The Mega Lottery jackpot hit $500 million! The community buzzes with anticipation for Friday night’s draw and the endless possibilities! My son drafted a plan for our winnings – he assures me he’s a big money financial whiz. Everywhere I go, people cannot stop talking about their hopes and plans.
1) Picking numbers – I prefer quick picks, I don’t favor any numbers. Many people stick to sentimental numbers including wedding dates, athlete jersey numbers, or children’s ages.
2) Buying Tickets – I conservatively purchase single drawings, but this time I’m investing up to $10 plus the gas to drive to the Top 3 “Lucky Store” in the state, #1 in two counties – Bluebird Liquor in Hawthorne. The debate between buying individual vs. group tickets comes up often.
That brings me to…
3) The odds – Buying with a group of 10 people improves your odds of winning from 1 in 179,000,000 to 1 in 17,900,000. I don’t buy into averages – blaze your own path!
4) The winnings – People babble about early retirement, traveling, paying off loans – endless opportunities! Even the lesser winners with 5 of 6 numbers yield over $300,000 that still significantly impacts your life.
FRESH FINANCIAL ADVICE
1) Keep working – My son advised me that I may not quit my job and must continue on my 7-year plan to work at a university to pay for their college. MY PLAN: Donate a building to the university of his choice if he’d let me reduce my hours.
2) Fun Allowance – He will invest and donate most of it and spend $50 million a year for a fun family vacation. MY PLAN: Take family on an around-the-world trip and fly family in to see the kids monthly no matter where we are. We’d still have so much extra that we’d be forced to buy exotic animals and have loads of plastic surgery. The intern shot this down.
3) Investments – My advisors suggested buying stock but didn’t know how. MY PLAN: I do.
My son needed clarification about if they print out the bills to pay us – all 500 million of them. Truthfully, no matter how the drawing turns out, these conversations were priceless. GOOD LUCK!