what would you do with Rs.1 crore? - Chennai Finance Wisdom

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What would you do, if you get a financial windfall of Rs.1 crore?

Would you invest all into real estate?
Would you buy stocks and put it into the market?
Would you and your wife enjoy spending it?
Would you give it for charity?

What would you do?

I am sure you would be shocked! Money can come in various ways to you. At some point of time, if you are lucky, you would get a financial windfall. Be prepared! I am not saying tomorrow you would get a windfall, but any point of life, it can happen.

As soon as you get a financial windfall, don't do anything. There would be lot of advices, lot of new friends, lot of relatives hanging out with you. These people wouldn't have even cared for you in normal days. Hence, don't get overwhelmed. Just stay calm and do whatever you were doing, as in past.

However, you should consult the financial planner and not mention about the windfall. If you mention about it, you will be looted by commissions. However, if this financial planner is a trustworthy person, he/she is the right person to talk to.

Talk to your good friends about it and others ignore it. However, don't overthrow any good friends on the name of money.

Don't panic. If you panic, you will end up putting the money in wrong places. Hence, stay calm and patient.

The whole idea of putting all the money into one pocket is not a good. The age old fundaa has to be applied here. Diversification...

Think about what you really need from life? Do you want to just stay on life and exist in life, without working. Retire early? or do you want to become big using this money?

Put the money in various pockets and make sure you have enough backup for anything emergent. Invest in something, which would earn you money, with a safety lock on it. In Chennai there is solid business - build commercial complexes, wherein businesses can be opened. You would get good money for your living.

So, invest a part of it, in real estate. I wouldn't give any percentage, because it depends on what you really want in life, based on Rs.1 crore you have. Invest in lands.

Pay off all the debts you will have;
Invest in market; Invest in businesses you know very well;
Invest on people; Make yourself a job, out of it;
Build businesses for yourself. Have a great backup like 40% of the money!

Give some for charity...

Don't forget to enjoy the money - like 3 lakhs for enjoyment out of 1 crore.

At last, don't forget one important point - People first, Money next!

If you have any thoughts, please post your opinions here by clicking on the comments below the article.