March Madness and the Billion Dollar Dream

March Madness has taken on a whole new meaning with the chance for one person to walk away with one billion dollars courtesy of Quicken loans and Warren Buffet.  The odds on winning the billion dollars are actually next to impossible, (1 in 9,223,372,036,854,775,808) but that didn’t stop 15 million people from filling out their brackets to try.

Yes, I am one of the crazy people who carefully chose the teams that would bring them a billion dollars.   I needed to make sure my team Providence College would be the ultimate winner – Go Big or Go Home! But other than pure school spirit, the rest of the picks were complete guesses!

The first games that were played had some interesting upsets with both Harvard and Dayton winning as lower seeds.  No worries – I had both of those underdogs.

As the first night of the tournament moved on, my excitement grew as my winning streak continued – ending with a 12 and 12 run and having Oklahoma ruining my thoughts of what I would possibly do with a billion dollars.

As much as we like to dream about winning the impossible boatload of money, the thought can be quite scary.  Yes, certain aspects of your life would be easier, but at what cost?  How would you deal with all of the responsibility?  And how would your family and friends react?

Just as in winning the lottery, new found wealth could go as easily as it came.  Friends, family and strangers come out of the woodwork to “share” in you new found riches.  And, the tax implications are quite confusing and can easily lead to mistakes.

So, the moral of the story is to contact a qualified financial advisor and tax specialist before making costly mistakes that many who have won big have done.

And if there had been a winner , I’m sure that there would have been plenty of people who would want to  help them spend it!

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About Maureen Crimmins

Maureen Crimmins is co-founder of Crimmins Wealth Management and a fee-only independent financial advisor. Have a financial question? ASK MAUREEN

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