Most people can (and do) imagine what they’d do if they hit the jackpot on the lottery. The cash might be going to a new house, a new car, trips around the world, to people you love – pretty much anything you can dream up!
However, the reality of winning the lottery can be a little different than what we dream up. It might seem overwhelming at first. Aside from where to spend the cash, there are a few very important considerations. Since it’s not something most people who’ve won will have experienced before, it might come with some major uncertainties. Here’s a list of 6 things you might notwant to do in the wake of your big win:
Don’t Do It All Yourself
Now that you have all this money, what are you going to do with it? Do you know how to look after millions of dollars? The best way to save and invest? Unless you’re already a financial expert, you probably don’t know what your best options are. And there’s no shame in that! The best thing you can do is to request the help of a financial professional who can guide you, help protect your assets, and make sure you get the most out of your win. Do a bit of research to make sure whoever you choose is trustworthy and has experience in managing this amount of wealth for clients.
Don’t Forget About Your Debt
Just because you now have money, doesn’t mean you don’t still have debt. Most experts recommend that paying off your mortgage, vehicle, credit cars, and loans should be one of the first things you do after winning the lottery. This provides you a little extra financial security moving forward. After this step, you don’t have to worry about paying anything off; you can just enjoy the rest of your winnings!
Don’t Make Crazy Lifestyle Changes
It might be tempting to quit your job, buy a new house, a luxury vehicle, or go on an extravagant holiday after a lottery win. These are all possible, but before you completely change your life, stop and take a minute to reflect. What are your financial goals and values? Once you know what these are, you can start making gradual adjustments to your lifestyle and begin living out your dream.
Don’t Spend It All at Once
It’s not uncommon that lottery winners will rake in a huge sum and be broke within a few years. It’s very easy to squander your lottery wins if you spend without making a plan, so make sure you take the time to budget for the next few years/decades. Consider how much of your money you want to invest and save. This ensures that you have something tucked away for later and are earning interest, so even if you blow through most of your win, you’re still set.
Don’t Tell Everyone Right Away
Winning the lottery is exciting! You’ll probably want to get on the phone and tell everyone you know the instant it happens. Once that news is out – even to one or two people – there’s no taking it back. We’ve shared stories before about friends, family, old acquaintances, and even strangers coming out of the woodwork looking for investments, loans, and handouts. Staying anonymous after a lottery win is often ideal. Some winners have even managed to claim their prizes without revealing their identities. These people are enjoying their wins, without the burden of strained relationships and fending off solicitors.
Don’t Overlook Your Options
Finally, you need to know what you’re required to provide after a win, what your rights are, and how to best go about protecting your privacy. While most lottery winners in Canada have to share their name, there is a chance that you can keep your information private. View the Jackpot Lawyer services page to learn more about your options.
Author: Danielle Mohr
Danielle is a professional copywriter and editor who provides services to Jackpot Lawyer on a contract basis. She has a broad range of experience in business marketing and is highly motivated to help businesses generate leads, increase sales, and promote growth.
Danielle has worked on websites, corporate blogs, and manuals for professionals, trades, government-funded organizations, and international corporations. Her work is driven by a strong passion for continued learning and she enjoys the challenge that comes with forging connections in the digital realm.
Danielle is the owner of Fine Point Writing & Editing based in Edmonton, Alberta.