Many people believe that winning the lottery would be the best possible outcome for them. The big winners may believe they are financially secure for the rest of their lives, can stop worrying about expenses, and can start accumulating new possessions that they previously felt were beyond their capacity to obtain.
Yet, with around a third of lottery winners thought to file for bankruptcy, matching the winning numbers isn’t always the blessing it appears from the outside. There have been many high-profile winners such as Lara and Roger Griffiths who made bad choices and were forced to return to a life of toil and regret, as covered by Leeds Live. To counter this negativity, lottery organisers now ensure big winners are provided with sound advice that should prevent their windfall from becoming a curse. While your numbers might not have come in yet, the advice provided to these lucky few could also aid you.
Form goals
The attractiveness of a big lottery win is obvious and playing the lottery has become simple as many people try Lotto online at Lottoland to discover the game that suits them best. With jackpots available in the hundreds of millions, people inevitably start daydreaming of how they would splash the cash. However, the first piece of advice given to big winners is to take a step back and refrain from making snap judgements.
The exhilaration of winning often clouds judgment and therefore the best action is to place the money in a secure location and head off on holiday. Lottery organisers will put you in contact with a luxury travel concierge who serves as a central point of contact for organising and managing opulent travel arrangements. A professional can assist you in organising every aspect of your vacation, from locating the lowest rates and offering to set up private admission into particular events or locations. This provides you with the time that is essential to apprehend what you desire from life in the short, medium and long term.
You don’t need a lottery win to visualize your ideal future, yet the hubbub of daily life can make us lose focus. So take a moment to decide where you want to be, but remember that long-term objectives require a significant commitment. Make sure your goals are important to you and create stepping stones that can be achieved over a day, week, or month and are working towards the dream that you want to realise.
Understand money
The next piece of important advice if you’re a lottery winner is to put together a team of financial specialists to assist you in managing your finances. You’ll require a lawyer, accountant and financial advisor and might be a little shocked by the amount of money really received. Tax liabilities are one of the primary causes of financial loss and debt for lottery winners, and with a team of experts, there shouldn’t be any unpleasant surprises.
Additionally, the great majority of lotteries provide winners with the option to accept a lump sum payment or regular instalments over an extended period of time. This is a huge call to make with significant repercussions, thus consulting a professional advisor is crucial.
While hiring financial experts is unfeasible for most of us, there’s nothing stopping you from obtaining financial literacy. Financial literacy can help you become self-sufficient and attain financial stability by avoiding bad financial decisions. Developing financial literacy requires taking important measures like understanding how to make a budget, keep tabs on spending, pay off debt, and make retirement plans. While many lament that they were never taught how money works in school, there’s nothing stopping you from learning now and sites such as Money Helper can get you on the path to financial literacy.
Even if your numbers don’t come in, a better life is possible by forming a goal and achieving financial literacy. So, take the advice given to the lucky few and see where it takes you.
