I took a rather negative look at how to get rich fast the other week. I hope that nobody took it as a direct criticism because honestly, searching for ways to make money fast was how I found out about “personal finance” blogs in the first place. Before you read the article, I want to throw out this question to you guys- do you really want to make money fast?
The idea to write about how to make money fast was once again ignited within me when I read a post at The Digerati Life about lottery winners that squandered there money away and ended up broke. Sure they legitimately got rich quick. What’s all of the new found money worth? They got poor at a rampant rate and their quality of life deteriorated.
Winning the lottery was one of the methods I mentioned in my satirical piece on how to make money fast. Upon reading more about it I realized that I should put together a piece of what to expect when you make money fast through winning the lottery:
(Hint: It’s not all good.)
When you make money fast new friends come even faster
As soon as most of the lottery winners made money fast with their winnings, they realized there was an abundance of new found friends and family. Third cousin Joe is visiting you every day of the week. Your long lost ex-girlfriend is calling to see how everything is going. Suddenly you have become the most popular guy around. What will this new found popularity do to you? How many of your new friends will ask for loans?
Amazing investment offers will come your way
So let’s say that you win $15 million in the lottery. Some “investment expert” will come your way and offer up the idea of doubling your win. What an awesome offer. You can now have $30 million in your bank- or you can have an empty bank account. I’m leaning more towards the latter.
Sales people will contact you at least 15 times a day
Since you made money fast you will not want to think about frugality tips. Why bother when you can just buy anything you want? You’ve always wanted a luxury car and a Hugo Boss suit. Instead of looking for sales people, they are finding you now. What an exhilarating feeling. You can buy whatever you want now without leaving your home.
Get ready for the lawsuits
Many of the 8 lottery winners that lost millions were listed as having been involved in at least one lawsuit. The lawsuit can come from your best friend or a complete stranger. Even if you win all of the lawsuits that come your way, money will be spent on legal fees and unnecessary stress will plague you. You would assume that when you make money fast that people will be happy for you. A few people might be happy for you but you will definitely encounter more detractors and envious people.
Obviously I’m not an idiot and I do realize that winning the lottery is one of the greatest things that can happen to you. Winning the lottery is also one of the quickest ways to make money fast. I just wanted to look at some of the setbacks so that you are not constantly drooling over the thought of winning the lottery,
Many of you Studenomics followers reading this are not interested on how to make money fast and you understand that the accumulation of wealth is a slow process.
For the new readers of Studenomics- the ones that are finding this piece the same way I found blog articles- I hope that this list opens up your eyes a little bit. There are ways to make money fast, but have you grasped the concept of money management basics yet? Have you started planning for retirement? Have you thought about starting a side business?