How to Spend a Jackpot Prize Amount of $1 million for a really long time?

Every other day, someone you know would come into the office and talk about their lives if they got rich, or what they would do with the million dollars they suddenly won from a jackpot. It’s not a hard question, but rather one that we heard many times, and even real-life stories of how someone who had a million dollars and back to square one in a short amount of time because of bad decisions.  

It’s true, that wealth could be a double-edged sword. Sure, much corruption in this world is caused by money. However, we can’t deny money is needed to maintain a level of comfort in life, used for charitable and other beneficial purposes. To avoid bad outcomes, here are some ideas we think you could spend a million dollars for very constructive purposes. 

Invest

Having one million will give you plenty of investment options. Most people would immediately think of stocks as they provide growth and can help hedge against inflation. While there is nothing wrong with that, we think you should diversify your portfolio, such as bonds to counterbalance the risk of stocks, real estate and even in a business. The basic investment objectives are very much the same as if you had a much smaller amount of money, it’s just that having a million dollars will give you a lot more options.

Family Financial Planning

Broadly speaking, financial planning means outlining specific objectives you want to accomplish with your money and the steps you need to take to reach them. Family financial planning is all of the above, with an emphasis on precise circumstances that families may need to plan for. This kind of financial planning accounts for various ways that for example, marriage or having children especially can have an influence on the way you manage money. It is no secret that having children has always been expensive, and especially so in today’s day and age. Many parents in Asia countries spend around a quarter of a million dollars on their children before they turn 25 which is when children graduate from their tertiary education. Hence, it is important that you should at least have a plan to clear personal debt, such as credit cards and student loans. With a million dollars at hand, you can imagine how much easier it would make your and your family’s life. It is never too soon to even think about retirement if you would to take a load of the burden off your children later. 

Treat Yourself 

You may associate ‘treating yourself’ with spas or any sort of relaxation treatment. We don’t think there is anything wrong with that, however with a million dollars, these facilities certainly going to make it a lot easier to access. The psychology behind treating yourself has a lot to do with power, and in the modern world, that power is purchasing power. Research has shown that spending can ease the feeling of sadness, which makes sense as sadness is often associated with helplessness. Simply engaging in materialism such as shopping, buying a nice car or villa you have always wanted will positively impact the soul. If the pursuit of physical possessions is not your cup of tea, how about traveling abroad? Going to new places helps to improve your mental well-being by experiencing new cultures, enjoying scenic views, or just simply breaking your routine. It was revealed that people who traveled several times a year whether it is locally or internationally are 10% happier than those who don’t. We are not saying it is impossible to do any of these without having a million dollars, but it would be much easier by not straining your credit card!

Donating to Charity

Contributing to charity is a sure way of boosting your mood. Knowing that you have helped others is hugely empowering and in turn, can make you feel fulfilled. It also reinforces your personal value. Having the influence to positively impact the lives of others is an honor and one that comes with its own sense of obligation. Acting on these powerful feelings of responsibility is a great way of investing in your local communities and knowing that the returns will surely come back the way that benefits your neighborhood directly. You are likely to be well-placed to recognize root causes in your community that could benefit from generous giving and support. You might also be provided insights into how to contribute your money or time to amplify your positive influence and fortify your community. 

While a million dollars is a lot of money, the act of imagining what you would do with a large sum of money is very much like budgeting, just on a bigger scale. We think you can take a break and relax a little after all your hard day’s work. If you would like to make this dream possible, why not check out Play88, a trusted casino company Singapore today? Play88 has a lot to offer to new and seasoned players with plenty of bonuses to give! Register today to join our online casino VIP program and make your dreams come true!