Recently the winning ticket for the $1.08 billion Powerball lottery was sold in Los Angeles. Don’t feel too bad if you didn’t win – and remember that the winner will only take home around $600 million after the government takes its share…
It’s fun to dream about what you would do if you won the lottery. I’ve asked several friends and clients to share their thoughts. The no. 1 answer - “I would have you manage the money!” I certainly appreciate the confidence and I’d be thrilled for my firm. A financial advisor can dream too.
But as I listened to the other responses, a light bulb went off. Most of their “lottery dreams” could become reality with a little bit of planning, saving and creativity.
Here are some examples (the names have been changed to protect the dreamers):
Mike’s lottery dream: A charitable foundation to give money away to worthy causes.
How to make it a reality: Every dollar donated has an impact! Mike can set up a Donor Advised Fund and give like a billionaire.
Gabe’s lottery dream: A luxurious ski chalet in Aspen.
How to make it a reality: There have never been more options available to experience magnificent private homes for short periods of time! Do some sleuthing on VRBO or Airbnb and rent your dream house for a long weekend.
Alicia’s lottery dream: An all-inclusive spa vacation for all the women in the family.
How to make it a reality: It’s the quality time with the girls that matters more than the location! Book an overnight trip to a resort within driving distance and include a full day at the spa. You’ll cherish the memories.
While winning the lottery would be nice, you can still maximize your return on life without it! As my dad always said: “You can have anything you want, not everything."
I'd love to hear your "lottery dreams", and how you can make them come true.
Shari Greco Reiches