7 Awesome Things You Can Do When You Become a Millionaire

 In Personal Finance

become a millionaire

We all dream about what it would be like if we suddenly could become a millionaire. Maybe we hit the lottery, or perhaps a wealthy distant relative leaves us their estate.

Or maybe your startup sells for millions of dollars and you suddenly find yourself ranked among the very wealthy. Whatever the case, it’s an interesting position in which to find yourself.

You have the money to live as you want (within reason, of course), and you no longer have to worry about how you’ll make that next house payment, or getting your credit card debtpaid down.

Other than paying off your creditors and probably buying a bigger home and a new car, what other things might you do when you become a millionaire?

Actually, the sky’s the limit, and you might opt for anything on this massive list from Cracked, but there are seven awesome things you can now afford to do.
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Enjoy Financial Security

The first thing you can do is enjoy financial security. With the right planning and a little self-control, you can ensure that your family is provided for throughout their lives.

You can even set up your estate so that your children and their children have money to see them through when you become a millionaire. You won’t have to worry about the cost of your health insurance, or paying for the best schools for your kids.

You won’t have to fret that you can’t afford the necessities, or most luxuries, either. There’s a lot to be said for feeling financially secure. The peace of mind alone is incredible.

Experience Real Freedom

When you become a millionaire, you gain freedom – the freedom to live the life you want (within reason). While a million dollars doesn’t go as far as it once did, there’s no denying the fact that you won’t have to go through the 9-to-5 slog unless you just really want to.

You can invest your wealth and then live off the earnings. You can make life decisions based on what you’re passionate about, or your interests, rather than necessity.

You don’t have to take a job out of fear. You don’t have to downsize to a shoebox-sized apartment to save cash. Living a life with the freedom make decisions out of opportunity rather than fear is incredible.

Get Out and Travel

One thing that most of us without wealth can’t afford to do is travel a lot. Sure, you might hit the beach or the mountains once or twice a year, but what about that dream trip you’ve been longing to take?

Maybe you want to tour Italy and experience its history and cuisine. Maybe you dream of green Ireland. Perhaps it’s Paris or Budapest. Whatever the case, when you become a millionaire, you can travel with your family to just about anywhere you might want to go.

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Be More Social

How many events have you missed out on experiencing simply because you couldn’t afford to take the time off work? How many nights out have been canceled because you couldn’t pay for a sitter?

How often have you wished you could entertain friends and family at your home, but couldn’t afford it? When you become a millionaire, you have the money to ensure you and your family can be more social than ever before.

Get More Family Time

Sure, you see the spouse and kids every day, but what about the rest of your family? Chances are good you have siblings living far away that you haven’t seen in months, or even years.

How often do you see your parents or grandparents? What about cousins, aunts, and uncles? When you become a millionaire, not only can you enjoy the time off to see those distant family members, but you can travel with them.

Imagine enjoying a real family vacation again, with your parents, your siblings, and their kids, as well as your immediate family.

Get Healthier

We all want to be healthier, but healthy food is incredibly expensive. That’s why the poorest people are often the unhealthiest – their budget forces them to buy what will stretch the furthest, and that’s generally junk food.

What about your physical condition? Chances are good that you’ve been putting off getting in shape until you could afford a gym membership and a personal trainer.

When you become a millionaire, you can afford to eat healthy foods, and you no longer need to worry about how much that monthly membership is setting you back.

Give Back When Become a Millionaire

When you’re struggling to make ends meet, it’s hard to give back to the community at all. However, when you become a millionaire, not only can you afford to do so, but you find a number of different ways.

You might choose to work with nonprofit organizations, charitable organizations or local outreach groups. You might donate cash or your time.

Not only does this help those less fortunate, but you’ll gain an immense sense of satisfaction and contentment from donating time and money.

Of course, there are several pitfalls you need to watch for when you become a millionaire. First and foremost, make sure you work with an investment adviser and financial planner.

Too many people have found immense wealth only to fritter it away in a matter of years. There’s a reason that most lottery winners end up working a regular job again within a decade or so of striking it rich.

You have to be able to manage your money the right way to ensure that it lasts you (and your family). Daniel A. Chen of Levanto Finacial says, “Make sure you remain aware of how you’re acting when it comes to your finances.”

It’s also important to keep things simple. Don’t buy four vacation homes and three yachts. The simpler you keep your life, the less hassle, and headache you’ll have over the long term.

And remember that wealth brings the temptation to needlessly complicate your life. That rare wine collection might seem like a good idea at the time, but what complexity will it add to your life?

You’ll need to build a wine cellar, and you might even need to worry about additional insurance to protect it in the face of disaster.

When you become a millionaire, life can become so much better, but there are still pitfalls to watch for.
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Sergey Sanko
Sergey had started an IncomeClub after years of being an investment advisor for high affluent investors and managing fixed income securities. He is the lead investment advisor representative and holds a Series 65 license. Sergey earned his Executive MBA degree from Antwerp Management School.
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