Submitted by George Taylor
Ok, I understand the odds. If you don’t play, you can’t win. If you play, you probably won’t win. For the 5th time in my life, I bought a lottery ticket. About as many cavities as I have had.
I felt very stupid as I have little experience in playing the lottery. I headed to my dear friend Peter Aziz’s gas station to buy the tickets where I learned that one ticket was $2. The staff was helpful in explaining how this particular game worked. I was told you could buy a multiplier but it doesn’t increase your chances of winning or make the jackpot bigger. Being a former math major, I calculated the odds were in my favor by buying one ticket. By buying one ticket,my odds went from 0 to something like 1 in 292 million. Much better odds!!!!
I have made plans of what I am going to do with the money. Being a financial advisor, I will set up trusts for my kids, make some cool investments, take care of debts, etc. I don’t think I will retire but I will take some cool vacations. I’ll also invest in some of many investments I have access too.
Since I am planner I have to think about what happens if I don’t win. My backup plan is to find the lucky person(s) who did win and convince them that we should be their advisors. Then I would make the recommendations that I have been trained to do as a Sudden Money advisor by the amazing Susan Bradley. Don’t make any big moves while you develop your strategy. Set up a GST trust to hold the money, probably coupled with an LLC. Don’t promise everyone who comes out of the woodwork claiming that they need help or want to borrow a couple thousand dollars or has a great investment idea. Take some time and make careful planned out decisions. Decide who you are going to take care of and who you are not.
Now if I don’t find that person or they don’t find me, I will leave my dreams and go back to my current reality. Just hope that person finds the right advisor so their life does not spin out of control.
I guess that I will go back to figuring out how big of a problem China is in the current market…