Forget your personal/religious feelings when it comes to gambling, or even your view of state sponsored gambling (i.e. the lottery) when it comes to a public policy or as it relates to taxes, it is fun and cheap to play for the slight chance of a win a ton of cold cash.
We all know that the odds of winning the lottery are terrible, but every time the New York Mega Millions hits over 9 digits (over $100,000,000) I have to buy a couple tickets. I know it is a stupid move, I am well aware that I am not going to win, but there is some human instinct that says, “Hey, you never know…” which leads me to my question:
Is it ok to Dream about Winning the Lottery?
Really, the question should be is it ok to “dream” about any windfall of dollars? I think the answer to this question is, YES…kind of. I think the important thing when hoping for a windfall is that you are not planning for it. You shouldn’t plan for your parents’ death for an inheritance (ignoring the morbid part of it for a second), you shouldn’t plan for a bonus, and most of all you shouldn’t plan for a lottery winning.
My Journey to Millions Dream if he Won the Lottery
First off, I think the sad thing is I don’t even dream about winning the big one! I dream about winning the $250K one, the little guy compared to nine digits. The first thing I would do (after freaking out with The Wife for a bit) would be to get rid of more debt. I think it would be great to get rid of my car loan, a good chunk of my student loans, and then I would start looking into muni bonds. I’d love to have a muni bond portfolio that basically covered my expenses! A $5,000,000 muni bond portfolio yielding 5% and boom = $250,000 NET income. Only after all that was done, whereby I insured my family’s well being would I start worrying about others in my life. Help our siblings, help our parents, maybe a little charity stuff!
Do you Dream about the Windfall? Do you play the lottery?
I do dream about winning the lottery from time to time. I never play because I just have this hunch that I won’t win, but coming back from lunch just now, I thought, hmm, what if I did win the jackpot?
I’ve never thought of the small winnings though. It’s always big time dreaming for me.
But whether I win large or small, I think my allotment would remain the same. I would probably save half and donate the rest (schools, non-for-profits, church). In my savings, I would probably split that between myself and my parents. For my parents I would try to help pay off any/all of their debt. For myself, I usually expand my current positions in my investment portfolio as well as secure an income property and have that stream of income supplement my current salary.
I think I may play tonight because of you…
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If you are in NY rock out the Mega Millions tomorrow – $245million!
I feel that winning the lottery has a capacity to ruin people’s lives and relationships, so in that regard I choose not to partake. I think that people appreciate money more when they earn it, as opposed to winning it or coming into it by chance. As well, I think people become accustomed and acclimated to a lifestyle of wealth if they ease into it over time through hard work, or by being born into it through family.
I think I could handle something like a less than $300,000 windfall, but more than that and you likely start to have relatives and “friends” come out of the woodwork. Arguing about what to spend the money on and what happens when it runs out is likely a problem for couples as well.
Like I said, I think money should primarily be earned for it to ensure a positive effect on your life.
Dave C.´s last blog ..Timeline For Social Security
It’s ok to daydream about it once in a while but it shouldn’t be something someone puts real thought into. I’ve seen folks who walk around and really wish they could win. I don’t think that is healthy. Action will help your finances not blind hope.
I’m with you on the smaller jackpots. I mean, I wouldn’t turn away 100 mil but a few hundred k would be nice enough.
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Honey…if we win the lottery can we focus on buying a vacation home at the beach?:) (then we can pay off your car lol)
The Wife´s last blog ..Feeling Restless
I recently came across your blog and have been reading along. I thought I would leave my first comment. I don’t know what to say except that I have enjoyed reading. Nice blog. I will keep visiting this blog very often.
Susan
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