I wanted to make this a part 5 of my Money, money, money series but decided to give it a different title, A million money. If you have won the lottery and won the jackpot prize of exactly one million, what will you do with it? What was the first thing that came into your mind when you read that question? Who will be the people whom you are going to share the good news? How will you spend it? Would you like it in a form of cash or a cheque?
When I made an article about this, I said before that I would put the Php500,000 in the bank, Php250,000 will be invested in stock market. But now that I have known about cryptocurrency, I would probably be putting Php250,000 in the bank, Php250,000 in stock market and Php250,000 in cryptocurrency. I know it is very risky especially to someone who doesn't have any idea on what I am getting into but like I have said that I am taking my time in learning things on cryptocurrencies and trading. But I know I can always ask @bmjc98 and other fellow read.cash users who has experiences and knowledge on cryptocurrencies and trading. For stock market, I might ask for help from @Judith1969, @Firenze and @bbghitte as I read in some of their articles that they talked about it.
As for the remaining money, it will be for the material things that I have been long wanting to have. I don't know how many material things will I be able to buy from my 250k but the top that is currently on my list is an iPhone. My phone is still in good condition and is turning 3 by the end of this month. My problem is the storage as I have a lot of photos that I haven't deleted yet. Some of which I have already transferred in my USB OTG but I am having a hard time to delete them because it looked good on my Places folder. I had out of town trips in different places in the past 3 years and the only missing is the Visayas region. That is why I can't delete them yet. But I am proud of myself because out of 9,000 photos, it is now down to 7,000+.
Going back to my remaining 250k, I know that iPhones are really expensive but I am used in using Apple products ever since. Yes I did have a Samsung before and an LG but Apple is more user friendly for me. So that leaves me with 180k if I would buy a phone. In reality, you can actually spend a 250k in a day just buying the things that you have been wishing for so long. I think the next thing that I would buy is a washing machine because it will make our lives easier. I know how to do our laundry but I haven't tried washing our bed sheets by hands. When my mom was sick, I just soaked it in water with soap and fabric conditioner. Did it 3 times and then done. LOL. I have no idea how much a washing machine cost but for sure I still have more than a 100k.
Next I would give money to my parents, my brother, church and animal rehabilitation centers. I don't know how much money is left from my 250k but I just realized that I forgot about my health insurance. I guess I wouldn't be able to buy my phone. Needs versus wants. Of course it is a no brainer, I would rather choose my health insurance over a phone. But if there is still budget for a phone then why not right? LOL.
If I won a million dollar jackpot on a lottery, I wouldn't tell it to anyone. I guess most of my fellow Filipinos would know the reason as to why. I don't know if this is the same case in other countries but when you broadcast to your family, relatives and friends that you won the lottery, they would either ask you for a treat or give them a share of your prize. If you didn't give in to their requests, they would call you selfish. Just like what I have mentioned in one of my Money, money, money articles. So I would just rather keep the good news to myself and use the money however I want. Is it selfish to look after your own future? I don't think so.
Just thinking about a million, you already have a clear picture on how you wanted to spend it don't you? Do you think you will be able to do whatever it is that you have envisioned? I think for people who have that strong will and determination wouldn't be tempted to spend all of their money. I am half spender and a half saver but before I was 75-90% spender. I splurged on everything that I want without thinking of my future. Now that I have experienced in struggling where to get money, I have learned a lot of lessons. My dad is an Ilocano and one good trait of them is being practical. I wish that I have been more like him during my younger years. I think I took after my mom who likes spending whenever there is money. But I am happy that I have actually broke the habit of too much spending precisely because I don't have any money to splurge in the first place. LOL. Kidding aside, you can actually buy all the things that you want when you are already rich. So if I won that million money, I want its value to multiply in the long run. Earning money while we sleep! Just like what we are doing with our bitcoin cash, we let it gain profit while we sleep.
A million money may seem big at the moment but we should always think how much more it will grow in the future if we just put it into the right investments. An investment that would appreciate. For me I would stick with bank, stock market, cryptocurrency, health insurance for my million jackpot money. If food cart business fits my budget yhen we can include that also. One known financial advice that very few seldom practice, spend what is left after saving. So how are you going to spend your million money jackpot?