This got me thinking recently where someone apparently won the lottery where his prize money was a little over a million dollars. Usually when asked what one would do with the money people would say they are buying a car or a house. This person mentioned he was buying a house and there was twist. With his million dollars, he expressed how he can now use it towards a mortgage to buy a home which will make things a lot easier. Imagine that where normally the perception is a millionaire can buy whatever they want whereas now most houses are well over a million dollars.
Do lottery winnings require a bump to give it that financial freedom aura? Although a lot of people were just saying they can still retire with one million dollars such a simply buying a condo instead of a house. I’m not sure if that would be realistic for most who want to start a family as an example. I mean it’s definitely doable, but in this scenario a million dollars is not really an automatic financial freedom figure.
I almost wonder where if someone has their life pretty much taken care of currently and then they suddenly get this million dollars would it work by simply trying to use it as an investment fund of sort to enhance your lifestyle? For example, let’s pretend someone owned a small condo already. So instead of saying now they will buy a home they instead try and get a 5% return on that each year which technically should mean they don’t have to worry about existing expenses. Plus they could theoretically work at a lower paying job that they enjoy.
Because if one million dollars isn’t enough for your dream home where you will still have to equally work to pay it off maybe it’s better to simply upgrade your current lifestyle versus trying to enter into a more expensive one.