If something unforeseen happened and you suddenly received an unexpected million dollars, what would you do with it?
Several states are offering money, through a random drawing, for people who have received the COVID vaccine. Ohio, for example, has already given away a prize of a million dollars.
Now, a million dollars is not the amount of money it used to be. Still, for the majority of Americans, a million dollars would be a life-changing amount of money. Plus, the fact that it is not a ridiculous amount of money might make it more challenging to think of various possibilities.
Related: Listen to the Intellectual Roundtable podcast where Michael and Lee discuss the question, ‘How much is enough?’ The discussion comes after a bonus question, ‘How much of our thoughts are our own?’
What would you do with that kind of money?
Perhaps you would spend it. One way is to pay off your mortgage, or even buy another house. You could eliminate any student debt. You might go on a lavish vacation. Or buy a fancy car.
You might decide to save the money (or at least some of it). You could invest in the stock market, start a business, or go back to school.
Alternately, you might donate some or all of it. You could help struggling friends or family members. There are any number of worthy causes that could be assisted.
Do you think you would leave your job? You could switch to another, more fulfilling job if you had some financial cushion. You might even take an early retirement, depending how close you are to retirement age.
Ultimately, knowing what you would do with a sudden windfall may just influence how to spend the money that you do have. What would you do with a million dollars?