Skip to main content

If you hit a jackpot, What would you do?




Hello Friends,

It's been a while since I last posted. I am sorry about that. I promise to be more consistent than this. Happy Democracy Day. It's the beginning of a new era for Nigeria, the beginning of a new Nigeria.

The feeling of having a new government in power according to some people, is similar to how you feel when you win a jackpot, the lottery or whatever it is someone can win, and this got me thinking that it is time for me to proceed to my next question: "What would you do if you won the lottery/ a jackpot?

I remember when I asked this question a few weeks ago, I got all sorts of answers, some had me almost rolling on the floor with laughter, some had me really and truly shocked, a few impressed me............., so I decided to share a few of the responses I got, and my thoughts with you.

Below are a few of the responses I got:

  • Omo, I go first resign from my job, carry my family, go on a well-deserved vacation, when I come back, I will come and think of what to do.
  • My sister, na to first comot this country o. I go enjoy my life small, come back Naija, come invest (invest in what?)
  • Bab, first and foremost, I will leave this job, put the money in the bank, while I think of what to do with it.
  • My sis, I don't know what I will do yet o, all I know is this: " I will gbadun my life wella", chop all the life, and maybe invest some of the money.
Almost everyone had the mindset of investing these funds, but they couldn't tell me for sure what sort of investment they would be doing.

Some wanted to leave their job, while I'm not saying this is a bad idea,I think that's too hasty a decision to make, seeing as how most of them didn't even have a clear idea of what they want to do with the money.

A few people wanted to gbadun their life wella. Now this is not a bad idea, I think you can decide to 'go for a vacation' , change your wardrobe, buy new cars, buy houses and lands(this I support, because it's a form of investment), so far you still have your eyes on the goal (which is how to constructively use the funds you just got).

What I do not subscribe to is for you to practically have no idea what to do, and then think that the idea will come to you when you are on vacation. Don't get me wrong, you might get the inspiration to venture into something new, when you are not in your regular environment, but this doesn't happen often. Truth is, if you don't have ideas of how to constructively spend money when you don't have it in excess, you probably won't have any ideas when you hit a jackpot. #word

My thoughts on this are:

  • When you hit a jackpot, sit down, and portion the money out. Have a clear cut idea, what portion is to used for what.
  • Pay your tithes (for the Christians), Zakat/Sadaqqah( for the Muslims). Pardon my being all religious. smiles.................
  • Save a portion of the funds (your decision)
  • Invest a portion of the funds (this will be discussed in full details later)
  • Do some goodwill spending
  • Spend on yourself( at this stage, you can decide to gbadun yourself wella)

Please note that the spend on yourself comes last. This is deliberate. By spending on yourself last, you would have had time to really think of the things you need and want, so as to curb any impulsive and unnecessary spending, plus you will be spending what is left after you have saved and invested, instead of saving and investing what's left after spending.

I hope tonight's post has been of help.

Till next time.

Peace and Love.
'Lade.

Comments

Post a Comment

Popular posts from this blog

Is there a smart way to save?

Babe, why have you stopped posting on your blog? When is your next post? What are you going to write about? All these and more were questions I got during the week. I want to use this opportunity to thank everyone who has come to this blog to read my posts. I also want to implore you to help share with your friends and family(after all, the more the merrier, or don't you think so?) Smiles................... So let's get back to the matter................. Of the discussions I had with people, one thing stood out for me, the second greatest excuse people give after "I don't earn enough to save from" is "I don't have the discipline to save in the bank, and not withdraw from it". Frankly, this was shocking, but then I realised that some people would rather keep things( money inclusive) out of their reach in order to keep it safe. So when I got answers like " If I save in my bank account, I will be tempted to withdraw when I want to ...
4 comments
Read more

Money decisions as a couple

Hello friends.  Happy new month.  I hope we've been making good money decisions since my last post. I haven't written in a while,  not because I am lazy, but because I really wanted to be sure that this is what I wanted.  After some serious soul searching, I realised that I am in for the long haul. I am really interested in helping people make responsible financial decisions. Today's post is centred on marriage and finance . I was discussing with my friends about how wise it is for couples to share financial information with one another. We hear of couples who separate and even get divorced because they are not financially compatible,  so I thought that this needs to be discussed. As you will have guessed, different people have different schools of thought about this. I have a friend who said this: "Lolade, I'm not interested in any joint account o, I'm working for my money,  I think I should be able to spend it anyway I like,  plus the guy should ...
3 comments
Read more

Tips for making 2016 your best year financially!!!!!!

 Hello Friends, Happy Sunday!!!!! I hope we had a beautiful day. So it's the start of a new week, and I absolutely love starts. I see it as an opportunity to re-write, re-brand and renew. I read something about financial planning in the past week, and I decided to share with my fellow blog readers. Please relax, enjoy and learn a few things, as we go through this together: "From the look of things, this year will likely be a difficult one financially, and to get through effortlessly, you have to start planning from the beginning. You can't afford to wait till the end of the first quarter, or half-year to start planning. Planing should start now. Use estimates if you must plan, and change to actual as you go on, but don't wait any further." Be prepared to let go of some things, and only spend when absolutely necessary. If you have saved money, try not to touch it. Please do not spend on frivolities. Avoid capital projects in the next ...
2 comments
Read more