What I would do if I won a lottery?
What would you do if you won the lottery today? I'm talking about a major million dollar or greater jackpot. It's something many imagined and daydreamed about. A small population have experienced and dealt with this exact question. I thought I'd share three things I would do if I won a large jackpot.
1. I'd Claim it Anonymously
Texas, my state of residence, is one of a few states in America that allows lottery winners to remain anonymous. The other states that allow anonymity are Arizona, Delaware, Georgia, Kansas, Maryland, New Jersey, North Dakota, Ohio, South Carolina, and Virginia.
I'm not going to willingly put myself and my household in danger by bragging about my newfound fortune to the world, especially since the state of Texas doesn't require winners to disclose their winnings. Too many people are either greedy or hurting for money. Some would go through great lengths to acquire more money for themselves. I'd rather stay safe by remaining anonymous.
I also don't feel comfortable suddenly dealing with relatives I haven't spoken to in decades, never met before, or never knew about. I wouldn't be surprised if many reached out to me for financial help. While I'd want to help anyone in need, I'd question why distant relatives miraculously started reaching out to me, especially when I often consider myself a black sheep on both sides of my parents' family trees. My Mom raised me to have trust issues and question everyone's motives.
Speaking of Mom, she would be the last person I'd want to know about my winnings. It may seem harsh to read this, especially if you have a great relationship with your own mother. However, my Mom has a history in the family for abusing money, gambling away thousands of dollars, spending thousands on unnecessary expenses, lying to hide her faults or get her way with something, and acting entitled. Her name's not Karen, but I've heard people call her that out in public.
She also raised me to believe we were dollars from being poor when she has a gambling and shopping addiction. Money was essential for a happy life in my Mom's eyes. In fact, I learned many tough life lessons from my Mom. One of those lessons, as I mentioned earlier, is not to trust anyone and question everyone's motives.
Mom used to sell my belongings and take my savings (i.e., cash I earned or received as gifts from family and relatives) because they were 'rightfully' hers. She would tell me I was selfish for saving money and not spending it. Makes sense, right? No? I didn't think that made any sense, either.
Mom once explained that I owed her financial stability for the rest of her life in return for her efforts in raising me. A child's sole responsibility is to care for their parents in their older age. When I lived and worked in my old hometown, I was pressured to give her a monthly allowance. If I didn't give her an allowance one month, it was because I was obligated to buy something for her home. Stupid me did just that until I moved to my current city and declined to give her a monthly allowance. I gifted her money to gamble and treated her on vacations, but she never asked because she didn't know I made enough money to build my savings account.
Sorry. I realized I'm venting about my Mom, but she's the main reason I'd claim my winnings anonymously. The few things I mentioned are also the basis for why I'd do the next few things on my list if I ever won a jackpot.
I don't have a distrust for everyone in my life. There are three individuals I'd share news of my winnings with: my Dad and two dogs.
I know for a fact my dogs won't tell anyone I won a jackpot. If they understood the concept of money, I bet they'd keep the winnings secret in hopes of receiving more treats, toys, and road trips. Shadow, my old black lab mix, would expect spa treatments to aide his aching joints. Rascal, my small chihuahua mix, would demand a throne to look over his subjects.
My Dad spoils me rotten. If you read some of my previous posts or my About page, you know I've been unemployed for years. I intended to return to the workplace after a two-year hiatus, but the pandemic started and my Dad encouraged me to "wait it out." He's the reason I started this blog and my separate YouTube channel. He's the reason I'm able to return to my art roots after quitting freelance design nearly twenty years ago.
For the first two years, I was able to financially support myself because of the savings I accumulated. Even though I made a decent salary from my previous job, I put aside most of my earnings. I'm a pessimist thanks to Mom, so I tend to plan for worst case scenarios.
I did and do currently receive a separate small monthly income, but I wouldn't have been able to remain unemployed during the pandemic if it weren't for my Dad. Because of my Dad and the pandemic, he convinced me to remain unemployed for a while longer and do the things I gave up on twenty years ago. I'm extremely rusty, but he argues that now's the best time to take advantage of his support, rebuild my lost skills, and possibly take up freelance design work once again. He's also trying to convince me start my own Etsy shop, but the pessimist in me isn't convince that effort would be profitable at any point in the future.
I could write a long dedication to my Dad, but I've already ranted too long in this section of my post. I feel I owe my Dad, a man who unlike my Mom never asks me for anything in return, whatever I can give him. Dad's not one for gifts since he could afford to buy the things that he wants himself. At the least, I can repay him by ensuring myself financial security for years to come.
