What would you do with your winnings?
Would you convert it to bitcoin or another alt currency?
Buy an expensive car? Maybe a house? Land?
Invest in the stock market or another investment?
Deposit in an IRA or long term interest accumulating account?
Maybe spend it all and live like a king (or queen) for a short time?
What would your financial plans be?
I had a lot of thought about this when I was a kid and a variety of ideas crossed my mind after watching winners and losers of the lottery. To begin, I would continue to work the first year of receiving the winnings because I would need time to diversify the winnings. Treating myself and family will come in a planning strategy especially since the first year if I had taken the lump sum would deal with a double taxation from lottery institution and capital gains in the tax filing which there is nothing wrong or can't be avoided when IRS want their piece of tax dollars. So the next step would be diversifying the rest to build streams of capital starting with saving some in the bank as an escrow/emergency prior to investing into ventures such as crypto projects, stocks, rental properties, etc. Vacations plans may take a rain check after setting up net worth through growing the funding to reach it's original lottery prize value as mentioned of 2 million into the safe-net escrow account. This can be where it can be fast or slow in the growth, but as we all know, we do our due diligence when researching crypto projects and whichever one will fulfill our financial plans along with supporting the blockchain.
As we reach the point in which the original lottery earning of 2 million usd from this post a variety of conservative ideas will be added to my plan. We already own a home, but still have a mortgage which we can keep for tax purpose or pay off for equity in business ventures such as rental properties. I may max out my energy credits by fulfilling the checklist to make my home energy efficient with solar panels, water collecting rain water drains, and a few vegetable/herb garden beds. As mentioned taking my family to vacation trips would require implementing the concept to a business strategy. Possibly pursue a hobby in blogging and utilize the time to track down conferences near our visit plans example a Fintech conference in Florida near Disney, or a crypto project convention in Japan, Korea, Philippines, etc. A lot of ideas are coming to play preserve and grow back the initial lottery winning value, but in reality, there is still work involved with winning the lottery of just 2 million...which might be 1.2 million after taxes and might be 10 million after building the portfolio after the first year work planning.