Many people dream of winning the lottery but only a few of us actually get to live the dream. Most of us have thought about what we would do with a large sum of money, but do you know what you would do? Let’s talk about some popular and logical choices that you would do if you won $100,000.
Pay Off Debt
The first thing most people would do is pay off any debt that they owe. You would be able to finally live a debt free life and no longer have to worry about crazy expensive mortgage bills or credit card bills that seem like they will never go away. Imagine the financial freedom you would have once all of your debts are paid for and the opportunities that you would be able to take advantage of with no longer having to spend thousands of dollars every month on major bills.
Saving It Up
Saving a large portion of the money would be very beneficial to your future and your finances. You never know when something might go wrong, like having to purchase a new vehicle. If you have a large sum of money set aside in a savings account, you will feel secure about your finances, and the money will also grow just by sitting in your savings account. If you have children you should think about putting money aside for their college tuition. If they decided they don’t want to go to college, you can always use the money for something else, like their first car.
Splurge and Have Fun
After you have taken care of your financial duties, so to speak, you should allow yourself to have fun! Go on a vacation that you have always dreamed of, but never have been able to afford. Purchase your dream car, home, or spoil your kids rotten for a while. Just be careful not to go too crazy too soon, you do want enough money to fall back on later.