Monday, April 30, 2012

Monday Musings - Happily Ever After - Part 1

After all the hoopla surrounding the recent Mega Millions winners, I started thinking about all the things we read and write into our "happily ever after" scenarios. One of the things people often think about is having enough money and it would be hypocritical of me to say I didn't think about what I would do if my family had won that much money.

The more I thought about it, and the more I looked at past winners and those who have money -- the more I wondered whether I would want it or not. I mean the scrutiny alone would be a pain. Then you have to wonder how you would deal with everyone wanting money from you and how they will react if you don't give it to them - even if it's in their best interests. I've seen a lot of interviews where wealthy people have admitted they wish they didn't have so much because they know many of their friends are only there for the money.

Then there is how it would change your life. I have to admit, in a lot of ways this would be great. We could give to whatever charities we wanted, pay off all our debt, not worry about college expenses . . . live where we wanted. It could be nice not to worry about being able to pay for things. However, there is this whole new worry about mismanaging that much money. You have to worry if your lawyer and/or broker is doing a good job or stealing from you -- then there are all new tax laws and people who will resent you for suddenly going from the ninety-nine to the one percent. You may even have to worry about your personal security.

When all this came out about the huge amount to be won, I saw a special that said a lot of people who win large amounts end up with broken marriages and in financial troubles within just a few years. They think it's because of how suddenly their lives changed.

What about you? Would you want to be one of those Mega Millions winners? How would you avoid the problems that come with it?

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