It feels like a dream. You rub your eyes over and over again only to realize you are now a new millionaire…well, with icelotto it is very much possible, but now what?
Did you know that according to statistics, most lottery winners were able to spend most of their fast earned fortune in less than 5 years? Well, not if we have something to do with it! By considering these 10 easy tips, you will be able to separate yourself from the herd and establish a proper financial plan for you and your loved ones.
Ready? Here we go!
1. Try to keep it low key
Yes, you are sure you’ve won and simply cannot wait to call your boss and share your vast opinion over his so called managing abilities… Stop! No! Take a deep breath! You do not need to draw any unnecessary attention to yourself, at least until you have cashed out your wonderful prize!
In the meantime- Create a “wish list” that you can look at afterwards and then decide on what you really need? This way, you will be most productive.
2. Consider not quitting your job.
You are now very wealthy; however, you will need something to keep you busy and keep you from spending all of your newfound riches. Perhaps a part time job or even volunteering can be the thing for you!
3. Once the prize is collected- break it softly to your family and friends.
It is not an easy thing to do as much as people may think. Each person has a different reaction and this is something you must take under consideration. Do not throw it at your old grandma’s face if she has any heart issues or a pregnant wife that is not allowed to be overly excited. This is also what a Danish father did with his sons after winning an extensive amount in the lottery. The father chose to gradually tell his two teenaged sons about the great news and this way created a fun and thankful experience for all of them.
4. Pay off debts and put some aside.
Being debt free is important to do before you buy a bunch of stuff. And in case you have a family to take care of, perhaps creating some sort of a trust fund for your underage children to make sure they will have a great kickoff once they begin their adult lives?
5. Do not spend your money over things you do not need.
A Lamborghini sounds appealing but unless you are a Formula 1 racer- odds are this masterpiece will stay in the garage most days. Same goes for the ladies who shop till they drop. Spending is in the easy part. Investing will be wiser which brings us to our next suggestion-
6. Invest wisely!
Not a fan of financial affairs? There is an accountant for that. Have a professional handle your financials and invest in things like real estate or perhaps stocks. Odds are you will be able to double your earns in less than a year if invested correctly.
A Proper Banker should also be one of your considerations. Go to your bank’s Private Banking or its equivalent division for customers with great wealth. They may have more options when it comes to banking, and have a better grasp of the disclosure and security procedures in the bank.
For example, did you know that The Centurion Card is invitation-only after an appropriate net worth, credit and spending criteria are met? This “Black Card” is considered to have one if not the highest maintaining amount, with an average spending requirement of $1.0 million, plus requiring that amount to be spent every year. But hey, you just won the lottery! As far as your bank is involved- you will be invited to receive this honor in no time.
8. Keep yourself in check
Extravagance can make you lose yourself and your friends. No one likes a kick when they’re down. Surely you can relate to that. Some may be less fortunate so try not brag about it, people will get annoyed with you.
9. Give back to the community
Give your old car to the Salvation Army or other charity, become a philanthropist. We are sure you will be more than happy to so and the world will definitely become a better place for all of us if you choose to do so.
10. Go back to your origins
Let’s be honest, if you won once and now have the financial ability- why not put some money aside and allow us keep on the lookout for a large Jackpot for you to invest in? Just so happens, we know just the place for you to do so! After all, we do have amazing offers!