So, how would you
really handle the money if you hit a multi-million dollar jackpot in one of the lotteries? Or if you don't play, suppose a rich relative died and left you umpteen millions - same question.
I don't mean what stuff you'd buy or who'd you share it with but how would you realistically manage a sudden influx of thousands of times your annual income? Would you put it all into an account managed by a financial advisor, put a tax lawyer and accountant on retainer, do it all yourself?
Where would you put it - straight principle protecting income accounts, play the market with a mix of equities/income, put it into real estate or some lasting commodity like precious metals? Would you try to see how much you could grow it or just aim to spend the last penny the day before you died?
Everybody always thinks about the wonderful things they'd do with the money (or just make jokes about farming until it's all gone) - from expensive toys to buying a whole new church for the congregation to just blowing it all on hookers and cocaine; or maybe build the church to get right with God after all the hookers.
I've been rearranging my finances getting ready to retire early next year and the thought struck me about how folks would handle the actual mechanics of dealing with sudden wealth.
P.S. If you don't play the lottery then good for you, but no one cares to hear your holier than thou attitudes about it so please spare us.
