What is the first question someone asks others when the Mega Million, Powerball or any other large jackpot comes around and everyone is scrambling for a ticket? Well if you guessed "what are you going to do with the money if you win" then you are correct. Possible answers include:
1. Build homes for homeless people regardless if they are alcohol or drug dependents. 2. Invest my winnings to help the underperforming schools so that they will have books and the basic necessities that more affluent schools have. 3. Donate the majority of my winnings to help the poverty stricken people that have been decimated by this pandemic.
4. Donate a large part of my winnings to a carefully vetted organization to take care of foster children, veterans or mentally and physically challenged children and adults. Yes, of course I am being facetious. Usually you will receive borderline self fulfilling answers such as, I am going to; purchase a home with every amenity, purchase all name brand clothing, buy out half the jewelry stores, pay off some debt while making more, give or loan money to family and friends and buy anything else I can dream of. I doubt you will hear them state that they will pay someone to "teach them" to save, invest, and get a return on their new found wealth. Instant wealth can bring unexpected impacts and challenges to the individual, their marriage, their children, and other relationships that they might be involved in. Consider when someone receives an inheritance from a loved one. Family members and friends that haven't been around, come around and try to guilt the person that inherited the money by demanding items from the deceased person or become very petty and continue to request money because they feel that they are entitled to a portion because they "have been your friend for so long” or family ties. Demands such as these can make any relationship turn toxic. Here are some possible ways to avoid these situations. First, take ownership and set clear boundaries in your relationships. This should be done sooner than later in your relationships. Secondly, look at the people you surround yourself with. Are they like minded and people you can lean and depend on or will their true character be revealed when money is involved? These are the ones that make demands about how you should "help" them? Thirdly, how comfortable are you with money? Most would say “ I have never had it, so it's hard to know how comfortable I am with it”, but in reality it's not. Look at what you do with your money now. Having more money will only magnify those things that you are presently doing. Lastly, educate yourself and your family on finances. Having conversations with your family and friends can help protect your relationships along with building a legacy of wealth for future generations. #SPEAK2MYHEART