You Won The Lottery – Congratulations! Now Focus On These 6 Important Steps

Posted on: 22nd February 2014

We all dream of winning a big lottery and living in financial bliss ever after. Anyone can win a lottery today with so many options available online. However, living “happily ever after” requires a few important steps. Be aware that without good financial management, no matter how much you win, you could end up squandering it all away.

Here are few steps that you need to take to ensure that you keep your money and enjoy it:

  1. Anonymity Is Good – when you win a lottery most people would like to shout it from rooftops out of sheer joy. The announcement will bring in a flood of business offers, needy relatives and friends, charity requests and so on. Find out whether it is possible to remain anonymous. Alternatively, find out whether your lawyer can claim the prize on your behalf.
  2. Consult a Tax Expert – it is important that you know all the pros and cons about taxes on your winnings BEFORE you claim your prize. Get financial experts work along with tax experts and crunch the number to find the best way to get the payment.
  3. Do Not Take Are Drastic Decisions – winning a large lottery would actually prompt you to quit your job, buy a luxury home, car, booking a world luxury cruise, etc. Fight this impulse and give yourself time to think straight. Let the euphoria of the wining dissipate a little so you could think clearly. Take life-changing decision only after minimum 6 months have passed from the winning announcement.
  4. Get Rid Of ALL Debts – get rid of all your debts. That is real financial freedom. Make a list of ALL money you owe and liquidate all the debts as soon as you can. Whatever else the lottery will buy, nothing can be as sweet as to know that you are totally free of any type of debt.
  5. Enlist The Help Of Financial Experts – you need to make sure that your money lasts a very long time.  If you just spend it, no matter how solely it will finish one day. Hence, you need to find ways to invest it wisely so you could draw the highest returns on your money. Get your money work for you with the help of the best financial experts.
  6. Set Aside A Splurge Budget – set aside a sum that you could just blow away to celebrate the winning of a lottery. It is fun when you do it for a short time. But be careful that you lock in the bulk of your winnings to ensure a secure life for yourself and your family.

 

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