Fantasy & Reality Checks

I went grocery shopping today because tomorrow I am making a huge Mother's Day dinner for, of course, my mother. I am going to make black beans, cheese enchiladas, Spanish rice, guacamole, pico de gallo (to be eaten with tortilla chips), mixed berry parfaits and fresh limeade.

I decided to get something to eat before heading out for groceries.

On my way to Costco, I began thinking about what I'd do if I won 10 million dollars from playing the lottery. I thought about many of the simple things I enjoy doing and all of the average-priced items that I buy once in awhile. Most of us are used to the feeling a need to budget when eating out, buying new books, CDs, clothes and the like. We fantasize about what it would be like to not feel any pressure to conserve money so often.

One person who considers him/herself a fan of Fuddruckers might once in awhile think how awesome it would be to buy several orders of fries and shakes for friends and family without a care. Of course, the average person CAN do this but can they do it several times a week or daily without much thought on keeping to a budget?

I know the average American is irresponsible with their money and lives way above their means with a huge history of debt, but outside of this, how freely and frequently can the everyday person indulge in their favorite purchases while claiming to live well within their means?

My point is that it seems that once someone instantly becomes rich, they'll likely create new standards or limits to reflect that change. A person who enjoyed eating regularly at Subway would probably abandon eating at their favorite chain often just because they accumulated millions of dollars through a contest, lottery drawing or entertainment career endeavor. They will look down on Subway and see mostly expensive, sit-down, affluent-associated restaurants as their new dining standard and swear that they can no longer go back to eating at Subway regularly because, "Like I am so above Subway now!"

As for me, I can't lie and say I don't enjoy the idea of luxury and opulence. I so do. But even my idea of luxury is not about bling-bling but about doing more of the things I like that personally define me and my tastes. I can't see myself buying a Ferrari just because I soon came into a massive amount of money.

Why? Well Ferraris just aren't my kind of car. I can appreciate their technology and design and I think some models are cooler looking than others, but they aren't what I think of when I picture a dream car. I know. That sounds so unbelievable and blasphemous. Like I am totally full of crap. But it's true.

I know many people buy Ferraris simply because they are status symbols and it's all about show and tell. They might never stop and ask themselves if this is the car they really want or if this type of car truly represents them. They care that the car is a Ferrari and now they can finally buy one and be one of the cool kids.



I've always loved the new VW Beetles and the Mini Coopers. I'd still go out and get one of these cars if I won 10 million dollars. I'd look into very cool hybrids as well as Smart Cars. I do like Bentleys as well...but not because they are Bentley's but because they are very sleek and sophisticated looking cars and you can completely customize them before an order. If a Bentley model costs around 50k rather than say 150k and above, I'd still think the way I do about Bentley models. This is just the kind of mindset I have. If not thinking about a car and I lived in an area where I didn't need one, I'd totally go for custom-made but sturdier forms of surrey bikes or an Electra bike.

So in answering the question what would I do if I won 10 million dollars? The first thing I'd do is free myself from slave status. This means I'd get rid all debts and loans by paying them off completely. I'd be ecstatic about being totally debt-free. I'd then offer my immediate family some money and wholly restore their house to its current market value. They could do whatever they wanted with the house afterwards...as well as with the money given to them.

Next, I'd immediately think of ways in which I could build and maintain passive income from various sources by myself and with my fiancé. We'd certainly get a place together. So this means I'd look into business investments that I'd have the opportunity to explore without financial limitations that otherwise would exist. These would be good and lucrative business investments. I am a strong believer in the statement, "A fool and his money are soon parted."

That brings me to this entry's title. What I imagine doing with 10 million dollars and what I'd actually wind up doing with it, should I come into that kind of money, are two highly different contexts. At least for me it is.

I think of celebrities (especially famous athletes) who gain fortune rather quickly. It's like they go from 10 mph to 5000 mph in a matter of 10 seconds. How does one adjust to such an immediate and blazing change like this? What happens in between snail speed and light speed? Yeah I know you'd be loaded with lots of money, but I feel it is so very important for one to wrap their head around such a status transition...because it's a huge paradigm shift.

To just go out and buy a multi-million dollar mansion and a bazillion cars just because you suddenly have the money to do so is a fantasy of many and it seems the likely thing to do but should someone do this right away if they have no previous experience being wealthy to this degree or at all?

It's an ontological shock and I think people take for granted how NOT ready they are or would be for such great responsibility, financial power and leverage. I think it's important for someone to get a strong sense of how to handle their own money on some level when they become wealthy. They need to go out and research about the average cost of living, learn accounting, financial management and so forth. They need to really be close to seeing the numbers going in and out of their accounts when spending their money. Having someone else completely handle the money so that one is further removed from adjusting to his/her new financial disposition is a bad move. A person needs as much of a reality check as they can get. They need to be hands on and the lights need to be on mentally.

I also think that learning how to create residual income and make sound investments so that your financial worth remains above the water's surface is a great way to mentally adjust to being wealthy...especially if you suddenly came into wealth.

I'd do many of these things first before going out spending my money crazily even if I know I am insanely tempted. It's not just about money either. It's also about one's state of mind.

Many people live life according to their limitations. Not their Potential. Therefore, many people gain some measure of self-awareness through limitations. When one comes into a large sum of money, they really are challenged to see who they are at the core, because now he/she can start living less with limitation and with more options. This is actually kind of scary to think about and it's no wonder we often see how tragic, crazy and chaotic the lives of many rich celebs and lottery winners become. They can't handle the paradigm shift and they start to see what they are truly like when their world suddenly becomes embellished with tons of options they could only formerly dream about.

I wouldn't want to be one of those people and although you can't know everything based on theory because experience is often the best teacher, I feel that being very proactive when it comes to analyzing, understanding and being honest with myself is the right way to live. I try to think about who I am not just based on my limitations and current circumstances but based on many possible options...even if they'll never materialize.

I know that any drastic change that I undergo in life, whether good or bad, will be something that I need to adjust to as best as I can. I can't take that for granted. No one should.

So what would I do if I won 10 million dollars? Well you read what I'd do technically, but the most important actions I'd take would be to keep myself in check, stay real and remain true.

Otherwise, winning 10 million dollars would soon become a curse rather than a blessing.