Only someone as wealthy as the Bill Gates would not be completely bowled over by winning the lottery. It is a staggering piece of luck and is life changing, no two ways about it. But sadly, history tells us that there are many people whose lives take a turn for the worse once they suddenly find themselves rich.
If you are one of the people who purchase Euromillions tickets every week and one day hit the jackpot, what can you do to prevent the same happening to you? Here are a few ideas that may help you keep that wealth where it should be, in your bank account.
Things to avoid
However tempting, don’t just ring into work and announce that you aren’t coming back. Hold off making this decision until the money is in your bank and you have taken some advice. If you are going to leave then do it properly, hand in your notice and work that notice out, you never know there may be a case in the future where you may need a reference. Keep the news of your winnings to yourself, for now. Many lottery winners get bombarded by begging letters.
By all means tell your immediate friends and family but ask them to keep it a secret for now until you have things sorted. Even then it pays not to have everyone knowing your business, the last thing you want is constant cold calling from investment companies. Don’t lash out and blow all your money at once; let yourself have a treat and while you are enjoying that give the dust time to settle then take a step back and consider the future.
Things to do
Get some good solid financial advice and follow it. A financial advisor will tell you how it is best to invest your money and where. They will also help you draw up a financial plan for the future so that the interest from your money becomes a form of salary for you. An example of a financial advisor is Alexandra Gordon who sits on the advisory panel of UK Lotto and EuroMillions operator Camelot. You can read more about her and the job she does by reading the following:
Speak to someone about the financial situation. You can get advice online at HMRC or by calling a free phone helpline number. If you have purchased your ticket online then read the site for helpful information about lottery winnings. Always make a budget for the future so that your money doesn’t disappear, set aside an amount for you to spend then and there and make sure you enjoy it. After that though it is a good idea to calm down and wait for your budget to get into place over a couple of months.
There is nothing like knowing that you have enough money in the bank to do whatever you want. However it is not quite the same as actually doing exactly what you want. Doing that would soon make a hefty dent in your winnings so be careful and don’t waste all that money you have been lucky enough to have been given. Remember it all happened because you purchased a lottery ticket and the chances of that happening again are very remote.