Living in Excess: What I Would Do if I Won £100K
What would you do if you won £100K?
We went through the normal answers – travel the world, shop til we drop, have an epic party. I think it is in human nature to indulge where excess is, but this also makes people lose sight on the more important things. This brought us to a deeper conversation: what SHOULD people do with money that they have outside of their necessary spending?
1. Upgrade and Step Up
People make the mistake of confusing excessive spending with upgrading their lifestyle. Stepping up in life, within reason, gives you pressure to keep it up. So it is not completely bad to move up from a rented apartment to buying a house, I probably just won’t spend on a 10-bedroom mansion.
2. Invest and Harvest
I know £100,000 isn’t much to some people, but to me that’s a lot of money! Investing a portion of it will surely return dividends in the future, and continuously growing it means that you would never have to come back to life without it. Invest it in one of your passions and see if it has the potential to make money. Many people go through life hoping they can do that, so if you get the chance, you should grab it.
3. Save for a Rainy Day
Save a portion that will remain to be untouched. Think of your current spending and multiply it my the number of months that you think will be enough for you to stand up on your feet. In a more practical sense, think of what amount will help if you lose your source of income.
I really believe that giving rewards you threefold. Even if it is a small amount, set aside a portion of your money for charity.
I know I haven’t won yet, but it is good to throw it out to the universe. Ha! Also, this advice does not just apply to winning tons of money – it also applies to that bit of dough left behind from your paycheck after your monthly budget. Win or lose, it is best to keep these basics in mind. I hope I win though! LOL