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7 best things to do if you win the lottery

Speed News Desk | Updated on: 20 March 2018, 14:58 IST

We all want to win the lottery, don’t we? The mere thought of becoming an instant millionaire just sounds to be too good to be true. But what if it turns out to be true, and you’re suddenly put in a position where you have free reign on how you’re going to spend your newly gained wealth?

Will you just flaunter it around town and buy whatever you can think of (not to mention your distant relatives' requests)? You probably will, because after all, it's virtually unlimited, right? But that's where you got it all wrong. No, you don’t have access to an unlimited amount of money.

In fact, there have been numerous cases when lottery winners lost all their millions and ended up poorer than they originally were. That’s just sad. Do you want to avoid that? Of course! So, read on and get a crash course on the wise spending of your lottery wins.

Remain anonymous

The first and wisest thing to do if you won the lottery's jackpot prize is just to keep calm, relax, and tell no one — except your immediate family if you'd want. Though there are some states that don't allow lottery winners to remain anonymous, there are states that do. And if you happen to be living in one of those areas, then you're in a pretty good position.

Remaining anonymous will not only save you from all the handout requests from everyone, but you’d also be safe from people who call themselves financial experts who wish to prey on your enormous wealth. Oh, and yes, you’re also less likely to be kidnapped.

Assemble a team of financial advisors and lawyers

These guys are what you need now that you’re a full-blown millionaire. Handling all your wealth on your own is just plain ridiculous, even if you have a degree in accountancy or financial management.
You need the help of these people to prevent unnecessary tax deductions, possible tax evasion cases, or just to have friendly advice on how to spend your money wisely. Hand pick them as much as you want so that you can assure yourself that they're not using you. Instead, you're the one using them. Talk about being wise, eh?

Invest

Investment is the key to even more wealth. We're living in a capitalist world, which means that the more money you have, the more ways you can get more money. That's the reality of life, and now that you've won the lottery and you are a millionaire, you have all the reasons why you should invest.

The stock market is a lucrative industry where you can profit by the millions. You also want to buy real estate properties, knowing that their value increases through time. Businesses like restaurant chains and auto dealerships are also sure-fire ways to get your money rolling.

Give to charity

What’s great about charity is that you not only help the less fortunate, but you also become entitled to tax deductions. This is a smart thing to do because you are doing multiple good things at once. Sharing what you have is a good thing but being free from all those taxes is even better.

Create a sustainability campaign

Don't be carried away, because there's stillthis thing called sustainability. You need to ensure that your standard of living is sustainable in the long run. Your expenditures should all complement your profit, and it shouldn't go beyond your budget. You want to ensure that your lottery winnings will still be felt by your great-great-grandkids.

Travel the world

The sky is the limit when you’re a wealthy lad. Do whatever you want, but don’t forget that the world is waiting for you. I mean, you have all the things you need to explore the world and make the most out of your life, so why not do it?

Explore different countries, go to places unheard of, and chill the heck-out-of-yourself in the tropical Maldives, or perhaps go to the frosted plains of Antarctica. Go on a cruise trip. But why bother getting a ticket when you can buy your own yacht and sail the world VIP-style?

Live your dream

Live the life you’ve always wanted together with your loved ones. But don’t forget to discipline yourself. Don’t abuse the wealth and power you’ve gained, because anything can happen. Sure, you can do pretty much anything you want, but be sure that it is for your good and for the good of all. You can play India lottery or California’s local lotto as many times as you want. But winning the lottery jackpot is a once in a lifetime opportunity so be sure to deal with it wisely.

First published: 14 March 2018, 16:09 IST
 
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