A great topic of conversation amongst the many that never gets dull is what to do when you win the lottery. We’ve all have talked about it in some way, many go on and continue to fantasize but few miss the important points of what to do if you win the lottery.
There are 5 key things to consider if you do master your numbers and win the lottery before starting to fantasize about how you’ll spend your pot of gold.
- Seek out professional investment help.
First thing’s first, illuminating debt and education yourself on what people with money to make it grow instead of dwindle away. The key to sustaining wealth is knowing how to make money grow. There seems to be one common trait amongst many lottery winners and that’s they will return to their original financial status within 10 years. Going from Rags to riches takes more knowledge than one might of thought. Once you’re on top of your financial game and possibly even financially independent for the major, how are you going is to remain in the state.
- Keep this big secret the yourself.
Now let’s get real, we all want to fly around town in our desired way of transportation, whether the latest Tesla model or even your perhaps you’re more of a road bike enthusiast, guaranteed you’ll be upgrading your wheels. There will always be people watching your financial moves regardless of your lifestyle and personal passions. Keeping your winnings to yourself should be on top of the list of what you’d do if you won the lottery. Sticking to your humble lifestyle should be the aim of your goal with freedom and lifestyle improvement. If all of a sudden your brother suspects you’ve become the lucky siblings there is no doubt he’ll be knocking on your door for a loan or regardless how long it’s been since you’ve last spoke. Keep your finance to yourself.
- Don’t quit your day job until you’ve lined up all your ducks in a row.
Of course if you’re making minimum wage, you might and should be looking for an opportunity or a career change. Whether you’ve always dreamed of going back to school to study some profession or trade, thought about taking some courses to better your current degree or perhaps you need a profession but life’s never allowed you to stand still while you study. Now is the time to invest in your own personal education while still maintaining the life you dreamt about. Personal development is always helpful no matter how young or old you get. On the other hand if your career is flying and you are happy with where life is going it might not be in your best interest to pull the plug because you the CEO didn’t acknowledge you and say hi as you jumped into the elevator at 8am the following day. There is also the option of writing your business plan for the next career move if you have the confidence and experience to jump ship and opt out if your corporate job.
- Pay it forward.
There is a soft spot to in all our hearts that make us emotional or tear up with the thought. Donating and supporting towards your charity is the perfect way to show gratitude for hitting the jackpot. The Children Foundation is always an attractive charity to improve the lives of children and their families faced with more difficult challenges.
Every winner needs to celebrate. Grab the love of your life and book yourself a flight to the top location on your bucket list. Spend 10 days soaking up the sunshine and treat yourself to a luxury vacation trip.