Okay, you made it rich. Maybe you won the lottery. Or you hit it off with a wealthy heiress and she’s mysteriously passed away. Or, somehow, you managed to work your way up the career ladder and now you’re retiring successfully. Regardless of the way, you’ve managed to achieve what many would call “The American Dream.” Now what? What should you do with your oodles and oodles of money? Here are 5 potential ideas for what you can do with your newfound wealth.
1. Pay Off Your Debts
Okay, yes, this is a bit boring. But millions of Americans carry significant debt, so chances are, you do, too. Start your life of luxury and wealth with a clean slate, and make sure you own your home, car, and university education. And why not stop there? You can always help your parents, siblings, or friends out by giving them a clean slate, as well.
2. Consider a Private Jet (or Yacht)
Now that you’ve paid your debts, it could be time to play. The ultimate sign of wealth, private vehicles are both practical and fashionable. So consider checking out a private jet company to show you the ropes and introduce you to the wonderful world of immediate pond-skipping.
3. Donate and Give Back
Sure, you could buy a private jet, an ostentatious mansion, or a herd of thoroughbred horses. In addition to this, though (or maybe instead of), you can also give back to your community. You can help reduce climate change, pay off children’s lunch debts, shelter the homeless, or even sponsor a new lute society. With your wealth, you can now be as eccentric as you want while crafting your legacy.
4. Invest in the Market
If you have at least a few decades left of freewheeling fun, investing in the market might be a way to increase your wealth. You can hire a firm to do this, or learn the trade yourself — many of your new echelons seem to have an eye for investing, themselves. Make some friends and learn a new skill.
5. Sponsor the Arts
Maybe you’ve always wanted to be a ballerina, or a Swiss painter with a pretentious name. While those dreams may be gone now, you can sponsor others’ dreams and maybe even get your name on a building or two. The arts are notoriously underfunded, and with your newfound wealth, you can help rising artists get the attention — and funding — they deserve.
With so many options, how can you possibly choose to spend your wealth? Well, fear not: these five ideas are just to get you started. With a little practice, you’re sure to figure it out in no time.