5 Things That You Could Do With a Million

They say you have a one in a million chance of winning big in either a lottery or in casino gaming. However, even when we may dream of winning, not too many of us are prepared to handle what comes after a big win. In fact, a winner’s lucky day could turn into their unlucky day if they are not careful. Setting a great foundation is key to make the most of your good fortune.

Let’s just assume we were winners today, and the one thing that everybody keeps asking is, ‘’If I won a million dollars, how would I use it?” With that in mind, let’s look at some of the most important things could be done after winning a significant sum of money.

  • Give it away

This decision is more about being a good citizen. The moment you have the courage to let go of some money, you are holding a lesser sum of money, which leaves you with a lesser amount to spend on you. Pay it forward. There are plenty of charity organisations, which would highly appreciate a generous donation.

  • Pay off debts

Whether it is student loans, or car loans and any additional debt that involves two-digit interest rates, better pay the debts in full so as not to have that to worry about.

  • Invest for income

One thing that doesn’t change regardless of how large or small a person’s investment portfolio is inflation will diminish the buying power of whatever money that you have to spend. For that reason, one could tie the money up for some years to explore investment options or invest it immediately upon settling on an investment option.

  • Start a backup fund

It might be a good idea to keep a significant amount of monthly expenses in a high-yield savings account, which will cover a financial shortfall when an unanticipated expense crops up. This backup fund can be used if and when you find yourself short because even tycoons get into monetary snags, and sometimes more often than other people.

  • Put away money for retirement

Lastly, depending on circumstances and existing job provisions, one may consider using some of the money to invest in a pension. You could assign a fraction of the million to retirement fund accounts, such as an annuity and build up nice retirement savings.

Of course, the most sensible option would be to invest in a well-diversified, balanced portfolio depending on age and risk tolerance. However, having a million dollars, one isn’t in a hurry to start a retirement scheme or fund. Better to enjoy, go for a luxurious holiday, buy a yacht or at least have a toast with champagne among friends and family to celebrate this strike of incredible luck.

What Would You Do if You Won a Multi-Million Jackpot?

What would you do if you won a multi-million jackpot? There are probably very few among us who do not wish to have a million or two residing in the bank. You could have that amount, and much, much, more, nestled in your bank account almost overnight if you win.

Endless Possibilities

You could do just about anything and everything ‒ fancy cars, fancy vacations, a fancy estate, maybe even join an elite, exclusive club. The possibilities are endless, which is why we have drawn up a list of things that we suggest you should do if you win.

Don’t Hold Back

The motto here is “have money, will spend”. We have brought together a list of things that you will definitely find interesting. They are well worth the money:

  • Get Your Very Own Island

You probably heard of Hollywood stars owning islands. Now you can enter that elite list, it may just cost a few million dollars or more. But it will be well worth it. Imagine waking up to gorgeous scenery and your very own private beach.

  • Book A Trip to Mars

This may not happen immediately, but it definitely will in the near future. And if you have the money simply resting in the bank, why not use it to see another planet? There are already a few billionaires who have booked their places on the first flight to Mars, courtesy of NASA.

  • Begin Your Own Company

How cool will it be if you could start your very own enterprise? We live in the golden age of entrepreneurship with digital start-ups mushrooming. With the multi-million jackpot, you will have the necessary capital to invest in your very own business. Maybe you will even become the next Richard Branson.

  • Run for The Presidency

This may sound wacky, but it is completely do-able. All presidential races are fuelled by generous donations. You will have a head start on your rival with a multi-million purse. Our world is in desperate need of change, and you could be the one to provide it. Even if you lose, your name will go down in posterity. We will definitely vote for you.

  • Own A Garage Full of Rare Vehicles

If you love automobiles and bikes, then your lottery win can be put to very good use. Create a garage filled with rare vehicles that the others can only dream of owning.

 

How Lottery Winners Lost it All

Money is not infinite, neither is luck. Sooner or later it will run out. You can only be so lucky, and then you had better be on your guard.

The same holds true for winners who have walked away with hefty cash prizes won through a lottery. They felt they had everything they wanted in this world only to lose it all a while later. Some stories are more frustrating than others. We bring to you two stories – one of a young man and the second of a woman – where the people involved had unimaginable luck, and yet went to on to become penniless.

The Michael Carrol Story

This one had all the makings of a tragedy right from the start. The main protagonist, Michael Carrol, came to collect his $15.5 million winnings wearing an electronic offenders tag. He was just 19 at that time and unemployed. What happened next follows the typical narrative of the rags to riches to rags formula.

Michael purchased a prime real estate property worth $500,000. So far so good. A lot of people upgrade their homes when they get rich. What they don’t do is then blow away their fortune on gambling, call girls, and drugs. To be fair to Michael, he did give some of the money away to friends and family. The rest went up in smoke.

It was widely reported that within a year of winning the lottery, Michael was spending around $3,000 on his drug habit. What will shock you is that this amount was spent daily. And as if that wasn’t enough, the millionaire lottery winner also splurged cash on lavish parties that he hosted regularly.

Eight years after he had won, Michael Carrol did not have a single dime left from his win. He went back to enjoying $67 per week in unemployment benefits. In 2011, he tried to commit suicide a couple of times after he had publicly stated that he enjoyed his simple life.

Evelyn Basehore Story

If you never believed that lightening can strike twice, you probably would after you read the story of Evelyn Basehore.

Some of us are lucky enough to win the lottery once. Evelyn not only won it once, she won it twice, and she won both her cash prizes within a span of five months. Her first win came in Pick Six jackpot when she took home $3.9 million. Then she again won $1.4 million in the same game. This happened in 1985, and we guess it could only have happened in the ’80s. The surprising fact is that the odds of winning a lottery twice are set at 1 in 15 trillion. Let that number sink in.

In spite of winning the lottery twice, Evelyn proceeded to spend her money as if she would win it again. To be fair, she gave a good chunk of her winnings to her friends, and the rest, she gambled away. However, in 2000, after she had lost all her money, she moved to a trailer park.