Wednesday, September 11, 2013

Could You Handle Receiving A Large Sum Of Money?

We all fantasize about receiving large sums of money either through the lotto or any other act of luck.  What figure do you dream of: $50,000, $250,000 or $1,000,000?

As we work hard everyday we figure a nice windfall would be the answer to our problems.  Would you be able to handle a substantial amount of money if it were given to you today? Let's say you happen to receive 1 million dollars and you find yourself working a 9-5 job what would you do?  Would you quit your job? If so what would you do with your free time?

Without a plan how long would you be able to survive without running out of money?

Would you take a nice vacation? Would you buy a house? When you think about it this way lots of cash seems like a good thing.  Money well spent can be good if it brings joy and an answer to a problem.

Would you spend too much wiping your entire windfall in a few years or even end up in debt?  The large gift could leave you missing the big picture of how hard it is to create wealth.  The million dollars would be a big responsibility assuming you would want it to last this generation and the next.  You would have to learn to make more of it otherwise you would run out eventually.

You would have to educate yourself about preserving, multiplying and transferring the money you just received.  You did not create the million dollars so you missed out on all the steps therefore you would have to get advice on the matter otherwise it would be bye bye windfall.

Yes, the money can do much good if used wisely.  It can be used to have a good time with family, friends and to give to good causes.  

It could become a burden if you are not prepared and have unrealistic expectations.  You may end up in the same place you started due to bad money management skills.  In this case you might have been better off not receiving the money at all. 

Would the large sum of money received make you dependent on it instead of on your qualities and skills? Would it disrupt your life's calling or pursuit of it?  Would it make you proud and take away the humility that is necessary to learn and excel in life? Would you be a good friend to those around you? Would you still be a compassionate person? Would you give back to society or would it all be about you?

Money can be a blessing but only when it is used wisely and when it does not disrupt your view on life and the pursuit of happiness for you and your family.  You may come across a large sum of money someday why not become better prepared by educating yourself financially and emotionally to be ready when it does come.  If it doesn't then maybe you are better off without it, all you do need is already around you and most likely it is free.

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