Today is Be a Millionaire Day. Wouldn’t we all like that? I know I would.
Now, I’m not a millionaire, and I don’t really ever expect to be one. I have no rich relatives to leave me an inheritance. I rarely play the lottery, so I probably won’t ever hit that jackpot. In all my years of playing the Publisher’s House Clearing Contest—and believe me it’s been a long time—I’ve never won a thing. Besides, a woman living in a trailer in my hometown won a few years back, so I figure that bolt of lightning won’t strike here again.
However, I do dream about winning big money every time the lottery gets into the millions and I drop a ten on some tickets. Likewise, when the television ads for Publisher’s Clearing House contest say, “We could be knocking on your door this coming Friday!” my what-would-I-do-with-all-that-money scenarios start kicking in.
I won’t bore you with all the details of my dream, other than to say I’d hire a full-time gardener to care for my garden and someone to clean the house on a regular basis—mostly because those are jobs I’m having trouble doing. The hubby and I would probably fulfill the two things on our bucket list we haven’t been able to afford: an RV and/or a modest lake house—no gold gilded ceilings or fancy marble floors, just a cozy cottage with a great lake view. We’d probably pay off the mortgage and put money in a trust for our daughter. And I’d work very hard to see that we didn’t go bankrupt.
Go bankrupt with a million dollars? you ask. Don’t laugh. It happens. In one study of Florida winners, 70% had spent every last dime of their jackpot within 5 years of winning. Additionally, 1% of lottery winners in the Florida study went bankrupt annually. Whether you win a lot or a little money, you risk losing it very quickly. In the Florida study, winners who took home between $50,000 and $150,000 were half as likely to file bankruptcy in the first two years, but once they got to the 3-5-year mark, the frequency was the same.
How can they lose all that money so quickly? Buying expensive cars and new homes, paying off the mortgages of family and friends, gifting money and things to people who line up to get a piece of your winnings, hopping on a jet and taking luxury vacations that cost an average of $11,000 each. But the biggest way to lose the money is not getting financial advice. When you suddenly have a huge influx of cash it can be overwhelming. You need someone helping you who knows how to handle money and make wise investments.
So when I get that mega million windfall, how will I take it? Lump sum or payout spread over my life? Investors go both ways on that. Some say take it as a lump sum and let the value of the cash work for you. Others suggest you should take the annuity, put in the bank, and live comfortably, forever. Additionally, this way if you blow the first installment you won’t go broke.
Personally, I’m leaning toward the Jed Clampett method, made famous in the television show The Beverly Hillbillies. Put it in the bank and live as simply as I always have, with the few modifications I mentioned above. After all, money isn’t everything, and I can’t take it with me. So, I might as well leave some for the family when I’m gone.
What about you? How would you spend a million dollars? Could you keep from going bankrupt?
Money’s no object for novice Sister Margaret, but she does have a big decision to make—follow her heart or follow her planned vocation. Check out Catherine Castle’s multi-award-winning Inspirational Romantic Suspense The Nun and the Narc. You can read a sample here.
The Nun and the Narc
By Catherine Castle
Where novice Sister Margaret Mary goes, trouble follows. When she barges into a drug deal the local Mexican drug lord captures her. To escape she must depend on undercover DEA agent Jed Bond. Jed’s attitude toward her is exasperating, but when she finds herself inexplicable attracted to him he becomes more dangerous than the men who have captured them, because he is making her doubt her decision to take her final vows. Escape back to the nunnery is imperative, but life at the convent, if she can still take her final vows, will never be the same.
Nuns shouldn’t look, talk, act, or kiss like Sister Margaret Mary O’Connor—at least that’s what Jed Bond thinks. She hampers his escape plans with her compulsiveness and compassion and in the process makes Jed question his own beliefs. After years of walling up his emotions in an attempt to become the best agent possible, Sister Margaret is crumbling Jed’s defenses and opening his heart. To lure her away from the church would be unforgivable—to lose her unbearable.
About the Author:
Multi-award winning author Catherine Castle loves writing, reading, traveling, singing, theatre, quilting and gardening. She’s a passionate gardener whose garden won a “Best Hillside Garden” award from the local gardening club. She writes sweet and inspirational romances. You can find her award-winning Soul Mate books The Nun and the Narc and A Groom for Mama, on Amazon and Barnes and Noble.