$1 million dollars: what would you do? [🧠 Brain Hacks]

4 snips

Aug 23, 2024

What would you do with a million dollars? Dive into whimsical spending ideas that prioritize experiences over luxury. The conversation uncovers psychological challenges in handling windfalls, from reflecting on immediate needs to planning for the future. Discover practical tips for securing your newfound wealth and the importance of open money discussions with loved ones. Plus, learn the role of behavioral economics in financial decisions and how personalized advice can steer you toward your goals.

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ANECDOTE

Spending Million on Family Experiences

Evan Lucas would spend a million dollars on experiences involving family to create lasting memories.
He values the emotional satisfaction of shared experiences over material possessions.

ADVICE

Park Windfall Money Temporarily

Park a windfall like $100k in a high interest savings account initially to process emotions and implications.
Avoid rushing to spend inherited or sudden money without thoughtful consideration.

INSIGHT

Inheritance Impacts Financial Planning

Some in their 30s-50s behave as if a large inheritance will cover their future financial needs.
This mindset leads to missed financial growth opportunities and delayed savings.

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You’ve probably had this discussion with friends or family at some point, particularly when you hear about someone winning the lottery or getting a massive windfall, but what would you do if you actually had a million dollars?

In this episode, Kate Campbell & Evan Lucas chat about some of those fun pie-in-the-sky ideas, tips on dealing with an unexpected windfall, common behavioural traps, and share some contributions from our community.

This episode was recorded on the 21st of August 2024.

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DISCLAIMER: This podcast contains general financial information only. That means the information does not take into account your objectives, financial situation, or needs. Because of that, you should consider if the information is appropriate to you and your needs before acting on it. If you’re confused about what that means or what your needs are, you should always consult a licensed and trusted financial planner. Unfortunately, we cannot guarantee the accuracy of the information in this podcast, including any financial, taxation, and/or legal information. Remember, past performance is not a reliable indicator of future performance. The Rask Group is NOT a qualified tax accountant, financial (tax) adviser, or financial adviser.

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