It’s always interesting to hear people say what they would do if they won the lottery. Invest into an income producing asset; buy a new house, buy a new car, or give to a non-proﬁ t though never naming which one. How about investing it in an apartment building, a store of some sort, or returning to school to get that degree you’ve always wanted to improve your income status? In short, don’t trash your cash.
Draw up your plan, invest, and wait, then reap the beneﬁt. You may already have a lottery ticket in your orbit: your house. You don’t have to sell your house to use the value. You can get a loan or a line of credit on it. That way you can use the value for your investment and still own your house. For instance, you can buy a food truck and create a job, whether it’s your main job, a second job, or a job for your children.
I was a barber and never let the license get too far away. When there was a lapse in primary income, I turned back to cutting hair. My dad had a sideline of buying and ﬁxing up cars and selling them for a proﬁ t. My mother turned gifts given to her from her employer into a used clothing, furniture and antique business.
Look around for a natural second job and start a business. You don’t have to win the lottery. Expand the cash you have. It’s never too late. Remember the Colonel started Kentucky Fried Chicken and turned it into a money business when he was in his sixties. Look-up and read his story. You will be inspired.
Be warned. There are those who would have you invest in a pipe dream, and the older you are, the less likely will you wake up to anything but a nightmare. Be careful. You are not going to live forever. Make sure you don’t give up your security blanket such as your retirement. Always invest in yourself ﬁrst, then you are in a better position to invest in your children.
Investing in your child’s education is a good investment with potential long-term family beneﬁts. The children and grandchildren can break the mold, or they may start a new one of professional life. I remember when my father was no longer able to drive. I bought him a three-wheel cycle to keep him mobile. That was a product of my law practice and gave him a gift that made me proud to be able to help out. Your children may return the investment in bigger ways.
They may purchase a home, a car, or other creature comforts for you. Remember, you should be the example for them to follow.