If you had a million dollars cash (tax-free), what would you do with that money?
Will you invest it, take a visit, begin a business, quit your job, or donate it to charity?
If you summarize all available options, you get to know that you have some safe options and some risky ones.
Pay all your debt if you have.
Put the cash in the bank and solely use the interest.
Invest in real estate, metals, etc.
Buy shares of companies like Google, Facebook, Apple.
Use the money to start your own business.
Invest in start-ups
Some would prefer to mix some of the risky and safe options. Now let’s know what a Wise Man has to say on this…
We all have dreams and needs that we tend to hope to comprehend during this life.
To realize most of our desires like traveling, building a dream house or shopping for a yacht we’d like one thing – cash.
Most of us work effortlessly to make money, however terribly seldom a number of us get lucky and find large sums of cash during a matter of on a daily basis by winning a lottery. However, winning an oversized add of cash doesn’t mean that you just will sit and luxuriate in the lifetime of the wealthy. Nearly seventy percent of lottery winners lose or spend all of their money in 5 years or less. If I’d win a lottery, I would avoid these common mistakes that lottery winners usually make:
First, I’d not tell anybody that I won the lottery, even to my relatives. Why wouldn’t I share the happiest moment of my life?
Because people get jealous and regardless of if they’re your friends or relatives, you never know what people will do out of jealousy. I wouldn’t want to know that my neighbor hates me for my luck.
Second, I’d not quit my job subsequent day once I win a lottery. It in all probability appears ridiculous to you, working for someone when you just won a million dollars?
No matter what proportion cash you presently have straight away, that money can be spent so fast, that you won’t even notice. I would set up my expenses first and would stay silent, continue living the same ordinary life that I always have lived in.
Third, I would secure myself with the financial adviser. It is sensible to set up my expenses, but everything comes to an end, and even if I would spend my money wisely, they still would run out. It is sensible to invest that cash into something that might generate passive financial gain for me, thus I may live off my investments indefinitely.
For that purpose, it is wise to hire a financial adviser who would help me make smart investment decisions.