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What to do immediately after Winning Big Money on the Lottery
Winning the lottery is something that everyone has dreamed of at least once or twice in their life, the ultimate success story that turns people into millionaires overnight. Those who buy lottery tickets regularly will have no doubt already mapped out exactly what they are going to buy, how they will spend their cash, and exactly what kind of lifestyle they will have. These plans are all well and good, but ask anyone who actually has won the lottery and they will tell you that things are very different indeed. Using the experience of those who have gone before, here is what you should do if you ever win a significant amount of money on the lotto.
Stay Quiet
When you win the lotto, you will be given a choice by the organizers of the lottery, to either go public with your win, or stay silent and take the cheque. A large number of people love to come out and have their photo taken for magazines with their big win, but this can be a dangerous move. Instead of being caught up in the hype of what is going on, you should look to stay anonymous when collecting your winnings. The reason for this is simple, why let everyone in the world know what you have in your bank account?
Take Advice
Prior to even collecting your winnings I would recommend that you speak to a financial advisor about what your options are. Many people win big money and then spend their first couple of years going crazy and buying all of their dreams, the consequence of this however that is three or four years later, the winners either have nothing, or they have very little left. In order to turn this lottery win into one that will change your life forever, and not just a couple of years, you must seek advice. The advisor can talk to you about smart investments, offer advice on bank accounts and insurance, and generally make sure that you are not being reckless with your cash.
Make Tough Decisions
Something which almost every lottery winner will tell you about, are the amount of ‘friends and family’ that come out of the woodwork once they find out that you have won a large amount of money. To get ahead of the curve here, it is vital that you carefully plan who you will give some money to – if anyone at all – and whom you will not. The problem here is that if a family member asks for money from you, there are 2 possible outcomes, either you give the money and feel taken advantage of, or you say no and potentially ruin the relationship. The best course of action is to give money to the people that you want to, but do so very quickly after your win, and then close the book on hand outs, with the exception of helping someone who is genuinely in trouble.
This may be great news, but it will be challenging so if it ever does happen to you, make sure that you know what you are doing.
