August 16, 2011

What Would You Do with $228.9 Million?

By Paul Bieber

This is more than pocket change. Its even enough to cover the increasing cost of gasoline for at least a couple of years. This was the amount won in the Powerball lottery last week. By one person. I called him the other day, and offered myself up for adoption, telling him I was eight years old and homeless, with a big dog named Molly protecting me. When I sent him my picture I hoped he wouldn’t notice my gray hair and beard. He offered to adopt Molly.

So, you own a glass shop and considering the times, you make a living. A fair living, but certainly not fantastic. What would you do with $228.9 million?

Would you keep working? Would you give up your business? Would you invest in the business? Your chances of the millions are remote. But what would you do?

Do you plan for the future years of your life. If you don’t, shame on you. I have seen so many people keep on working because they don’t know how to slow down. Then they work themselves to death. Start planning your exit from the business world by the time you are forty. It may be ten years out, or twenty, it doesn’t matter. Run your business with this in mind. Look at potential hires as possibilities to run your business, or maybe buy it down the road.

Do you run your business by making all the decisions? Or do you train your staff to make decisions in your absence? Once you leave the business, will it be able to stay afloat without your input? Now you are probably not going to win the lottery, but you may break a leg and be away from work for a month. Will your business be viable without you watching every thing? If not, start giving responsibilities to others. Get rid of all of your repetitive duties, except signing checks, letting people learn from you now, before that leg is in a cast.

Get some hobbies now. Start picking up an occasional book that you would like to read. Give yourself some emotional releases from work. You will feel better about work and yourself if you allow yourself a little relaxation. Set certain times of certain days that your phone is turned off. If the problems at business do not involve someone being injured, or something that will cause legal issues, the call can wait an hour while you are at your child’s little league game or visiting an old friend.

Think of all the taxes you would have to pay if you won the big lottery. And all the people like me bothering you. You are better off without $228.9 million. Sure.