Money, Lottery and Freedom

Published:

Do you believe and hope that money won in the lottery will provide more freedom to you?

 Will you feel a lot more free? How will you feel after a major win? 

 I will be able to move and live somewhere else. I will afford a lot of things. 

Entry #109

Comments

Avatar mikeintexas -
#1
In the sense of "freedom from worrying about money", i.e. paying the bills or worrying about your debt like a huge mortgage, then sure...I'd think it would, at least that's what I think of first about being rich from a lottery win. There would also be associated freedoms, freedom from having to work, freedom to pick up and go wherever in the world you liked, things like that.

OTOH, it's yin and yang in this world, the good w/ the bad, the physics of "for every action there is an opposite and equal reaction". I think you could wind up swapping one set of problems for another. For example, I would worry about keeping my money safe, if interests rates fell, if the economy went into the dumpster, then in which case my investments might not keep up with inflation or become worthless. I might worry about the people handling my money.

Then there's those who would worry about their own safety and while I think that's s a small risk, it's still a risk. There's the problem of being hassled and hounded by people begging and from what I've read (not from personal experience), lottery winners are treated differently by their friends and family.

Physics be darned, though...I can't help but think the good would outweigh the bad, as long as you kept your wits about you, used common sense, hired reputable people to help you with investing and kept your eyes open and your mouth shut.

Avatar music* -
#2
Today I am concerned about the Stock Exchange and a possible recession.
I will use CDARS/ICS to safely hold my winnings until I get better advice.
A major win will test the plans of any LP Member.
It takes a little work and time to research past lottery success stories.
Avatar mikeintexas -
#3
Probably the best course of action, CDARS/ICS - as we have discussed many times before.

Trump blamed high interest rates for pushing us towards a recession and if we are getting close to one, then he was spot on. High rates are great for the saver wanting a relatively safe investment, but bad for business and borrowers.   

At least that's what I've read.   I don't know from personal experience other than finding out that rubbing my two nickels together won't start a fire.   I might very well invest in a dime.
Avatar music* -
#4
Plus it does depend on your age. The younger an investor is the more risk he or she can take. They will have time to recover from a downturn in the economy.
Ric Edelman suggests being diversified over 18 different type of investments. Stocks, Bonds, Commodities, real estate, bit coin, cash, and more.
Plus I am aging to a point where I will not have the time to recover. I will interview the banks that offer CDARS/ICS.
I will live on a budget and make my winnings last until I die. I will have created a Revocable Living Trust for my heirs. A pour over will. Plus more legal papers for more future plans.
Avatar eddessaknight -
#5
If it takes money to be happy , your search for happiness will never end !
     
Avatar music* -
#6
eddessaknight, The pursuit of happiness is in the Declaration of Independence.
Money and time will give you freedom. A winning ticket can be revolutionary.
Good Luck to you!!

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