I Won the Lotto!
Oh my gosh I just won the lottery!
Lottery winners such as Merle and Patrica Butler of Red Bud, Illinois and three teachers calling themselves The Three Amigos in Milford Mill, Maryland, as well as an anonymous winner in Ottawa, Kansas, who shared the $656 Mega Millions jackpot March 30 of 2012 and won $218.6 million each find themselves in a conundrum.
What to Do With All that Money???
I Won the Lottery Now What?
Most lottery winners ask themselves what they want to do next, like right now at this very moment, they feel like they are going crazy with joy and their thoughts can only think about one thing, what to do with all that money and how to continue day to day life with so much money in the bank right now!
When I Win the Lottery
When I win the lottery I will… what? I can take a hot bath and think about it for hours, all of the things I would do with the money, what would I buy? What would I do with my job? Who would I give some of the money to? family? Friends? My church?
Here is a list of the Top 10 Things to do (and what not to do) After Winning the Lottery in Order to Make Sure You can Enjoy the Winnings
1) Take 15% of the Money and Go Crazy!
DON’T DO THIS!, or at least don’t do it right away. An immediate and compulsive change of lifestyle or an obsessive CRAZY SPENDING SPREE is a BIG MISTAKE that most lottery winners make, it brings them to ruins. Just think about it, one minute you were dirt poor and the next minute you are spending weeks at a time spending money like crazy on things you don’t even need, will you able to stop the roller coaster ride before it is too late? Definitely NOT! just watch this video about 10 stupid lottery winners if you didn’t get the point yet!
Wait at least a few weeks and don’t buy anything that you don’t absolutely need in order to live day to day life, and get used to the fact that you are now a millionaire WITHOUT any compulsive spending, this will be a blessing in the long run and is part of the journey that you MUST go through in order to enjoy your new riches!
2) how to invest lottery winnings?
After a few weeks have gone by make sure to start an investment plan, there are hundreds of solutions to investing lottery winnings, lottery winnings are CASH MONEY this means that without an investment plan it is just sitting in your bank account and can get BURNED in a matter of days if you are not smart.
YOU HAVE TO INVEST in something that you believe in and that is a NON RISK investment. There are hundreds of non risk investments, just choose a few of the non risky types of investments to make sure that your money is still available in the future no matter what.
3) what to do after winning lottery: Lifestyle Changes
BE VERY CAREFUL with lifestyle changes. The fact that you are now a millionaire does not mean that you have to upgrade every single little thing in your life, If you are used to wearing $20 sneakers then you don’t have to upgrade to $2,000 sneakers, just think about it, do you want to spend all of your money on SHOES?
Don’t make any immediate lifestyle changes, if you do choose to upgrade your lifestyle and believe you can do so without burning through the money within 6 months like many lottery winners before you have done, then do it GRADUALLY and take your time. Now that you can afford almost anything it’s OK to buy 1 pair of $200 sneakers but you don’t need 20 pairs!
If you plan on buying really expensive jewelry, things for your home and go out to expensive restaurants then at least wait a while before you start to burn through your money, don’t do it all at once, you have your WHOLE life ahead of you and too much FUN will burn you out quickly. it could even kill you!
4) i won the lotto: Stay Away From Bad Situations!
Now that you can buy anything and afford it, you might be curious about drugs and alcohol, gambling and other addictive behaviors. If you know people that tend to end up in bad situations you should cut all ties with them as they could be a trigger to compulsive and self sabotaging behavior.
If you really liked to party even before your lottery win then you are probably heading for trouble if you don’t find a way to restrict yourself from all that money. People who are younger and less business and money orientated or people with unstable personalities are usually the ones that let a lottery win ruin their lives.
ANY type of addictive behavior can and will be catastrophic for a new lottery winner. Stay away from bad situations and bad places and people like you would stay away from a tiger or an alligator, and DON’T be stupid!
There have been tens of thousand of celebrities and rich people before you that ruined everything because they did not keep this simple rule of staying as far as possible from bad and dangerous situations with addictions and behavior. Do you want to be POOR or STAY RICH?!
5) lottery lump sum: To Lump or Not to Lump?
Most lottery winners will take the lump sum! I know I probably would too! but the best way to make sure that you do not take any risks at all with the money is to go for an annuity or monthly payment option.
50% of lottery winners to take lump sum payment option loose it all in under a year!
Yes it is true! if you take the lump sum the chances are 50 / 50 that you will go bankrupt in under a year and ruin your life, so DO NOT TAKE THE LUMP SUM!
If you take the annuity option or a monthly payment option then you only have a %5 chance of having to sell the annuity off to a bank or lender in order to pay back debt after going bankrupt.
%95 of lottery winners that take annuity payments live the good life and stay out of trouble!
6) what happens after you win the lottery: Stay Below the Radar!
Keep your life away from social media and away from the prying eyes of news outlets and journalists that are looking for a story. people will envy you and will want to see you fail. Don’t give them a chance or a reason to do so. Even if you are going through a hard time dealing with your new found riches, keep it to yourself and to your closes inner circle of friends and family.
Try to live an anonymous and private life if you can. it will be more than worth it in the long run. No matter what you do don’t share all of your pictures from a private beach on your Instagram profile for the whole world to envy you with!
Enjoy those moment for yourself!
7) you won the lottery: You are Now Rich!
Take time to ponder,..
You are now rich, you don’t have a worry in the world!
Just enjoy the moment and do nothing, meditating, knowing that you are now RICH!
ENJOY EVERY MOMENT!
8) bank it and then bank it Some More!
Make sure to put you money in the bank in a savings account, don’t walk around with large sums of cash and don’t withdraw cash at all if you don’t need it. You can always use your credit card and having money in the bank is safer then cash in your pillow.
Find the bank with the best savings account option and BANK YOUR MONEY FOR FUTURE USE.
9) Real Estate: For the Kids!
If you have children then a good idea would be to buy each of them an apartment and have it bought under their own name. This will make sure that your kids will have a home to live in the future and you can get monthly payments from renting out the apartments until the kids are ready to move out.
Investing in real estate in expensive large cities such as New York, London, Paris or Tel Aviv will ensure that the price of your new real estate stays up and almost never goes down.
Although real estate is not risk free, there are many low risk real estate opportunities and many say that real estate is a lot better then cash in the bank because it is ensured and secured unlike cash that can be spent in a matter of minutes.
10) Don’t Buy LUXURY Cars!
if you can’t help yourself and you just HAVE to have a luxurious car then OK buy yourself one but remember that cars are the WORST investment you can think of. The moment after buying the car its value goes down by %10 and then each year after its value goes down even more. If you really can’t bear not owning an array of luxurious vehicles then at least understand that you are literally throwing money away when buying luxury cars.
If you really want to spend some of your new riches on something luxurious without throwing away all that money then go for a luxury apartment or house, it’s price will probably not go down and you will enjoy it for the rest of your life!