Powerball Money Management
Every budding entrepreneur dreams of the day that they are free from financial burden. The stress of running your own business can make the average entrepreneur go crazy at the thought of possibly winning the Mega Million Powerball lottery. However, being handed a check for zillions of dollars may not be as stress free as it sounds. Winning the $550M Powerball lottery comes with its fair share of fiscal responsibility-more than many of us small business owners may care to accept. Not many of us have too much experience managing millions of dollars alone, and no millionaire should ever attempt to manage that much money on their own. If you want to hold on to the money you’ve earned for the rest of your life, planning will be the key element to your success. The very first thing that you need to do is hire a TEAM of financial advisors. Never, ever trust one person with everything you own. Tons of newly rich people have become suddenly poor after putting their blind trust into people who they assumed knew much more than they did about financial success. Even a skilled financial planner can sometimes become overwhelmed with a large amount of fiscal responsibility. Unless your money is being managed by Warren Buffet himself, then by all means enlist the help of several advisors. This includes financial planners, tax attorneys, tax accountants, and even that old long lost relative who is now financially wealthy and never even made over $25,000 a year. The combination of expertise and background knowledge will allow you to diversify your funds in a way that will allow your money to stretch further and further as time goes by. You also need to be honest with your goals as well as your debts. Tackle your debts first, because the goals you have in mind may depend upon what your credit score looks like. You also have to keep on mind that unfortunately all dreams do not always end well. You may dream of being a master baker at a chateau in France but if your baking skills are yet to be desired, you may lose all of the money you’ve dumped into your dreams. Dreaming is good, but having a cushion to fall back on is even better. Have your financial planner sit down and help you pay off your debt and estimate the debt you will likely accumulate in the near future. Once you’ve done that you can focus on chasing your dreams. Of course it will difficult to be a “grown up” about your money when you suddenly have many more zeros in your bank account than you’ve ever seen, but be patient and try not to change everything at once. No one is saying that you can’t buy the mansion you’ve always wanted and have matching Maseratis out in the driveway, but you still need to make sure that you cover all your bases and investigate properly. Be sure to go back often and look at your long and short term goals. They will still be making limited edition Maseratis even if you wait a few months to buy it, but you won’t get another chance to win $550M if you blow it. What would you do if you suddenly had millions of dollars to your name? Would you continue on your quest for entrepreneurial success?