I have money in premium bonds because I feel that it is a safe place to keep my money in this uncertain economy. I am winning enough money back to get a fairly decent interest rate from them as well and the money I get is tax free, which is even better. However, my husband likes the idea of a big win and has his eyes set on the million pound prize. This would certainly hit my 'million' target, but I am not sure that it is the way that I want to get money.
I can cope with the small prizes. I feel that we deserve them as they have our money to invest and it is what we would get if we had it invested elsewhere. However, I do have a big hurdle when it comes to winning a significant amount of money. This is guilt.
I would find it very difficult suddenly coming in to a large amount of money. I know my husband would like to leave work and run his own business. Having this sort of money behind us would allow us to make an investment in some properties so that we could earn enough in rental income to keep us going and have a bit left over to put in a 'safe' place so that we had some money to fall back on should the rent not come in for some reason. We have already calculated that we would need a million to pay off our mortgage and buy enough property to bring us in the same monthly income that we are getting at the moment. It sounds like we have it all worked out....
However, I know a lot of people that could do with some financial help. Some family member, friends and charities. If I came in a lump sum suddenly, I would feel that I would need to give some away. I think there would even be guilt placed on me by some people as well as by myself. I would find it difficult using all the money to invest in my own future when I can see others are struggling right now. I know that if I gave that much money away I would still have a good financial future.
My husband feels that we should keep it all and not give any away. However, I think that if it really did happen, he would find it difficult not to help those that he loves too.
I wonder whether these feelings are even holding me back in earning more money each month personally. How would you feel if you came in to a significant chunk of money, would you have to share it or feel okay with investing it for your future?