2. Plan for Long term Financial Security
"Security" to me means having money set aside for emergencies. I want a portion of my winnings in a secure savings account.
If I received my winnings monthly over x-number of years, I'd have a portion of the payment transferred into a savings account. Hopefully, it wouldn't be that different to how I managed my salary when I was employed.
However, if I was awarded the winnings in a single lump sum, I'd meet with financial advisors to determine the best ways for me to handle such a large amount. Should I have multiple savings accounts for extra security and peace of mind? What should I know about and prepare for future tax filings? How would paying off my home mortgage, car, and student loans impact my taxes?
Savings is essential in my mind, so I want to make certain I can put aside a set amount - most of my winnings - for future expenses that arise in my future. This would be especially useful for unexpected emergencies like medical bills, major home or car repairs, property loss, charity donations, or whatever else I don't have enough money in my checking account for. The money will eventually be used, just not right away or all at once.
I'd be able to care for my parents health and well-being as they get older. Neither want to go into a retirement or nursing home when they're unable to care for themselves. I'd be able to cover whatever expenses they would be unable to pay themselves. This may mean home health care options so they're always comfortable and happy.
It would be a relief knowing that money wouldn't be a concern for me well into my old age. The money I'd put into savings would become my retirement fund. Medical expenses would be taken care of, and I could hire at home nurses if I didn't want to go into a retirement or nursing home.
3. Spending Money
Since money would no longer be a concern for me, there are things I'd want to spend some of it on. It may come as a surprise to you, but I would NOT immediately buy a new house, car, or other large purchase. Since those closest to me know I'm currently unemployed and wouldn't know about my winnings, a sudden change in lifestyle and assets would raise a red flag to them.
Instead, I would face my fears and start a small arts and crafts business. The fear of putting money into a business that may fail would be nonexistent if I won a jackpot. I'd buy the supplies, tools, technology, and whatever else I'd need to get started. I'd regularly participate at craft shows and other events as a vendor to promote my business and build a clientele.
I'd invest in opportunities to expand my knowledge and build my skills in many different areas including small business management. If I'm going to start a business, I want to learn how to do things right.
Starting a business wouldn't be a surprise to those closest to me. My brother and his family have a few small businesses of their own. If anything, they'd support my decision to become my own boss.
I'd give my family better gifts for special occasions and random days. I used to enjoy giving my nieces and nephews gifts when they didn't expect to receive anything. For example, on a random Wednesday in June, I may surprise them with a gift card, video game, or a day trip to someplace fun. The random gifts stopped when I resigned from my last job, but it'd fun to do that for them again just to make their days brighter, even though most of them are now young adults.
When my family needs financial help, I'd have money to give them when needed. Unexpected expenses and emergencies are a part of life that seem to happen at the worst times. If they need financial help with something like covering medical, educational, travel, or other expenses, it'd be good to help them out.
I'd donate more often. I've donated supplies or small amounts of money to animal shelters and other charities, but not regularly or often enough. Yet, I sometimes pay the meal of the car behind me at a drive-thru as a random act of kindness. It'd be nice to do these things more often to help those in need and put a smile on people’s faces.
Eventually, I want to switch from my car to an SUV. I used to own an SUV and miss the amount of space it offered. It was convenient for day long trips out of town and road trips out of state. They say pack light when you travel, but sometimes it's nice to bring a few extra things depending on the destination or purpose of a trip. Really, there's no rush for that change since I've got a good, reliable car now.
My dogs love road trips, so we'd travel a little more often to see new places and visit some of our favorite destinations of the past. I may create bucket lists for my dogs and try to check off as much as I can before they pass. Shadow's fifteen years old now, so I'd work on his bucket list first.
Since I'm a stickler with money, I don't foresee myself splurging on expensive unessential material items. Yes, there are things I don't need that I want to have like the latest Sony Aibo, but I wouldn't rush out to buy expensive things. My paranoia and anxiety will likely get the best of me before I commit to spending money. If I splurge, it would be on video games and stuff for my dogs. Honestly, I'd rather spend my money on trips and small, frequent gifts to others than on unnecessary material items for myself.
What's Next?
I don't need to worry about winning a jackpot because I'm too cheap to gamble. Instead, I'll enjoy some simple arts and crafts that I can share with you another day.
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Thanks, and have a great day!
Simply Jelly Jam
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