Winning the lottery should be a dream come true.You may fantasize about owning a mansion and driving a $100,000 sports car but what would your really do if you won.
If you won 2 million dollars which sounds like a lot for anyone working an average 9 to 5 job for $30,000 per year but how far will it really take you?
Most lottery winners want to buy the biggest house they can find. Depending on where you live that could be anywhere from $500,000 to $1,000,000. We can average it out to about $700,000. That will get you a nice new house in a great neighborhood, maybe even a gated community. For many the lottery is their chance to own their dream home.
Once you have a huge new house you have to fill it with new furniture. Furniture is an expensive investment. You will probably end up spending around $250,000 on couches, beds, dining sets, rugs, drapes, and all the little decorative things that you have always wanted.
When you have the house and the furniture to fill it all you really need now is a new car. Every person has their own idea of the perfect car. Most new cars run about $40,000 or so but if it is fuel efficient it could be a good investment.
No lotto winning spending spree is complete without the vacation of your dreams. Where ever it is you want to go. You may go to Hawaii or Europe, or maybe Disney land. Where ever you choose you will want to bring all of your friends and travel in styl so the trip is bound to cost you up to $10,000.
So far this seems to be a reasonable spending spree for someone who has just hit the jackpot but you cannot forget the many friends and family who will come out of the woodwork looking for a hand out. There is nothing wrong with helping out your loved ones. It is expected that you will want to do what you can for them. We can figure that you will spend $300,000 helping your family with their financial troubles.
Suddenly you have gone from 2 million to $700,000. Well you're not a millionaire but it is still a good deal of money. That is until you realize you haven't even paid taxes yet. Your property tax will be high on your huge new house. Your car insurance will go up for the fancy new car and relatives will always turn to you for money from now on. If you want to make your lotto money last you have to be thoughtful of how you spend it. Invest more than you spend so that you will never have to work again.
