Forget the Lotto: Win Your Own Lottery in 2023!
/By Shelley Murasko
On August 17, 2022, the winning lottery ticket for the $2 million Powerball® was sold in Loving, New Mexico. Don’t feel bad if you didn’t win – 90 million other people didn’t either. Besides, the winner will only take home about $1.2 million after taxes.
Ever thought about what you might do if you won the lottery? It can be fun to dream about. Thinking about it myself recently, I decided to ask some of my friends and clients how they would spend a $10 million lottery payout. Here are a few of the answers I received:
· Buy a house on a lake where I can store my kayak and head right out the door each morning at sunrise to spend some quiet time on the water
· Splurge on new electric cars and solar panels for my home
· Give more to favorite nonprofit organizations, including battered women’s shelters, public television, colleges, and medical institutions as well as those that focus on cancer and Alzheimer’s research, nature conservation, and homelessness
· Take my extended family on an exotic trip to Fiji or the Bahamas
· Build a network of bike paths throughout my community to make cycling safe for all
· Start a business, maybe a spaceship company like Elon Musk has
· Work less so I can spend more quality time with my friends and family
· Take a trip around the world, visiting every continent
· Send my kids and all the other kids in my family to college
· Build a beautiful library in a low-income area
After reading through the list I compiled, I found it interesting that several clients revealed their lives wouldn’t change much. Essentially, they already have all they need.
Others mentioned that what they wanted most was not easily solved by the lotto, such as more love, more time, and better health.
As I pondered these insights, a light bulb went on in my head. Many of these lottery dreams could become reality with a little bit of planning, saving and creativity.
Here are some examples of what I mean:
Amanda’s Dream: I would relocate to Florida with my family to a beachside mansion.
How to make it a reality: Today, there are more ways than ever to rent private homes through AIRBNB or VRBO. You may even discover that other wealthy family members will go in on the project too.
Kathy’s Dream: I would like to take a flight on a private jet.
How to make it a reality: Consider splitting a private jet rental, which typically starts at $5,000 per hour for a light jet. Or contact your local municipal airport to see if there is a way to fly with instructors at a nominal cost.
Bob’s Dream: I would give a large donation to charities that I care for deeply.
How to make it a reality: Every dollar donated makes an impact! Give like a billionaire by setting up a Donor-Advised Fund, which is similar in many ways to a private foundation. Or consider giving up to $100,000 annually from an IRA to get a tax-free distribution on your retirement savings.
Linda’s Dream: I would love to buy a Porsche. It has always been my dream car. Though I realize it’s an extravagance, it would still be fun to do something on the wild side.
How to make it a reality: Seek out a rental car company or an owner-rental company like Turo and see what it would cost to rent a Porsche for a few months. If the fee fits your budget, you could enjoy the luxury of driving your dream car for a few months, then turn it back in without having to handle repair costs.
While it’s true that money can stand in the way of some of your life’s dreams, it’s worth challenging your mindset occasionally to see if you can convert your desires into reality.
While winning the lottery would be nice, the odds of that happening aren’t in your favor. Luckily, you can maximize your return on life without it. As Paula Pant, the author of the “Afford Anything” blog, often says: “You can have anything you want, just not everything."
So take some time in the New Year to dream big, then create a plan to make it happen. You never know what you can achieve with a little creativity!
