“44% Percent of lottery winners had spent their entire winnings within 5 years” is just one of many of statistics about lottery winners that garners great concern with lottery fans. Here are four tips to help avoid becoming a statistic:
1. CONSULT WITH A FINANCIAL ADVISOR
Once you have found out that you are the big winner of an amazing jackpot prize, allow yourself time to celebrate with your family. But then, before going to claim the prize contact a financial advisor. The quickest way to lose your money is to be given a big cheque and have no plan what to do with it. A visit with an advisor will help you plan out what you will do with the money once you get it, whether it is to create trusts for your children or investment recommendations.
2. CONSULT WITH AN ATTORNEY
Coming into a lot of money at once, is guaranteed to make you a target for scammers and jealous acquaintances. Lottery winners tend to find themselves being sued or having people makes claims on their win. Consulting a lawyer and making sure that you are covered for all events is a must.
3. LOCATION LOCATION LOCATION
Buying property that is free and clear is a sure fire way to guarantee that should you go spending crazy that you are not left without a home at the end. Make sure that if you decide to buy a fancy new home, that you set aside a special fund for the upkeep.
Keep things in perspective, don’t alter your lifestyle too much. Remember, what it was like before you had the money. Remember the struggles, the worries and the stress; with these thoughts at the back of your mind, the incentive to not land up back there will be stronger. Donate to charity, don’t cut people who love you and care for you out of your life. If your brother says – what on earth do you need 7 jet skis for? Listen to what he says, the voice of reason will usually come from those close to us.
How would you spend your big jackpot win? Play the EuroMillions and Millionaire Raffle today for a chance to find out!