What would you do with a Financial Windfall?
Not all of us are lucky enough to come across a windfall in our lives – be it lottery winnings, a lot of luck in investing, a huge inheritance, or some other method. But just about everyone has thought about (probably in elaborate detail) what we’d do with all the cash if we did.
When it comes down to it, there’s really three types of financial independence:
1. The ‘I’ve paid off all my bills financial independence’
This comes with having paid off your mortgage and all other debts. You still need a job to cover basic living expenses, but you can pretty much pay them off by working any ole’ minimum wage job or via freelance work here and there. You really owe nothing to anyone – not a bad place to be.
This type of financial independence means that you no longer need to bring in an income through working for others, but you still have to be smart and budget accordingly as to not run out of funds.
3. The ‘I’d really have to screw this up in order to run out of funds financial indpendence’
Unless your name is MC Hammer (please don’t hurt him), you’d really really have to try hard to blow through this amount of cash.
The odds are that many of us could achieve #1, fewer of us will achieve #2, and almost none of us will achieve #3. But doesn’t the entire lottery industry thrive on the hope of #3 coming true for us? Anyone who has bought a lottery ticket (guilty as charged) has probably had some sort of fantasy of what life would be like should we be the lucky one. Of course, our own fantasies are the ultimate of all fantasies, right? Anyone would be crazy not to think our personal fantasy was the greatest!
Well, here’s my fantasy, and you’d all be crazy not to adapt it.
1. Day 1: quit my job. No question about it.
2. Buy out a winery on Old Mission Peninsula, in Northwest Michigan. Take up primary residence there.
3. Learn the wine-making and selling business inside and out. Work any and every job at the winery depending on how I felt that day: drive the grape collector, plant vine seeds, test the wine, work the tasting room, market, sell, or work on the website. Oh yeah, and drink a lot of great wine.
4. Overpay my closest friends and family to help me run the winery. Surround myself with the people I love and treat them well. Once things were fully operational, scale it back to being ‘Supreme Taste Quality Tester’.
5. Buy two vehicles: a Tesla Roadster and a Land Rover.
6. Travel the world. Stay anywhere from a week to a month in every country in the world.
7. Take lessons and train myself to become an amazing guitarist, golfer, tennis player, martial artist, and cyclist.
8. Volunteer at local non-profits. Donate to causes I felt very strongly about.
9. Sit back, relax, and take in the views.
Your challenge: beat that! Share your windfall fantasy in the comments!
Hey, it never hurts to dream once in a while.