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5 Things You Should Do If You Win the Lottery

Hitting a lottery jackpot means over the course of a few hours, you have become a millionaire. How you take this achievement depends on you, with some right moves, the lottery could improve your lifestyle across the board. Winning millions overnight is not an easy thing to handle for some, this is because there are many winners who destroy their happiness by following the wrong path. Maybe you buy a sports car, or maybe you buy a mansion with your own domestic staff it all depends on you, but it is important to remember that one wrong move can destroy all your happiness in seconds.

Here are five sensible things you could do after winning a lottery:

1. Act Sensible

It is really hard to handle for someone who becomes a millionaire overnight, the person might want to scream and tell every one of his good fortunes but this is the last thing you should do after winning a lottery. There are many financial advisors who say “keep the win quiet and to yourself.” Remember this news will spread quickly and it is also possible that some unscrupulous people will try to attack you for a handout. Act sensibly and try to keep your winning to yourself.

2. Hire Professionals

The first thing you should do after winning is to hire some professionals who will save you and your money from many predators. Hire a team of financial advisors because they will handle your planning’s and investments and will not let you throw your money in foolish directions. Other professionals include a CPA and a lawyer, because they can handle your taxes and will help you to avoid any scams. Hiring professionals is a smart move, but ensure they are trustworthy and are their to help assist with your health, wealth and future planning.

3. Taxes

Winning the lottery means millions in hand and it is a saying “more money, more problems.” It is important to remember after winning that you need to pay taxes, too (this depends on the country you are from) – in the UK there is no tax on a lottery win, but in the US. the tax rate is high. So before making big purchases think about the taxes first and find a person who can guide you properly in this matter.

4. Have Fun but Continue Saving

After winning millions of dollars it is your right to have some fun and do some fancy stuff. For example, if you want a Lamborghini you can just go and buy one or you want a mansion with domestic staff, you can afford that, too. But the right thing to do here, yes have some fun but always remember your past and save money for future expenses.

5. Watch out for Pitfalls

Almost 70% lottery winners are not living their lives as they wanted to be, as mentioned here, just because of their poor decisions. As discussed earlier, there are predators who can make you jump into a pit if you don’t act sensibly. Having good aims like building religious structures is a very good thought but without planning building, even a church can make you fall.

It is important for you to do everything with your eyes and mind open after winning.

 

 

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