This topic brings to mind the lyrics of a song by Bruno Mars and Travis McCoy that says:
"I want to be a billionaire so f---- bad, buy all the things I never had. I wanna be on the cover of Forbes magazine smiling next to Oprah and the Queen. And it continues: the world better prepare for when I'm a billionaire."
Source
Funny enough the lyrics of that song reveals the thoughts in the minds of some when they hope to become rich unexpectedly. In my own case I barely earn up to $450 monthly but the question is, what will I do if I suddenly have a million dollars in my account? I will write on how I will use such amount of money prudently, focusing on personal development,lifestyle change, risk management strategies and contribution to charity.
CRYPTOCURRENCY INVESTMENT:
I am a cryptocurrency investor and this new found wealth will afford me the opportunity of investing more in cryptocurrency, I will invest about $200,000 in buying established cryptocurrencies and stable altcoins to strengthen and diversify my portfolio.
This will put me in a good position to maximize my money in this bullrun.
PERSONAL DEVELOPMENT:
There have been people who were homeless or poor but later won lotteries amounting to hundreds of thousands of dollars and some even millions of dollars but after some years they end up being homeless or poor again. It is because of a lack of financially intelligence or a lack of financial knowledge. I will invest about $50,000 in self improvement by attending workshops,seminars and investment programs that will refine my understanding of how money works and how to maximize wealth through cryptocurrency and other reliable investments.
This knowledge will sharpen my focus and decision making ability when it comes to business.
INVESTMENT IN REAL ESTATE, STOCKS AND BONDS:
I will diversify my investments into traditional investments like real estate,stocks and bonds. The reason for this is that cryptocurrency is highly risky and volatile but I will need investments that can serve as shock absorbers if others fail.
Real estate investments and investment in stocks and bonds are stable long-term investment that bring low but stable income. I will invest $300,000 on this.
LIFESTYLE UPGRADE:
Being poor there are things that I presently desire to have so as to improve my quality of life and that of my immediate family. I will invest about $50,000 in acquiring gadgets,upgrading our apartment, buying new clothes,cars,shoes and other strategic enhancements that are needed to improve the overall quality of life,well-being and standard of living.
In doing this, I will seek to strike a balance between spending to enjoy life now and investing to secure tomorrow.
GIVING BACK TO THE SOCIETY:
Remembering that there are many who are poor like me but don't have the opportunity I have of getting a million dollars, I will give back to these ones so as to put a smile on their faces. I will invest $50,000 in giving to orphanages, friends and acquaintances, the elderly, sick and vulnerable people. Just as Jesus advised that when giving do not let your right hand know what your left hand is doing, I will make this contributions anonymous so as to enjoy the real happiness that comes from giving wholeheartedly.
INVEST IN MY CURRENT BUSINESS:
I run a business presently and I know that with a financial boost my business will thrive and see the sunshine. I will invest $100,000 in buying equipment and materials that will improve the fortunes of my present business. I will import essential oils in large quantities as this will be cheaper and help increase the margin that I make from its sale. I will invest in a standard spa and well-being outfit that will meet world class standard.
MY PARENTS:
There is nothing as good and satisfying as knowing that your loved ones are well taken care of and that they lack nothing that you can provide. I will invest $50,000 in the upkeep of my aged parents and ensure that their healthcare needs are well taken care of. I will upgrade their home and standard of living so as to help them enjoy the remainder of their days on earth.
RESERVE CASH:
Of what value is it if I spend every part of a million dollars without reserving some cash for any emergencies or needs. I will keep $100,000 in my bank for any unexpected need.I will split this into two,$50,000 in a fixed deposit account and another $50,000 as liquid cash reserve for living expenses and other needs., this will be my safety net.
INSURANCE:
It will be unwise to invest a huge amount of money in assets without insuring them. I will invest the remaining $100,000 in health, life and other insurance policies to protect my assets in case of any eventuality.
This will also give me peace of mind as I know that my family has financial security if anything goes wrong.
CONCLUSION:
Getting a million dollars at once rarely happens in the life of a person and if it does happen,a deliberate and balanced investment initiative and a prudent use of such money will guarantee financial growth and a fulfilled life. In all I do with my use of such money,I will endeavor to be fair to all men and with God.