The Million dollar question.
If you had worked hard and obtained a $million would you look after your money better than if you had won the $million?
The which is hard earned do no go away but the winning goes and as it comes and spoils the person. I have seen many people, easy money goes as it come.
The same I believe. If I had a million dollars I would pay off a home and put the rest in savings of some sort.
I don't think I would "look after" the money differently. I do believe that I would take advantage of opportunities of investing and utilizing it passively that are not available to me at my current income level.
I believe that I would choose to look after that much money - a million dollars, correctly in either circumstance. If I had worked for the money or if I had won it, life would be simpler if it was maintained to always be there when needed. I would also like to keep some handy to donate to worthy causes.
There's nothing wrong with leaving some behind for the younger generations either...
No. I currently earn around $15K in a year. I used to be a day trader, and I could still be one if I wanted to. A good day could net me $50K practically out of thin air, but when I go out to "splurge" and buy something that I can afford, I STILL think: Is it worth the money I will spend on it? If I can't say "yes" I don't buy it, no matter how small a dent it will make in my budget.
It's not about how much I can buy. It's about how I spend it. Value doesn't equal cost and only reflects how much people will spend on it. Many of the things rich people buy, they do so to look good to other rich people. For better or worse, I'm not built that way.
For myself, no, I have learned the discipline of using money well. And a person in his fifties in the US is going to need about $1.5 million to cover costs of life and medicine after retirement and before death, on average. So I know where the money is going.
We do know that a bit more than half of the people who win big in the lottery end up bankrupt. We don't know how many people who earn big waste it, and how much.
I think the earned version is much more important. Because it takes time and a great deal of effort to earn; it makes one more careful with managing and spending it. I would spend a lot more time contemplating purchases and researching, before making a purchase.
With the lottery, I may just impulsively buy things. With the lottery, I would allow a certain amount just for spending like crazy. With my own earned money, I would not do that to the same level or amount.
Great Question Silverspeeder. I haven't read other answers so this is spontaneous and may have a little word association to it too.
The answer is nope! From what I hear I am getting a million dollars in one sitting no matter the source. It is just a matter of when I look at the bank account with one and deposit it with the other. Same = Same.
My spending habits are as they are. I have a diagnosis of bipolar disorder and one symptom is spending sprees. Knowledge is good sometimes. That said, bearing in mind a significant other care would be exercised two fold. One, care of us as a couple defined by us and two, care of the money as a trust with a trustworthy body of trustees of at least three. Odd always wins, yet it is the vote that counts.
There is more, yet that is the basics. Of course the governing body is subject to the laws of the land where upon the funds are.
I think, in the instance of the money being *earned* (and not by a lucky investment or a lawyer's cut of a groundbreaking win - or pitching 6 innings in MLB! - but EARNED), then that habit and mindset, and certainly the appreciation for its value is much, much more likely to result in greater care and stewardship.
I would say I would be a more financially-sound person either way. If I worked to earn the million, my purpose in that work would be very meaningful. However, my purpose after having the money, no matter how I obtained it, would be the most meaningful.
by Abdus Salam3 years ago
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by manofmystery2411 days ago
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