Every time I read one of those stories in the paper about the guy who wins a zillion dollars in a lottery or whose Aunt Harriet, thought to be a pauper, died and left him a bundle, I don't get mad, I start fantasizing.
How would I spend the dough? Would I rush out and buy something flashy like a Ferrari Testarossa? Or would I bow to dignity and settle for a more staid (but only a little) Mercedes-Benz 500SL?Everybody plays these head games. That's probably why we run the stories in the paper, so we can all share vicariously in helping the newly rich make the BIG DECISIONS.
In the end, I usually come to the realization that I would probably do very mundane things with the money, like investing it in mutual funds for my kids' college education or getting my driveway repaired and a new roof on the house. Exotic stuff like that.
But not everyone is as conservative as I am when it comes to spending a windfall, as I learned while perusing responses to Visa U.S.A.'s new "Our Treat" sweepstakes in which contestants can win $1 million worth of cash and credit on their card.
"Shop till I drop," said one hopeful. "Buy an island hideaway," declared another.
Sweepstakes winners will get five yearly installments of $200,000 applied to their Visa Millionaire's Card. Applicable income tax, plus $20,000 per year, may be withdrawn in cash with the balance for purchases. Consumers are automatically entered when they use their Visa card between Oct. 1 and Dec. 31.
Entrants can also win whatever they purchase with Visa during the sweepstakes. Up to $75,000 in winning transactions will be selected randomly each week through December and the winner of the million-dollar Visa card will be selected randomly in January.
Consumers may enter the sweepstakes without using a Visa card by submitting an entry by mail in accordance with official rules. Certain restrictions apply, and rules are available by sending a stamped, self-addressed envelope to: Visa "Our Treat" Sweepstakes Rules, P.O. Box 8540, Prospect Heights, IL 60070.
Nearly one out of two people say they would use part of the bonanza to buy a new car. Thirty-five percent said they would use the millionaire's card for exotic trips to destinations ranging from the Hawaiian Islands to Tokyo.
Thirty-one percent of contestants say they would use the one-of-a-kind card to buy fashionable wardrobes and 29 percent would make a down payment on a home.
Other survey results: 19 percent of respondents would use part of the free cash and credit from the card for investments ranging from stocks and bonds to real estate and gold; 18 percent would pay off debts.
Other items on the respondents' buy list included diamonds and furs, yachts, airplanes, a box at the opera, a parrot and a "trip to the Far East for my mother-in-law."
The big question for those who come into new and significant sums of money, of course, is this: Would you keep your present job?
Twenty-five percent of the people responding to a recent survey said yes, forgoing more attractive options such as travel, family time or a career change.
Adia Personnel Services surveyed 1,283 human resource professionals to discover what they would most prefer to do with their lives "if money were not a concern." Despite eight options, including pursuit of leisure activities, returning to school or doing volunteer work, fully one-fourth of respondents would continue in their current jobs. Men are more likely than women to stay the course (32 percent vs. 22 percent).
Another fourth would opt to travel and enjoy other spare time pursuits. Nearly one third of women over age 40 would choose a life of leisure if they suddenly acquired the means.
Women are twice as likely as men to want to spend more time with their families or to return to school for an advanced degree.
One respondent in 10 would change careers or do unpaid volunteer work. A small number (5 percent) would remain in their chosen field but change employers.