Many people dream of winning the lottery one day, but few ever think about what they would really do if they hit the jackpot. Do you know what you would do if you won the $300 million lottery?
Some recommend investing everything in stocks, bonds, or mutual funds with the help of a financial advisor. Other winners of the lottery chose to help others in foreign countries such as China, India or Colombia. Even more tourists choose to travel the world. Unfortunately, a large part of the lottery is the company’s reputation. With this report, many lottery winners find that they often seek help through nonprofit-organizations, individuals such as friends; domestic, or even foreign, and last, but not least, politicians. Some even chose to support a presidential candidate in the next election who shared their views on politics and war. Perhaps the most famous use of lottery money was seen by one winner who carried his winnings around in suitcases and then frivolously took them away. This cost him dearest both his health and his fortune. Unfortunately, with little to no prior money managing-finances”>management strategies of such money exchange premium, many lottery winners have problems instead With this handy guide, you can handle yourself and your money in case you one day pull the winning lottery ticket.
In August 2007, more Powerball tickets were purchased than in countless months before. This growing concern proved to be of use to one Ohio resident who hit the jackpot. David Coterel, a resident of Riverside, Ohio won $314,300,000 in the Powerball lottery. This incredible draw was named the fourth largest in Powerball history. He decided to retire and pursue his dreams. What one does not see in the release of the newspapers and the news spot of the film on Wednesday evening is what happens to the families after the big profit, and how exactly they are going to spend the money overnight and adjust their lives.
As ironic as it seems, many people find their foray into financial success brings with it a great deal of pain and frustration. Below are ten steps you should take if you have ever won the lottery, such as David Coterel and his children won on August 25th.
1) When you hear that you have a lottery ticket, the first thing you need to do is find a way. Protect your password. Place the ticket in a plastic zip-top baggie to protect it from spills or any environmental damage. Put your password in a safe place, such as a safe box or lock. You can also consider taking it with you to the bank and opening a safe deposit box until you can take it to the lottery.
2) Tell no one but your closest friends and family. Limit your message radius to five people, although 3 would be ideal. Choose those who you know can keep secrets, and who you trust will not be greedy or abused.
3) Meet with a lawyer. He can inform you about current lottery laws, and will advise you on how to sell your ticket legally and without difficulty.
4) A hotel room with cash, taken under your name. This may seem extreme, but one of the biggest problems facing lottery winners is the press today. Accordingly, those who feel that they deserve to win that lottery, get angry and beat the winner. Protect yourself and your money;
5) Confirm the ticket with the lottery commission.
6) He meets with the computer. When you are sure that you have a winning ticket, you have confirmed it with the lottery commission.
7) Go on a one month vacation. By doing this, after your big wins, you will avoid the immediate press and public attention. It also gives you the opportunity to adjust to the idea of your new fortune before spending money on big ticket items. This allows you the opportunity to think through your purchase before you spend thousands of dollars on an impulse buy.
8) Add your business. When you meet with an accountant and/or financial advisor, ask him or her to help you calculate the interest that can be generated from various investment options. Rather than spending large amounts of money without worrying about limits, think about living on your interest through your accounts “earned income” income” based on how much you earn You can also ask your calculator to figure this out every day so you know how much you can spend each day without your principal.
9) Don’t be pressured. Remember that a stream of financial requests from friends, family, and strangers have been headed your way, so follow the same courtesy and respect that existed before your financial disaster. Many people consider lottery winners to be people with unlimited money. As the pool is deeper, it has an end, and you will find it much faster if you answer every request emphatically. Find people and organizations that you believe in and really want to help, and only focus on those requests.
10) Pamper yourself. Give yourself a chance to be a little crazy (with a budget in mind). Take 2% of your earnings while you’re on vacation, and use the additional 13% when you return to the establishment, and shop till you drop. When in the beginning you allow yourself to enter some luxury, you will also remove some temptations on a continuous basis, outside of your main budget.
The winners of the previous lottery found their ways to be more successful, enriching their lives and the lives of their loved ones.
One of the former security guards from Albuquerque, New Mexico was one of 14 who won the $131 million jackpot. After indulging his lustful feelings for cars and a beautiful house in the mountains, Mark prepares for his future in Madrid by helping his parents secure a comfortable retirement. With the help of a financial planner, his mother and father set up a trust that allowed them to retire from their jobs, and began to have more time in their lives to do what they wanted to do. He kept more than 50% of his winnings in a bank account, and was strictly withdrawing his life. He will undoubtedly secure his future with his treasury.
Patricia Denardo, a former nurse in Pennsylvania, won the $10 million Publisher’s Clearing House jackpot. Spending so quickly and frivolously, Patricia added to her existing house to make it a home she felt she could call home, put her children through college, and sailed around the world. She also plans her future to ensure her financial security through wise investments and savings.
By seeing those who have won before us, we can know what to do and what not to do. If you look down at a little slip of paper in your hand and find the lottery numbers one day, you will now have the tools to avoid many lottery winners who have fallen before you. Success goes far beyond just access to money. In managing money, fortunes are truly made for life.
