Recently the winning ticket for the $1.3 billion Mega Millions lottery was sold in Des Plaines, Illinois. Don’t feel too bad if you didn’t win – and remember that the winner will only take home $750 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: Set up a foundation and 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, which in similar in many ways to a private foundation, and give like a billionaire.
Gabe’s lottery dream: Buy 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: Take all the women in her family on an all-inclusive spa vacation. 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
Shari co-founded Rappaport Reiches Capital Management with one goal - to maximize the return on life for her clients. Please connect with Shari below. She loves to talk about investing, financial planning, and Barry Manilow.
The author does not intend to provide investment, legal or tax advice as these materials are for general educational purposes only. Please consult your legal, tax or investment professional for advice on your particular situation. This material is derived from sources believed to be reliable, but its accuracy and the opinions based thereon are not guaranteed. It is not intended to be a solicitation, offer or recommendation to acquire or dispose of any investment or to engage in any other transaction. Investing involves risk including the possible loss of principal. Past performance does not guarantee future results. Please refer to RRCM’s Form ADV Part 2 for additional disclosures regarding RRCM and its practices.