WHAT TO DO IF YOU DIDN’T WIN THE POWERBALL

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With last night’s record-breaking $1.6 billion dollar powerball, how many of us spent $2 adding wind to our sails, wishing for the windfall and the endless possibilities of an open horizon?  Experts came forth publishing pounds of advice for what to do if you win. What about those of us who now realize that the winds did change directions and now we must responsibly navigate this drastic return to reality.

  • Protect that ticket and take your time– Don’t shred that ticket yet. In California alone, over 3.5 million people won something in the drawing.  Don’t rush – the longer you take to check your numbers, the longer you can believe you won a big prize! But hey, if you spent $2 and win $4, you doubled your money. Call it gravy if it’s small, if it’s large then sock it away (see #3)!
win

There’s Hope! WTF: Wow, the FUNDS!

  • Don’t quit your job just yet – (Hopefully you didn’t already do it last night). Here’s where you count your blessings. You have a job, a steady income. You have co-workers to commiserate around the watercooler with about how you always visit THAT winning store except this time. Your career goals from before that Powerball dream rolled in are still intact, so find that magic – or dream better dreams!
  • Hire professionals – Most millionaires are such because they don’t spend like they are one.  In other words, consult professionals, bring your Powerball dreams of a new car, or Tahiti vacation to them and they’ll overhaul your income/expenses so to get you on a plane sooner than you ever thought.
  • Change your address and go unlisted – In order to reach those dreams, cut out distractions: Political mailers, advertisements and incentives to tempt you away from your financial goals.  Turn off the phone and check out regularly for a bit to center and be mindful of your surroundings and your path.  

So although the immediate results varied, the advice and end result could still be the same.  Plus, people always appreciate experiences more when they worked to finance them (parents take note) so you are probably better off in the end.  

That being said, I’m curious about where everyone wound up.  Share your stories!

YOU WANT ME TO WHAT?

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.

LOTTERY STRATEGY:

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.

Some people theorize the darkest, hidden liquor stores are the luckiest!

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!

I'll retire the jar if I win!

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.

Bon Voyage!

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!

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