Updated: 20th September 2019
Imagine you’ve just found out you’ve had the biggest stroke of luck in your life. It’s way out there in terms of the likelihood of it happening. But what would you do if you won the lottery and found out that $1,000,000 would be wired to you tomorrow?
Have you ever given serious thought to what you would do?
I know I have!
What I Would Do if I Won $1,000,000 in the Lottery
Winning the lottery is pretty unlikely I know but it’s a problem I’d like to have to figure out!
For me, much of the worry that comes from being a parent and provider would dissolve pretty much immediately.
Mortgage payments, power bills, food, gym membership for my kids, family activities… everyday money worries gone, just like that.
I have a mortgage, so I’d make sure that was cleared. My property would immediately change from being a liability to an asset. I’d no longer have to make mortgage repayments each month as I would own all the equity in my home.
Of course I’m not going to give you the precise details of how much of my mortgage remains. But for argument’s sake, let’s say this leaves me with $800,000.
For me, my dream is not to be a wage-slave. However I don’t mean to say I don’t want to work.
Would I Still Work as a Lottery Winner?
Through all my years of work as an employee and as a self-employed consultant, I’ve had some amazing experiences:
- I’ve had the opportunity to travel overseas frequently and visited some amazing places.
- While at work I’ve made great friends, some of whom I consider to be the best friends I’ve ever had.
- Working in teams that have had to pull together towards shared goals… and achieving them against the odds has been hugely rewarding.
- I’ve felt a great sense of personal satisfaction in my own personal contribution to certain projects.
- I’ve earned a good living.
However, some of the jobs I’ve taken in the past through necessity, weren’t much fun at the time. Looking back on some of them though does make me smile.
My point with all this reflection upon my past work experiences is this.
If I had $1,000,000 when I woke up tomorrow morning I would still want to work… it’s just that I would be able to pick and choose the work I wanted to do.
So that said, let’s pick up again with my lottery winnings!
After paying off my mortgage, I’d have around $800,000 remaining (nowhere near the amount, but it gives an illustration).
For me, a liquid sum like this would make life very comfortable. I wouldn’t go nuts and by a Ferrari… that isn’t my style. Instead I’d be liberated to spend more time to do the things I enjoy.
But of course I would need to use this lottery windfall to work for me and generate some kind of an income.
Back to the $800,000 Remaining Winnings!
I think I would look for at least one investment property that I could rent out to bring in some regular funds each month.
With my mortgage paid and a monthly property investment income coming in, I would truly be free to cherry pick the work I wanted to do.
My hope is that I could devote more time to SideGains to really make it a hub for sharing my knowledge and experience. I feel I enjoy work the most when I am able to contribute… and that’s where SideGains comes in.
I’d probably do more volunteer work. Something that has often troubled me is as an eCommerce consultant is that I often work for corporations with large resources. I’d truly love to be able to add value to people and communities that don’t have the same sort of strength.
Having said this, I am a realist and recognize that corporations have enabled me to survive. I suppose I crave more of a balance.
My Family Would Benefit
I’d like to think I could help my family our a little. My parents are at an age now where they are slowing down and I’d like to make sure they are comfortable. I also have two older sisters and a brother, who I’d like help out a little.
Of course I have my own little family unit to look after, so I’d like my wife to have the same opportunity as me to choose the type of work she’d like to do. To be honest though she loves her current role so things likely wouldn’t change for her in that area.
My daughters would benefit from having a little nest egg to help them in their lives. University fees aren’t cheap and I’d like them to have the choice to study at this level without the worry of huge personal loans to get them where they wanted to be in life.
My Big Dream with the Money Left
Finally, if there was any money left over after all this, my long-term dream is to buy a small house in Mallorca, Spain.
You may have read elsewhere at SideGains that I have a very strong connection with Spain. I studied languages at university and in total I spent the better part of a year working and living in mainland Spain.
I’ve backpacked around Spain and visited many different parts and I’ve pretty much loved all of them. Spain is such a diverse country in terms of regional culture, geography, language, food… I could go on and on!
But for me, the island of Mallorca is a truly unique place, especially when you get off the beaten track.
I would opt for a small house somewhere in a village at the foot of the Tramuntana mountain range… perhaps the village of Soller. My long-term goal would be to live there permanently.
Mallorca is a beautiful island. It has some incredible scenery, stunning villages and amazing weather: I’m English so I am obsessed with avoiding rain!
Yes As you can see, I have often asked myself, “what would you do if you won the lottery?”
Back to Reality
There’s nothing wrong with having dreams… dreams give you motivation. I have a whole bunch of dreams and the house in Mallorca is of course one of them.
Fantasy though is another thing entirely!
What would YOU do if you won the lottery?
I’ve nothing more to say right now! Thanks for reading.
It’s good to dream! Let me know in a comment below what you’d do with a $1,000,000 lottery win.
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