If you had millions of pounds, whether you won it, earned it, made it through wise investments, or even inherited it, what would you do with it?
1. Breathe
The first thing I’d do is breathe a huge sigh of relief. The cost of living crisis hasn’t just hit the low earners but the middle income earners too, so we really are all in this together. So to finally get a break from the struggles of the past few years would be extremely welcome. Living pay cheque to pay cheque is not healthy, and wondering how you will be able to afford things is a persistent stress, one that nobody should be having to experience. We should all be comfortable. Afterall, the United Kingdom is something like the sixth biggest economy in the world, so if we’re “so rich” then why do so many people not feel it?
2. Pay it All Off
Second, I’d pay off my mortgage and my credit cards. They are a burden. We need to be able to use debt to get hold of houses and our cars, they are “big ticket” items. Certain goods and services are also useful to be paid for on credit. But too many people have been forced to spend on food, and other everyday items because their wages have not kept up with the cost of living and so many have been forced into the debt trap. This must stop. Personally, I need the breathing space again, so paying of the mortgage and credit cards is the second step in spending millions.
3. Make My House a Home
Third: renovate the house. Slipping behind on what I earned back in 2017, I earn less today than I did 8 years ago and maintaining my house has taken a back seat to putting food on the table, paying the bills, and having a reliable car. My double glazing is 30 years old, it has black mould, the water tank needs replacing, I stopped redecorating when the money dried up, the house needs rewiring… Having a windfall of millions of pounds, I’d invest in my home, make it safe, secure, warm, comfortable.
4. Secure a Passive Income
Four: Put some money aside, enough that it would earn a nice passive income every month. I have a shortfall of just a few thousand a year. It’s not a massive amount of money, but to me it is a lot, and to just have what I deserve is sufficient. So to merely make just a few hundred pounds a month in supplementary income would be enough to have some pride again. Because being underpaid isn’t just a financial shortfall, it affects your mental health too – so feeling undervalued would suddenly cease, and I’d be worthy again.
5. Share the Love
Five: Who needs help? I’m sorry points 1 to 4 were all about myself, but I have to stop haemorrhaging money in order to stabilise and then be in a sound financial position. Now that I have I can start to share the wealth. Sitting on piles of cash and accumulating wealth might be good for some people but not here. I need to achieve financial freedom and maintain a simple, comfortable lifestyle, but beyond that I need to be able to help others too. Who needs a little boost, a credit card paying off, a chunk of their mortgage paid so that they can have lower monthly outgoings? I’d start with my family first, and then move on to my friends, then my neighbours, my community, etc. Which charities urgently need the money, which public services require a little propping up?
Let’s Do This
Yes, I know that’s a lot of philanthropy, but it needs to be done. Having too much wealth is greed. Having wealth should allow you to be comfortable but to also share with others. Of course, I’d invest wisely so that my returns were sufficient to provide a decent life but with enough extra that I can be of use to those who need it. I see people struggle, see people miserable because they genuinely don’t have enough. It’s not their fault, it’s the fault of the system we live in. Inequality continues to rise and the gap needs to narrow. If we can’t reign in those at the top, we need to start helping those on the lower and middle rungs.
So what would I do with my millions? Yes, I’d sort myself out first, but then I’d very quickly move on to making sure others benefited from that wealth. And I’d ensure that there was a continuous stream of income from investing those millions, and that those who need it most get what they need.
THAT is what being wealthy is all about.