How to Prevent a Big Lottery Win from Ruining Your Life?
If you’ve won a major lottery win, congratulations! Now here’s what you need to know about keeping that cash…
Imagine you’re holding the winning numbers for the US$205 MILLION American Powerball jackpot.
Winning the lottery is a definitely a life-changing moment – but not always for the better.
Sudden wealth brings its own host of problems and news feeds are littered with stories of major lottery winners who lost it all.
So if you’re lucky enough to land a substantial sum of money on the lottery, here are the top 5 things NOT to do.
1. GOING PUBLIC
Why: You’ll attract unwanted media scrutiny, attention from “long-lost distant relatives” and scammers looking to make a quick buck.
Do This Instead: Remain anonymous when you claim the prize. Many state lotteries allow you to send a trusted representative on your behalf. If people around you notice the change in your lifestyle – the new house, new car – it’s still a good idea to say as little as possible. Mention you’ve come into money, but don’t say how much.
2. QUITTING YOUR JOB THE NEXT DAY
Why: You may have won a life-changing amount of money. But this is NOT the time to make hasty decisions.
Do This Instead: Take some time and allow your win to sink in. Many financial experts recommend not making any major financial-type decisions – like quitting your job – within the first few months.
3. HAVING NO FINANCIAL PLAN
Why: Even if you’ve won hundreds of millions in the lottery, you’ll be surprised at how quickly you can lose it.
Do This Instead: After you’ve knocked the top two or three things off your bucket list, it’s time to get serious and consult a professional. If you want to stay wealthy for years to come, seek financial help and make a plan for the future.
4. HIRING THE FIRST FINANICAL PLANNER LISTED ON GOOGLE
Why: You’re trusting this person with your money. Do you want someone who’ll do what’s best for you or what’s best for his own pocket?
Do This Instead: Do your research on different financial planners. Interview the ones who make your short-list and compare their responses before you make any decisions. Find out about their experience and the types of strategies they have in mind. Finally, make sure you understand how they’ll be charging you.
5. TRYING TO HELP EVERYONE
Why: It’s great that you want help out your family and friends. But helping the wrong way can often lead to disastrous results.
Do This Instead: Consider the impact your lavish gifts and donations might make on your nearest and dearest. For instance, buying your folks a million dollar house might seem great on paper, but would they be able to handle the property taxes on their own?
So now that you know what NOT to do after winning the lottery, you’ll know exactly what to do if you end up winning one of the world’s biggest lottos.
Plus, when you play with LottoExpress, you are guaranteed your privacy. Whether you win US$5 or US$5 Million, you are never asked to make your winnings public. We ensure that you start your new life, hassle-free!
The LottoExpress Team
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