Holding that winning ticket in your hands is everyone’s secret dream. However much people may scoff at lotteries, lucky draws and wheels of fortune, a win can transform your life and the lives of your loved ones forever.
You may think that a large win in the millions can set you up for a lifetime, with plenty left over for your heirs. That couldn’t be further from the truth! In reality, money vanishes faster than you can imagine.
If you didn’t already have wise money-management habits, this windfall can easily melt away in a matter of months. We’ve all read reports of big-time winners who become homeless pan-handlers within a short time after they squandered their winnings away.
Today, there are lots of ways in which you can win – whether it’s a big or small prize. It’s wise to have plans whenever you purchase a ticket – that way you have some sort of a roadmap if and when you do win.
Play It Smart
- Be Discreet: The most important thing to do if you do win is to keep quiet. Don’t broadcast the good news. Confine the information to a trusted few family-members and friends. Lottery winners are the target of criminals, confidence-tricksters, greedy people and emotional blackmailers. Winners have a time-period within which to come forward, but many of them do it too early. This alerts criminals before winners have enough time to become vigilant. Winners are also approached by the press and this brings its own set of problems. Stay anonymous for as long as it’s legally permitted.
- Sign: on the back of your winning-ticket immediately. Protect yourself in case you lose the ticket or it’s stolen. Lottery tickets are considered to be bearer instruments and whoever presents it along with a valid ID can be declared a winner. Sign immediately after purchase so that you’re prepared when you do win.
- Never Quit Your Job Immediately: Take your time, take a week off from work to assess the situation and decide whether you’d like to continue at your job or you want to pursue your dreams. Never make hasty life decisions as soon as you win. Remember that you’ve achieved celebrity status and that means you’re going to be flooded with requests. Charities, long-lost relatives, store salesmen, your janitor – they may all be looking for a hand-out. Financial experts may badger you with advice. Keep your feet firmly on the ground. Avoid sudden lifestyle changes.
- Get Professional Advice: Unless you’re a tax-attorney/planner, accountant etc, you need financial advice. This helps you to manage your winnings wisely, splurge on the stuff you want and also squirrel away for the future. If you’re not comfortable with the advice, seek other opinions.
- Lump Sum or Installments: You can choose to take all the money in a single lump sum or get it paid out in installments over your lifetime. Both options have their plus and minus points as far as taxes and inflation are concerned. Your financial advisor can point you in the right direction.
- Immediate Priorities: Pay off as many of your high interest debts as possible. Personal and student loans, second mortgages, credit cards, auto loans etc should be paid off, while primary mortgage can still be retained. Put away money for retirement and create an emergency fund for yourself and your loved ones.
- Say No: You’re going to face a lot of pressure to give. Harden your heart and learn to refuse till you have had enough time to decide when, where and to whom you’d like to give. You’ll face pressure, manipulation, threats and much more but you need to insulate yourself against all these. When you finally give, make sure that it’s for a cause you truly believe in – whether it’s to someone facing hard times or to a registered charity.
- Invest wisely: Financial experts recommend that you put your money in safe, short-term investments immediately and take your time to decide how exactly you want to deal with it. Plan your gifts carefully and take steps to protect your money. Get a smart investment portfolio that divided between stock and equity. Never plough your money into get-rich-quick-schemes, iffy ventures, businesses that you know nothing about etc.
Winning a lottery can be an amazing experience – just don’t get carried away! Keep your wits about you and assemble a trusted team around you to help you make the right decisions. Finally, don’t forget to enjoy your win!
Best Success Guides:
>>> Richard Lustig’s Lotto Dominator Review 2017 – Does it REALLY Work?
==> Tips that would cut your losses when playing a lottery game
==> Play The Lottery: Winning Strategies
==> 7 Secrets That You Didn’t Know About Wealth Creators
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