UNITED STATES—It is a question that I know I’m NOT the only person that thinks about this. What would you do if you hit the lottery? I mean not for a few thousand dollars, millions of dollars? Who would you tell? What would you tell them? Would you invest? What would be your first big purchase? Who would you share the money with? Where would you go?
So many questions so little answers. Yeah, the notion of hitting the lottery is like one in millions or billions of people. Is it likely no, but there is still a chance that it could indeed happen and you might want to have a plan in case it did. So for starters, you have to remember hitting the lottery is going to absolutely change your life. People you haven’t heard from in weeks, months or years will suddenly show back up in your orbit. With that said, do not feel compelled to have to give your winnings to everyone you know.
Yeah, that might sound harsh, but here is the reality of the situation, you don’t owe everyone something because you hit the lottery. Yes, you may have hit the lottery by luck, but luck was on your side not everyone else. What you choose to do with your winnings is your choice. Don’t feel compelled to do for everyone. If you do you will be broke quicker than you can count to three people. Give to those that you want to and leave it at that people.
With that said, you also have to have a plan about who you share that news with. I’m one that will keep my lips pursed tighter than I can imagine. There might be one person I would tell and only that one person. Why? I know that person can keep their mouth closed especially with such potent news. On top of that, you have to share the news with someone just in case something happens to you. Next, you need to sign that ticket and store it in a very safe place people. You don’t want that ticket falling into the wrong hands and those millions suddenly vanish into thin air people.
Next, you need to let that money sit in your bank account. Let the funds draw interest and then use the interest you earn from those funds to purchase some things that you want. Be smart about what you buy, and remember just because you have millions (which should last you a while if you’re living a simple, not overindulgent life), it can easily vanish if you start overdoing it. What does that mean? You purchasing homes for every single person in your family.
When you have an excessive amount of money you’re going to have tons of people come to you with a boat load of problems. However, you have to remember something very important: those are their problems not yours. It is NOT your responsibility to take care of everyone else people and do not feel bad if you choose to do it.
Debt, if you have debt you NEED to pay that off and eliminate it once and for all. You have hit the lottery; you should get rid of that debt as soon as you can before you start spending money and investing. Eliminate that debt so that you can build up your credit score and keep things looking positive when it comes to financiers and creditors people.
Then you should start to think about investments. Are you looking to start your own business or perhaps you are considering investing in real estate? Yeah, real estate would be the investment I would make and I would be smart about the investment that I am considering to make. Real estate is a great way to build your portfolio when it comes to money and keeping revenue coming in for years to come.
Splurge a little, but don’t overdo it. Purchase something that you’ve been eyeing or actually want and be happy with the purchase that you made. In addition, if you’re choosing to give or dole out allowances to family or friends. Have a set amount and stick to it. Do not feel compelled to do more than you think is suitable. Like I noted, everyone will have their hands out wanting you to give them something and you’re NOT indebted to do it. Give to who you want to give to and to the others oh well.
Charitable donations may come into hand and if it does, give to the charities that you know are legit and those that are important to you and that you would like to assist. Yeah, many people donate to charities because it’s a tax write off, but I wouldn’t be doing the donations for tax write offs, I would be doing it because it’s something that I want to do people. Just remember if you hit the lottery, which is a dream we all have thought about, your life will indeed change. Might not be a bad idea to consider what could happen and how to prepare for it just in case it does.