If I Won the Lottery…

I like to buy a Powerball ticket every once in a while. I know I’m not going to win, but $2 is pretty cheap entertainment. I like to dream about what I would do with the winnings. Whose mortgages would I pay off? Where would I travel? Would I still work?

As a planner, I also think through the practical considerations. Which attorney would I call to help redo my estate plans? How would I avoid the spotlight? Who would I hire to be my investment advisor? That’s right I would hire an investment advisor even though I could capably do it myself. Here’s why:

Hiring an outside investment advisor would make sure that Charnelle’s wishes received an equal weight to mine. Having been married for 11 years, I know we don’t see eye to eye on everything. An independent opinion about how much we need to be financially secure and how much we can give away would be a good idea, for starters. Finding the right balance between helping family members out and giving to charity might be another discussion to have.

An outside advisor would help us implement our plans too. All of us, even financial advisors, need accountability partners from time to time. We also need someone to point out our biases and blind spots. In this hypothetical scenario, I’m confident I could do a fine job with my financial affairs, but why risk it? Having someone to bounce my investment ideas off of would be money well spent. Plus they could keep up with the ever-changing tax and estate planning strategies while I was off having fun.

Legal Disclaimer: These posts do not constitute an offer or recommendation to buy or sell any securities or instruments or to participate in any particular investment or trading strategy. They are for informational purposes only. CTW gathers its data from sources it considers reliable. However, CTW makes no express or implied warranties regarding the accuracy of this information or any opinions expressed by the author and may update or change them without prior notification.

By  | October 29th, 2019 | Wealth Management

About the Author:

John has more than ten years experience as an Investment Advisor. He focuses on devising and maintaining portfolios that meet individuals’ needs, investment research, and investment strategy. John has been recognized as a “FIVE STAR wealth manager” by Twin Cities Business Magazine 2016-2020.