What would you do if you won $2.3 billion - yes, billion - on a lottery? Probably the first thing most people would do is pay off their debts.
That's exactly what the province of Saskatchewan plans to do with its $2.3 billion budget surplus. It's the highest surplus in the province's history.
Remember those "have-not" days when governments ran up deficits just to keep the province running? Well, it's payback time now as the province uses this bonus money to pay down the debt.
As much as it would be nice to share in the wealth, the smart thing - the mature thing - to do is pay down the debt, thus reducing interest payments. In the long run, it makes the most sense.
But then, if any of us won $2.3 billion, paying down our debts would be just a small part of the windfall. For most of us, there would be plenty left over to do all the other things we'd really like to be able to do. If only.
Wisdom in spending
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Published on
November 13, 2008
- Published on July 10, 2009
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Lesley Sheppard
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