Welcome to a new episode of Real Talk from OSYL. In this episode, we have a discussion and share our thoughts on legacies and what they mean to us.
Though this can be a breezy short read, there are a couple ways to listen to the podcast. For the audio portion of the podcast, you can listen below or download directly here: https://realtalkwithosyl.buzzsprout.com/
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How would you know what to do with 1 million dollars, if you were given it and had ONLY 24-hours to spend it? Furthermore, what if the only limiting rule is that you could NOT spend it on yourself for financial gain? Most of us don't have a plan if 1 million dollars was to magically appear in our account. Even if we had dreams of what we would do with it, it seems that with limiting rules on what we can do with it, not many of us would know what to do with it. In this episode, we chose to make it a light episode on finance. Thinking of it as an ice breaker for other possible financial episodes. The question that we answer today is:
if you came up on one million dollars with the following rules: 1) you can’t invest it for personal financial gain, and 2) you must spend it all within 24hrs of it depositing in your account, what are you doing with it?
Throughout the episode, we discussed how we would spend the 1 million dollars within 24-hours with the limitations imposed on the spending. If not for financial gain, our natural human instincts kick in and we look to the following: either spending immediately to our materialistic urges, or spending on the people we care about. If we can't pay off our debts or invest in ourselves for financial gain, some of us can find ourselves running to the nearest electronic store and shoving all the items into a cart. Others, can immediately buy a suite to party with all their friends and family for a weekend. Overall, it seems like with a deadline, we don't really know how to spend it properly.
In the end, we talk about how with limitations and a deadline, we don't really know how to spend it properly. However, it seems like we fall generally into 2 categories of spending with those rules in place if we are pressured: spend materialistic on ourselves, or spend on friends and family. Though this episode was a great exercise for us on how to prepare for this magical event, we know that if on the flip side that we had no limitations to spending the 1 million dollars, we would be prepared to make it multiply and invest it. Money can bring many issues, but if we talk and plan about it beforehand, it can give us less stress and more ability to spend it wisely.