If I could only go back in time and choose a choice in between a lump sum of 5 years or an outright monthly pension, then I certainly would. I would go revisit that very crucial moment in which I made a bad choice. I would likely have chosen the latter choice. That would have made the situation completely different. I would like to create matters right; for everyone fascinated to get something from my past experience.
Lesson 1 - Remember your debts and pay !
My very first consideration soon after I received the check was to make some people delighted, especially the loved ones and the nearest of kin. I didn't know my clan was so big. So a bigger fraction of the amount went as blowout money. All were pleased, who wouldn't be? I was a lot more than happy to see their reactions with my kindness. Nonetheless, the enjoyment was short-lived.
A number of months after, I have nothing in my wallet. It was empty. And the lenders started to come over one by one for the payment which had long been delayed. It was only then I remembered; I'm no more employed, that simply signifies I have no more sources to obtain cash from to repay my financial obligations except after the lapse of five years .
Lesson 2 - Learn how to Say No and Purchase only things you cannot live without !
Everyone in the neighborhood was aware that I got one million. One million are a big amount for a community in which everybody belongs to the low-income group. Since we were all good friends, I found it hard to say no . Every one has been dealing several things like a house, house and lot, a car, curtains, and so forth and so on. I bought that small lot for my brother, a second-hand car supposed to be for my business. The car dived overboard a bridge and six people have been hospitalized , and the car became among the items in a junk shop!
Lesson 3 - Make investment your first priority!
Then I finally remembered investing on something. That was the paradox of it all. It came to my mind last, when it could have been the very first. I did place money on business though, but only up to the extent of what was left. It didn't survive. No business will carry on if all the daily needs are taken from there . It survived only for a year.
Lesson 1 - Remember your debts and pay !
My very first consideration soon after I received the check was to make some people delighted, especially the loved ones and the nearest of kin. I didn't know my clan was so big. So a bigger fraction of the amount went as blowout money. All were pleased, who wouldn't be? I was a lot more than happy to see their reactions with my kindness. Nonetheless, the enjoyment was short-lived.
A number of months after, I have nothing in my wallet. It was empty. And the lenders started to come over one by one for the payment which had long been delayed. It was only then I remembered; I'm no more employed, that simply signifies I have no more sources to obtain cash from to repay my financial obligations except after the lapse of five years .
Lesson 2 - Learn how to Say No and Purchase only things you cannot live without !
Everyone in the neighborhood was aware that I got one million. One million are a big amount for a community in which everybody belongs to the low-income group. Since we were all good friends, I found it hard to say no . Every one has been dealing several things like a house, house and lot, a car, curtains, and so forth and so on. I bought that small lot for my brother, a second-hand car supposed to be for my business. The car dived overboard a bridge and six people have been hospitalized , and the car became among the items in a junk shop!
Lesson 3 - Make investment your first priority!
Then I finally remembered investing on something. That was the paradox of it all. It came to my mind last, when it could have been the very first. I did place money on business though, but only up to the extent of what was left. It didn't survive. No business will carry on if all the daily needs are taken from there . It survived only for a year.
About the Author:
I have learned my lessons and I wish my kids, my friends, and you, my dear readers, to learn from this experience. Please pay a visit to my own website to learn a lot more about planning your retirement: self directed ira gold.
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