Now, lets imagine a world in which I get some kind of outrageous sum, $1 million or more.  This would be the range in which I would take a sabbatical, and/or reduce my work hours drastically.  I would still pay off all of my loans and debts first.  I would want to maybe travel some, either to drive across country in an RV or head overseas.  I would maybe be able to treat my friends and family to some nice things as well.  I would want to set up some kind of investments to keep the money growing, so that I could continue to help out both my family and friends and my community.  I might also consider, trying something very new, or opening a business of some sort.

Of course, the likelihood of these things happening is very slim!  As I previously mentioned, I almost never actually buy lottery tickets.  Oh and if you were wondering, on my scratch investment, I was a winner!!!!

I got $10.  I’m going to try not to spend it all in one place.

~Lenora

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