Advice For A 25-Year-Old Who Just Won $5 Million

A $5 million win can be lifechanging, as the Kazaneckis will find out. Photo: Howard Schnapp

What would you do with a $5 million lottery win?

Business Insider recently found this question on Quora:

"I'm 25 and I've just inherited $5 million. How should this influence my life plan?"

They published this interesting anonymous answer from one reader which has a lot of wisdom.

READER REPLIES:

"So much of this depends on your circumstances. Are you happy right now? Is your life plan on track (kudos for having a plan!)?

Try playing this game: "What would you do differently tomorrow if you suddenly had $X million?" for different values of X. I've played it with friends, and it's fascinating. Some people have all sorts of fantasies which aren't usually feasible for most values of X (and certainly not $5 million).

After thinking about it a bit and playing a few rounds, many, including myself, eventually decide "not much". I'd still get up, eat the same breakfast, go to work, hang out with friends afterwards.

The reality is, that in the US today (and most Western countries), $5 million is both an enormous thing, but also not very much at all. It puts you way (way) above the mean and median per capita income. But, it doesn't suddenly enter you into the high life portrayed in movies, TV, or celebrity magazines.

For you alone, it's freedom from having to work and some nice vacations, but it's not a yacht, private jet, or mansion in every country.

#Beware of ennui. My 87-year-old, still-active dad likes to say: You have to have a reason to get up in the morning. Unless/until you have "a callling", keep a job you enjoy. Especially in USA, and especially at 25 years old, work is an important social outlet.

#Live below your means and be generous with those around you. It will make you happier than upgrading your lifestyle to match those with your net worth. For a more detailed explanation, try: What is Hedonic Adaptation and How Can it Turn You Into a Sukka?.

I can personally vouch for this based on my experiences living in various places at various "levels".

#Also be wary of 'just trying things once' since 'I can afford it now'. Some doors don't need to be opened.

Congratulations and good luck!"

Story: Business Insider

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