What will you do if you strike the lottery?

What will you do if you strike the lottery? This is a question that I ask myself twice a week; every Monday and Thursday, to be exact. I’m sure this is a fantasy shared by many of you at some (or many) points of your life. What will you buy or do if you suddenly and fortuitously have a lot of money?

Immediately images of beautiful homes, amazing cars and branded goods spring to mind; although given Singapore’s property prices, you might have to strike Toto more than once to buy your dream home. For me personally, I imagine a wild adventure across South America, from Patagonia’s imposing glaciers to the endless Bolivian salt flats and the majesty of Iguazu Falls. As I drink in nature’s magnificence; I will savour a man-made wonder, whisky! (I am a budding whisky enthusiast, always happy to drink and learn through conversations)

Yet as the fantasies threaten to spiral out of control, I am brought back down to earth by a sobering lesson I learnt the hard way: always do the boring stuff first. Although not obvious, I am rather devoted to fitness too. Especially when COVID-19 struck and the lock downs began, I turned to exercising as a routine to keep myself sane. What started as a cure soon became a drug and I was pushing myself more and more, constantly trying new and harder workouts. Unsurprisingly I soon injured myself and then came the humbling journey of recovery and physiotherapy. I will always remember learning to do a single push-up and being corrected on my form. Therein lies the lesson of the boring stuff.

I learnt the vital role that proper warm-up plays in having a great workout, the boring stuff first. I understood the importance of mastering the most basic exercise consistently and repeatedly, before trying harder variations, the boring stuff first. I form habits to clock my exercise before indulging in food and drink (whisky!); the boring stuff, again. While we dream of the exciting and wonderful things in life, the boring stuff forms the stepping stones towards those dreams.

So, what boring stuff will I do first if I strike Toto? Before I buy the dream home for my family, travel the world with my love and buy God knows how many whiskies; I will do the boring stuff and plan for my retirement first. This is not a daring and romantic ride into the sunset; rather it is a calculated and mundane exercise in numbers to ensure I will be self-sufficient until I draw my last breath. What a tedious and dull, almost depressing, act after the exuberance of striking the lottery!

Even though it has priority, but surely, I won’t be putting everything towards my retirement. That will be a real party pooper! I will set aside at least one third of my windfall for retirement. Given that I do not have a crystal ball to predict the future, I will invest the money in tranches to spread out my risk. Part of the money will also go towards the most boring instrument of them all: endowment plans! In my retirement I will prefer the excitement to come from adventure and not the stock markets. Another one third will be used for the purchase of a bigger place where I can raise my own family and take care of my mum at the same time. Lastly one third for the fun and games! Although I can think of a long list of places to go and whiskies to buy; giving multiplies the enjoyment. I will also use this money to give back to people close to my heart, including those less fortunate than ourselves.

Perhaps it is age and life experiences that have caught up with me, I have come to realize that boring is not bad, and basics do matter in life. I will pave my path, not just through South America and whiskies, but all the way to the end, come what may. For I want to enjoy this moment as much as the next, and always.

Striking the lottery may be a pipe dream but having a sudden and debatably fortuitous fortune may not be. In recent years we have newly minted millionaires from investing in cryptocurrencies; we have seen stock markets hit record high after highs; we have businesses flourishing as they took advantage of opportunities created by the “new normal”. Even as COVID-19 weighs on the world, it seems the possibilities are endless. As the excitement and adrenaline of riches rush through our veins; I sound a note of caution and raise a toast. A toast to doing the boring stuff first.

Sláinte!

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Ong Wei Herng is an Advisory Manager representing finexis advisory Pte Ltd.

This article contains only his personal views and opinions and is for informational purposes only. The information provided is of a general nature only and does not take into account your specific objectives, needs and financial situation. The information may not be appropriate to your individual needs and should not be relied upon as financial advice. You should seek advice from your financial consultant before making any financial decisions.