Imagine If You Win the Lottery
Imagine if you won a very large lottery. Make wise decisions so you don’t regret it in the future. Here’s what to do first if you win the lottery:
1. Just shut up and be quiet
The first and most important thing if you win the lottery is DO NOT tell anyone. Because many people near or far who want to be interested in getting the money from these results. If not, once the people around you know that you are suddenly rich, you will be hassled by requests for association, friends you haven’t seen for a long time, car, boat and yacth salesmen, not to mention all of them either- saying “financial experts” who will come forward to “sell” their “products” to you without putting in place any real coherent investment strategy. You can therefore avoid all these problems by remaining anonymous.
2. Contact an investment advisor
The financial advisor that you don’t know, but who must be registered with a legal entity: an attorney who specializes in funds and investments. Because that person will not side with anyone and have no interest in making your money and will help to optimize your money.
If you win the lottery, it is very difficult to know who is trying to rip you off and who is seriously trying to help you build a stable and efficient income base. Rather than signing with your eyes closed with a single financial advisor who risks selling you only “products” and not investments, I recommend that you choose the best lawyers, accountants, wealth management advisers and notaries for them. force them to work together. Before describing your financial situation, be certain of everyone’s references and don’t hesitate to contact some of their clients to verify.
3. Decide to share with relatives or friends or not? and how much?
If necessary and if you want, you can also give the maximum 5-10% to relatives or friends which is still a reasonable day.
4. Don’t change your way of life
So as not to waste money on useless things. Many lottery winners, they can spend the lottery winnings in an instant.
Avoid sudden changes in your lifestyle. For the first six months, don’t do anything fixed, like quit your job, buy a big car, move into a big house, even if the temptation is strong. Schedule major purchases for later.
With your wealth, you have the time, independence, financial means to achieve yourself. Avoid focusing on spending and start by studying all the areas that “tick” your heart, money is never a goal in life, only a means to achieve it. This profit, whether it is the result of chance or the fruit of a lot of work, must be invested effectively so that it can put you permanently in a shelter. Take the time to make your decision, and if you implement these 19 steps, it’s a safe bet that your children and grandchildren will also benefit from this great opportunity…
Do the right thing and good luck to you…
NOTE: This article also applies to those who have received large sums of money from other things. In this case, please adapt some of the steps to your particular case. Thank you for sharing your experience with us, this is a topic rarely discussed on the internet.
What about those who haven’t won the lottery?
Let’s be honest, the majority of you have never won the lottery and never will! But that doesn’t mean you can’t have a rich life and earn a lot of money.
The good news is, you are even more likely to get rich on your own than by winning the lotto or inheriting. Indeed, according to the book “the millionaire next door”, the majority of millionaires are people who have built their own fortune. And not necessarily with very high incomes.
However, most of them applied rules and stuck to them throughout their lives. Here are a few from the book.
- The typical American millionaire has neither inherited nor received a special helping hand. He educated himself to be independent in managing his personal finances.
- Social status is not his priority. Rather than spending money in order to “belong” to social status, he favors his financial freedom. It translates into a certain frugality on a daily basis. His money must be used wisely.
- He/she devotes time each month to managing his money. They are more than 95% to hold shares.
- The American millionaire is primarily an entrepreneur and he loves what he does (we perform better when we love our job). Some are salaried but it is a minority. They try to develop as many different sources of income as possible.
And you, what would you do if you won the lottery and inherited a large sum of money? Have you defined a financial plan to enrich yourself and why not become a millionaire?
Sources: PinterPandai, Money Crashers, State Farm
Photo credit: Wikimedia Commons (CC BY-SA 3.0)
File: Stack of 100 dollar bills
