What Does This All Mean?
“My motto: You can only eat so many steaks. “— Steve Cordasco, financial advisor
So are you screwed if you win the lottery, get a high paying job, or come into a big inheritance? Definitely not, if you’re careful and keep your head about you.
A local financial adviser I’ve listened to on radio did a yearly show about what to do if you win the lottery or come into a big pile of money. Steve Cordasco’s basic advice is to get a team. The team should at least be made up of a financial advisor and a tax attorney.
Cordasco also recommends investing the bulk of the money in the safety of government bonds with low yields. If you have a large jackpot, you’ll be earning hundreds of thousands of dollars a month. Your principal will also be safe.
Ramit Sethi, author of I Will Teach You To Be Rich, recommends to stay completely anonymous if possible. Don’t tell anyone you won. This will keep scammers and leeches at bay. He also recommends not changing anything for six months. This will give your team time to get your affairs in order. It will also give you time to wrap your head around having that much money and hopefully not do anything too crazy.
There are people to help you handle the money, but what about dealing with yourself? How do you avoid from going crazy or becoming a victim to hedonic adaptation?
Going to a warzone or getting into a car accident to lower your bar permanently aren’t an option either.
William Braxton Irvine is a philosophy professor and that’s what his book concentrates on. Specifically, he centers his cure for hedonic adaptation around the stoic principle of negative visualization. In this method, one imagines the loss of things they love or hold dear.
You may complain about your wife or boyfriend who’s been with you for years. Now, imagine they were gone or lost. Let that vision sink in. Imagine the strange stillness of your house. Think of all the times you’d begin to say something to them, only to realize they weren’t there. What would that strange empty hole feel like? I’m guessing terrible. Now your perspective has changed.
Negative visualization enables you to periodically imagine loss and pain so you can truly appreciate what you have. This mental exercise in a way enables you to experience that lowered bar a car accident victim or a soldier in a war zone may experience.
However, this isn’t only handy for keeping your head during a lottery win. This little exercise can keep you appreciative of the many blessings around you that you never notice. Perhaps by doing this, you may even realize how amazing your present life already is. You may have already won the lottery and just not realized it yet.
We may all have the same daydream of winning the lottery. Money falls from the sky and angels dump gold coins on your head. But, it doesn’t seem to work that way in real life. Life is complicated and money has its own weird way of creating new problems. As strange as it sounds, perhaps we can learn something from that person in the car crash. Maybe by lowering our bar a bit as they do will make our current lives a happier place.
Thank you for reading my ramblings. If you’ve enjoyed what you’ve read, please share. By the way, despite all this, I’ll still take the lottery win any day 😁.