You Won the Lottery! What Would You Do?

by Guest on February 23, 2011


I’m sure we have all dreamed of “winning the lottery” at one point in our life. Dreams of what things we could buy, what we could invest into crowd our thoughts.

So let us put the ideas to paper. Let’s say we won $1000 with a lottery scratcher. No, that is not enough to become a millionaire, but it sure is a great way to get on the right track, and give your finances a boost.

The best course of action would be to focus on how to better your life in the future, and to find even better ways to invest that money. Now, let us take a look at simple ideas you could do with that $1000:

  • Open up a basic savings account preferably at a bank you do not frequent. That way, you will be less likely to spend it on frivolous things, or on a “whim”.
  • Start an emergency savings for you, and your family. $1000 would be an excellent place to start. Again, choose a bank you don’t frequent for the same reasons mentioned above.
  • Invest your money. For ideas, meet with your financial adviser. If you don’t have one, ask around and find an adviser that is well known in your community.
  • Pay off any bank loans, school loans, or credit cards. It will be a huge weight off your shoulders, and will help you advance financially.
  • Put the money towards education. Do you need to take a few training classes in order to move up the ladder at work? Do some research, and see if this would be beneficial. 
  • Open a high interest yield savings account.
  • Make car or house repairs that would benefit you financially. For starters, energy efficient appliances is a great place to start, which will help you save on your monthly bills.
  • Donate it to charity, to your church, or to missionaries. Few things are as rewarding as investing in other people’s lives.
  • Split the money.  Put 25% into savings, 25% to charity, 25% to emergency funds, 25% on a romantic evening with your spouse. You will feel more accomplished if you choose this route.

The main thing about winning cash in that amount, is that it is easy to nickel, and dime it all away. Resist the urge to go on shopping sprees, and fancy dinners.

Instead, invest your money in a way that it will benefit you in the future. These are tough economical times, so you never know when you will need the cash. That is why savings, and emergency funds are so crucial. Say you were laid off for a month, that money could easily help pay rent, groceries, and keep you afloat while you were busy searching for another job.

Regardless of your financial situation, investing your money wisely is the way to go, you’ll feel better about yourself, and your finances when you do.

So what will you do with $1000? Go ahead, write down your own personal version of what you would do if you won the lottery. It’s a great way to see how you view your finances, and simply money in general.

Now, apply this to your general finances and see what differences you could make with the money you already have.

This is guest post from Charles at CreditDonkey. Gain insights with credit card advice and tips. What would you do with $1000?

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{ 1 comment… read it below or add one }

Charles February 23, 2011 at 4:36 pm

I would donate $500 to charity because I believe in “paying it forward”, save $250 for a rainy day and then splurge the remaining $250.

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