What to do when you win the lottery
There are many stories out there on the various lottery jackpot winners, who they are, where they are from, where they purchased their winning tickets and what they ended up doing with their winnings. It is really wonderful reading all these positive stories on how these winnings change people’s live and how they can change other people’s lives. Unfortunately up to 70% of jackpot winners blow their winnings not long after winning and end up in a worse position than before winning the lottery, mainly because they are not prepared and have no idea how to manage winning such a large sum of money.
There are some really good pointers on where to start should you become a winner, below is a list of the top 10:
- Confirm the numbers, place the ticket in a safe place and breathe.
Get a print out of the numbers to confirm your numbers. Make a paper copy and photographic copy of your ticket and then invest in a safe to store the original ticket in a place that is safe and out of reach of anyone.
Once this is done, stop and breathe, this is a major change in your life and impulse will not work for you, you need to take the time to think through what it is your next steps will be.
- Don’t make drastic changes to your life initially – like major purchases or quitting your job.
This is important for various reasons, but it is very important to confirm your winnings before executing the resignation of your dreams and buying that longed after Ferrari.
- Keep your winnings quiet, the less people you tell the better.
The minute people get wind of your new wealth; they will start putting out their hands for a slice of the pie, your pie. You may not be emotionally prepared for influx of various people asking for handouts and crack under the pressure, or you may even risk your safety by letting too many people know.
- Seek professional guidance from an accountant and a lawyer.
There are many things to consider when winning this money, such as tax implications. Ensure that you have a team to consult before claiming your winning so that they can advise you where to place your money and how to protect it.
- Decide what payment you will take – lump sum or instalments.
There are various pros and cons to both options. Should you take the lump sum and have a great financial advisor, you could make more of the money than if you took it in instalments. Taking instalments ensures longevity of the winnings.
- Settle all your debts first before spending money on anything else.
Make sure you debt free before splurging – as before you know it, you may have spent all your money and still be stuck with your old debts.
- Seek advice on investing your money once all your debts are paid off.
If done wisely you could be in great standing in the future and your winnings could grow immensely.
- Draw up a sound budget.
Once your debts are paid off and you have investments lined up, draw up a budget stating what take precedence in your wish list. Writing things down allows you time and clarity to ensure that nothing is forgotten.
- Plan donations to charities.
This is a desire of many and is great, but must not be at the top of the list. There are many needy causes out there that will pull at your heart strings.
- Ensure that all your personal details are not public to avoid being pestered by opportunists.
Remain private at all times. People will not hesitate to pester you even at your personal home. This will then no longer be annoyance but a matter of safety.
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