What Not to Do if You Win A Billion
So you’ve won the lottery! As a newly-minted billionaire we bet you’re filled with disbelief and excitement at entering the world of the rich and famous. But wait! Before you go crazy and buy those ten Ferrari’s and your own private island, there are a few things to consider. Many new billionaires make mistakes which they later regret. We’re here to help you with a few things not to do when you’ve won billions in the lottery.
Don’t rush in.
Oh we know, in a society run on instant gratification, the overwhelming temptation to dive right in is making your head spin. However, it’s best to just sit back for a bit. Wait a while for the overwhelming emotions to settle down before you make any big decisions about your billions. Take some time to mull it over, do some research, chat to a lawyer, and keep that ticket safe! Each country is different but most give between 90 days to an entire year before the ticket “expires”. Another bonus of waiting it out is that you allow much of the media hype to die down meaning far less invasion of your privacy.
Don’t tell everyone!
Yes, we know, unfortunately not everyone is allowed to stay anonymous. However, if you can, either claim your winnings anonymously or set up a trust through which to claim it. To set up a trust you’ll need to talk to an attorney who can assist you and assign a trustee to privately claim your big win. Lottery winners who get outed are victims of scam artists, overwhelming appeals for money, and unwanted publicity. The families of the winners are also often affected. So keep this in mind when you think about how best to claim your prize.
Don’t think money will solve your problems.
So many people dream of winning the lottery and how it will miraculously save their lives but in reality it can be quite different. In a world run by money it can be easy to think winning billions will solve your problems. Likely you’ll still have a lot of the same problems you had before money or you’ll let the excitement of it all whisk you away and end up with more problems. Money can help, but only if it is well managed and doesn’t become your ‘everything’.
Don’t become a sucker for handouts.
Whilst there are those winners who want to help others out, this must be done with caution. When you win the lottery it’s likely you’ll be inundated with requests for handouts, investments, and charitable gifts. Sadly, you might even find unknown or distant family and friends appearing out of the woodwork to ‘share’ in your riches. If you want to share your wealth, speak to a financial adviser and carefully choose a few charities, family members or friends to gift with a set amount. Philanthropic investments are a great way to help others when handled properly.
Don’t forget about taxes.
Sorry to bring this one up but you will more often than not be paying taxes on your winnings. You’ll also have to pay taxes on that new mansion and all your other luxury buys. You’ll pay taxes on your investment gains. You’ll pay taxes on gifts. Basically, you’ll be taxed as every other billionaire would and without careful planning you’ll soon find you come up short.
Don’t skip on the financial planning.
This is where most of those who lose their wealth went wrong! It might seem impossible to blow so much money but just a look through the lottery archives will show you otherwise. A plan will help you to hang on to your riches and get the most enjoyment out of them. Successful rich people are still rich because they budget and plan, like any ordinary person should.
There you have it: How to handle becoming a billionaire! Try your luck and Buy lottery tickets online with Sun7lottery