Invest

how to invest

Live

career, food, travel

Save

saving, credit, debt

Protect

insurance, security

Retire

401K, IRA, FI, Retire

Home » Live, Personal Motivation

What would you do with a Financial Windfall?

Last updated by on 11 Comments

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 were to.

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.

windfall2. The ‘I never have to work again if I play it smart financial independence’

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.financial windfall
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’.
tesla_roadster25. 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.

Related Posts:


About the Author
I am G.E. Miller, & this is my story. My goal is financial independence ASAP. If you share that goal, join me & 7,500+ others by getting FREE email updates. You'll also find every post by category & every post in order.


11 Comments »
  • Dingo says:

    Not bad, not bad. My get rich fantasy would to be to buy a big ass plush tour bus and travel everywhere. I’d probably buy a house somewhere tropical and hang out on the beach when I’m not traveling.

  • Ro says:

    Perhaps I’m too practical.
    First, I’d pay all my debts (student loan, etc) off. Then I’d buy myself a house, someplace up in the hills, an older home that I can restore to my own liking. I might buy better cars for myself and my boyfriend.
    Then I’d pay off debts of various family members who have tried to help me along the way. I’d donate money to my university and to various local charities.
    I’d get married – finally. Maybe have a nicer wedding than I was planning to have now.
    I’d finance the projects of all my friends. I know filmmakers and golfers and other kinds of big dreamers who need funds to get themselves started.
    Create trust funds for all my future children so they won’t have to struggle like I did to finish school.
    I’d probably continue to work. But I’d leave when I felt like it, that’s for sure. Then I’d go back to college and get my PhD. Take some time off to study and have a family. Maybe create my own non profit org.
    Traveling would be nice, but I’d rather be in a place where I can take the dollar signs out of goals and just live a simple life.

  • FinanciallySmartServices says:

    My get rich fantasy would be to published books on Personal Finance with the following topics Budgeting,Goals Setting and Money Management to be use in all schools at the secondary level.

  • Mneiae says:

    My list basically looks like Ro’s, except for a few alterations:
    I wouldn’t fund the projects of all my friends. That’s an easy way to run out of cash. I might help them find some VCs to help them, but I wouldn’t fund them myself. Mixing friends and your new-found money would probably not be a good idea. You’d have a lot of people targeting you.

    I wouldn’t create my own non profit org – my aunt already heads an orphanage organization. I’d pick up the reins in America, because it’s already established here, but the former head of operations, my uncle, moved out of the country.

    Amen to everything else.

  • Shaun says:

    I would certainly travel the world, tasting fine beers and food. Sigh. I’m shallow. ;-)

  • AJ says:

    I would pay of all my debt and travel the world. Then, I would go to graduate school and open up a business.

  • Avery says:

    Honestly speaking,I never expect a windfall,however,just in case I have enough money,I would like travel my country then travel the world.After that,I would like to live in peace.

  • padmanabhan says:

    well…i think it’s better to have a steady mind, even at times of windfalls. To utilize the money wisely and settle in life, instead of being driven away by it.

  • Alex says:

    If I happened to come upon independence #3, I would first get my family members to #2 (mom’s debt, brother’s debt). Then I would get my closest friends to #1.

    Other perks would include a trip around the world, houses in Europe, and I would start my own business.

  • Annika says:

    Would pay off any debts i might have plus family’s. Get a nice place and if still enough in bank then treat myself and the closest ones for dream traveling etc :)Would i quit my job? Not 100%!

  • liz says:

    I would pay my bills help my family give to god and help someone in need.

SPEAK YOUR MIND

Enter your:


Home | Sitemap | Terms | © 20somethingfinance.com