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My Windfall Fortune

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A “windfall” sum of money is the cash which somebody would get at any given time without expectation and as such there would be no immediate plan of expenditure. It would come as a result of lottery activities, prize monies or even inheritance. There would be a tendency for an individual to believe that the sum received will last forever. This is because the windfall sum may be so huge and create an illusion of instant wealth to an individual (Duguay, 81). In this essay, I will explain what I would do if I were gifted with $ 300,000 and my reasons for thereof.

If I were gifted with the given lump sum of money, I would be grateful and use all my knowledge and skills to ensure that I gain out of it because they are very rare to chances of one coming across such an amount of money. Most importantly, I will start with development of a budget for the money so as to ensure that I have control over my spending. It would be most important for me to maintain my normal way of life before changing my shopping habits until the point where am certain on the plan of expenditure (Duguay, 81). An immediate change of lifestyle would be the most immediate thing that comes to my mind but I would consider this step very crucial in personal finance management and future success. Thus it would be important for me not to rush through any such decision.

I would consider getting an opinion from a financial consultant or advisor. This is important because an expert view has a future aspect which is important   when utilizing gifted sum of money which can easily be diminished. I would do this because am not an expert of finances myself but I know for sure that money is important element in my day to day operations. I would consider implementing a financial plan of my expert if it meets my requirements. The basic requirement that I have is to utilize the money in such a way that ensures continuous future cash flows even when the lump sum has been depleted.

I am a person who does not believe in the old age saying “Easy come, easy go” and as such will ensure my spending is strictly regulated for the windfall sum. I will avoid spending on expensive items which can squander my gift money. Thus if I were to receive such an amount I would immediately deposit in my savings account to avoid the spend spree habit that is associated with such gains. This will enable the dust of my excitement on the gift to settle so as to ensure my mind is sober on how to utilize the cash.

I would then proceed to research for an investment that would give me returns for my money. If the financial expert’s plan was in line with this thought, then I would choose among the given options. My choice of an investment is that it would be able to generate continuous cash flow to the future and that its investment would be less than $ 300,000. An ideal investment project for me would be that which would take $ 150,000. This is to enable me have a cushion if the project does not succeed as my expectation. Although I would be positive that my investment would be viable, it is important that I consider the negative effects if they would come a long.

Once the project is started after all cost benefit analysis is done, then I would consider how to continuously support and improve it using another $ 50,000. I would expect this arrangement to be a success to a point that the investment will generate returns and finance its operations. If the project would have succeeded, I would be assured of continuous income to the future and my lifestyle would take a gradual increase by the fact that am now capable to maintain it to the future.

Even though my status would have changed with little guaranteed income, I would ensure that I live below my means. I would ensure that my lifestyle is not dictated by my peers but rather by my own ability to meet certain needs. I may want a luxury apartment, brand vehicle, designer suits and so on but the reality may dictate for me that I wait (Duguay, 85). I know that additional money in life would be so tempting especially in a situation where I was struggling with my finances and windfall may work like a miracle for me to achieve my long term desires. However, I would ensure that I do not create an image that I have more money than I actually do (Duguay, 85).

Moreover, I would also consider carrying out charity work on the remaining $ 50,000. This would ensure that I give back to the society. This is because I did not expect the amount and it would be better if I put a smiling face on someone else also. I consider that gesture important in normal life since more satisfaction is derived by impacting on other people’s lives. To ensure that the program continues for a long time, I would register and create viable structure for its operations so that individuals can also assist by sending in their donations on continual basis.

The remaining amount of $ 50,000 would be divided into two. The first portion of $ 30,000 would be used for my personal expenses. I would improve my wardrobe with new clothes and furnish my house. This will give me a sense of enjoyment on what I received. The other portion of $ 20,000 would be kept aside for emergency purposes only. I would develop a culture that ensures that some money would always be safe and ready in times of desperate emergency needs. Most importantly, I would stick to my plan of action and spend below my means because of my understanding that spending more than what I earn will drive me eventually into debts (Duguay, 87).

Going back to my initial investment, I would strive to engage professionals to ensure its success. The other thing for me to do next is get back to college and do my long term desired law degree. I would use the money generated from my continued business to further my studies. This is because I would be employed and get a great pay in future as compared to the money that my business would be making at that time. This decision strategically comes after my business inception because college fees would be costly and might deplete the whole $ 300,000 before I become successful. The decision to get back to school and get that desired degree would be beneficial rather than regret the opportunity later (Duguay, 90).

Considering all of the above options that I would have done if I won the said money gift, my believe remains in delayed gratification (Duguay, 93). The options would be achieved because I would choose first to invest the money on business and education rather than spending for my own immediate gratification. This would ensure future gratification out of good well paying job and successful business would be achieved. The whole process is out of my understanding that for any success, an individual should be able to work patiently through a procedure until a victory is achieved and celebrations would be in order. This explains why I would not throw away my windfall gift by immediate gratification.

By the time I would be implementing my decisions on utilizing my gift, I would not consider the option of abandoning my current form of sustenance. If I were staying with my parents, I would not consider leaving too soon because it ensures that my needs are still being catered for as I plan on my windfall gift. I consider this important fact because with that lump sum amount it is normal for a young adult to desire their independence (Duguay, 95). This is a fact because once you leave there will be full responsibility on your part to provide all the needs for your house. Thus being a young man, I would not allow my lottery gift to be drained by household maintenance expenses.

After implementing all of the above ways of spending my windfall gift, I believe that I would be educated and a successful businessman. I would turn to develop great corporations using my salary and business income. As for now, I would now be fully independent and would consider buying a luxury vehicle as well as a big house. I would be able to meet all my expenses without struggling and live an enjoyable life. Furthermore, I would be fulfilled and justified for my action on the way I would have spent my windfall gift because my plan would have turned to a big success.

Finally, once my corporations are running independently with their own effective managers, I would continue concentrating on my charity welfare because that is where I could obtain a lot of satisfaction. In addition, I would spend most of my time being an inspirational speaker to the underprivileged as I support their needs through my welfare. Out of all these, I would belief that the windfall gift of $ 300,000 would have gone a long way in my life and I can never forget about it. Therefore I would be forever grateful to the source of my gift as well as myself for proper planning and good use of the gift.

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