May 19, 2015
I received a question from a listner which I decided to answer for you on today's show:
- Joshua: So, this is a "fun question" that everyone loves to fantasize about. I hope it will be fun for you to answer, but it could have a really boring answer, but I'm sure you'll surprise me somehow!
- What would you do if you won the lottery?
- As a financial planner, what advice would you give to a client who had won the lottery? What would the most optimal tax strategy be? Do you take the payments or the lump sum? Would the up-front tax hit be worth it for the long term capital gains? -Micah
So, today I tackled the question! Be prepared...my answer is a bit different from many people's answers to this question.
I do share very specifically with you what I would do. I share what I would buy and what I would invest in. But, I felt it was important to go ahead and address a few of the reasons why I feel the way I do.
This show is very personal to me and it involves a lot of how I see the world. I hope you enjoy it!
The show is divided into three parts. Feel free to pick and choose if you want to, but give it a shot listening straight through:
- The first 47 minutes of the show are about lotteries in general and why I'm not a fan.
- Starting at 47:00, I share the underpinnings of my worldview and the framework for how and why I handle money.
- At 1:41:00 I share specifically what I would buy and what I would invest in.
Enjoy!
Joshua
- End the Government's Lottery Monopoly - Daily Beast
- History of Gambling in the United States
- 2,350 Bible Verses on Money
- Support Radical Personal Finance on Patreon! http://radicalpersonalfinance.com/patron