What will i do with $590k?

It is easy to make promises and plan when one doesn't have the fund to back it, but fulfilling the promises and following the plan is another thing. Imagine you have $1000 with you and someone asks for 10% out of it, I'm sure you'll be reluctant in giving it out.

I think this challenge was pioneered by @McYusuf and I got tagged to it. At first, I didn't want to join because the truth be told- "I don't know what to do with it". It's easy to go from 6 zeros to a single Zero as @King_Gozie stated in his entry. But seeing how it has gone viral, i couldn't resist the urge. Currently, I can say I have plans if I'm given $5000-$10000, but getting an amount as huge as $590k will scatter all plans I have previously.

While trying to think of how I will spend such an amount of money which I believe will change my life forever, my mind went to the conversation @Kain_niaK had with members of the #Club1BCH group the other day. Ever since we had the conversation, the statement "Getting rich is not making money a lot of money, any idiot can get lucky"

The question that came to mind was. Am I not an idiot? Does getting such an amount of money through "luck" makes me an idiot?. I decided to go back to the chat and I went through subsequent ones. Then the next words hit home

"It's all about not losing it"

"...after you've made it"

"...that takes skills"

"Making money is easy, keeping it is hard".

Anyone can get lucky, Five people can hit the jackpot, but what will differentiate them is what they do with the money. How they manage it in order not to go back to the state they were in before.

My plans

I will have the words above at the back of my mind. It will be my watchword and guide. Not losing the money will be my Top priority. As I said earlier, it's easy for 6 zeros to turn to a single zero within a few days or weeks.

1. Relocate

Getting such an amount of money will surely cause a stir. With the country where I live and society, having such amount of money on you be it Cash or in your wallet or bank. Need I tell you that robbers now go around with POS where you can slot in your card and make a transfer into their account.

So first thing on my list is to relocate to a safer part of Lagos. I will also need a week or two alone to think.

2. Tithe

I'm a firm believer in giving 10%of my Earning back to the church. And so far it's been working well for me. I can say this shares the number 1 spot with the plan to relocate.

If you notice, I didn't allocate any amount to relocation- it isn't definite. But for tithe, that would be $59,000 and I will be left with $531,000 for other items on my list.

3. Make my parents happy

I've always been opened about my desire to make my parents happy. Putting a smile on my parent's faces gives me immense joy. It's something I can't describe with words. I will do everything possible to make them happy and this will also give me joy.

4. Invest

This is surely on everybody's list, number 1 on some list. After reading McYusuf's Article, I asked a friend what will he do with $2000 and he went on listing different businesses he will go into. I felt intimidated because I can't say boldly that I already have a blueprint of any business plan at the moment.

However, after giving it much thought, I got the answer to the question I've been asking myself. Currently, I have some amount of money invested in agriculture on a local farming program called "Agbeloba". On this platform, you buy shares in different farms and get a percentage after a stipulated time. Some Nigerians on the platform should be able to attest to this. The money I invest in it isn't much but the interest is something, compared to just having my money in the bank, yielding nothing.

Rather than invest more in Agbeloba, I will go into it myself. Start a farm, employ few heads and constantly monitor it. The Food business is a venture that is evergreen. People will always need food, with proper planning one can make it big from it.

Ageloba link

5. Education & Certification

I'm a lover of Education and have a lifelong dream of having some professional certificates. Some of this requires a lot of money. With such an amount of money, getting the certificates won't be a problem and maybe someday, I will open my own QS firm.

6. Open a Studio

Yes, you read the right thing. I will open a studio and might be it for public use, bringing in passive income or just for personal usage. I love music and enjoy watching people sing. Sorry! I'm not good at single and can only play the drums to some extent. The Guitar is another instrument that fascinates me. Much money won't be spent on this. Just a mini studio, while my guys and I can spend the weekend playing loud and getting lost in the lyrics of some old classics like "Beautiful nubia's songs"

6. Other necessities

Getting a Car, Laptop and other Gadgets also comes in, but won't take a substantial part of the money. Some might tag it as wasteful spending, but what's the purpose of having such an amount of money without enjoying some luxury?. Marriage? I will cross that bridge when it's time- this was added after reading George_dee's entry.lol

7. Take my time to plan

You might be wondering "why plan again after listing the 6 activities above?". There are other business ventures one can go into. Real Estate for example is related to my field and will surely be one of my go to investment plan. I will need time to think over it, weigh my options and then take the necessary steps. I won't want to swallow more than I can chew.

With money, friends will come. Constant care needs to be taken to prevent bankruptcy. Partying with friends and cruising the town comes to mind but the fear of going back to what I was before won't make me do such. That's doesn't mean I won't help those who need help, but as I said in the first paragraph, better not to make promises now.

Thanks for reading!💰💚💷

Side note

Due permission was taken from Kain_niak before using the chat

Link to Mcyusuf's article here

Link to King_Gozie's article here

Lead image source.