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Career

What would you do if you won the lottery?

A question often asked by psychologists, educators and curious minds alike. The Weekly's financial expert, Virginia Graham, poses it from a financial point of view.

They often say people who actually do win a few million dollars from the lottery, lose all the money within a year and end up in a worse situation than before. You might be thinking 'yes, but I wouldn’t be so silly, I would keep it all, I would get proper advice and buy the right things.'
The question is: why aren't you doing that now? What's stopping you from getting yourself financially organised and savvy today?
If you win the lottery or get an unexpected inheritance wouldn’t now be a good time to be organised. Is there anything wrong with adopting a millionaire mindset now?
Even if you don't win lotto or an inheritance, maybe once your mindset changes, you'll think of a way to make a huge amount of money. Maybe you'll think about all the things you'd do and want, and realise you have them already or could buy them for a lot less than a million dollars. So, in one sense you win the lottery today anyway — without even buying a ticket!
Just for fun
Why not imagine you've won the lottery and think about all the ways you could organise your wealth. You will still have to plan and budget, still learn more about money, still think about all the things you really want. Write them down. Implement a plan of firstly all your goals and dreams and then how you are going to achieve them all.
Budget/Goals
On a micro-scale you can start now anyway. If you’re in debt, still budget but plan to pay off your debts and once they are gone, plan to start a savings and investment program for the same amount. The same system you would use to budget if you had millions you can do on a smaller scale now.
Learning Program/ Team
Start now learning more about money and how to manage it. Also work out who you would have on your financial advice team if you were richer and follow what they do and see if you can understand more about how they work.
Millionaire Mindset- Decide you are wealthy
Change your mindset now and the money will follow. After interviewing several billionaires the one thing from them about wealth that I learned was that they made a decision that they were already wealthy, and THEN the money flowed — not the other way around. This was the only commonality between them; their mindset.
The best thing about changing your mind is that you can do it today for free; the decision is yours.
By Virginia Graham from www.modelmortgages.com.au
YOUR SAY: What would you do if you DID win the lottery? Email us on openline@bauer-media.com.au

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