How To Deal With Winning The Lottery

The lottery can be a fun game to play with the possibility of winning the jackpot being very small, but it does happen, I don’t think the Euromillion winners who won the 94million Euro jackpot woke up one morning and thought “today I will win the Euromillions”. For all we know they could of had the worst day of their lives that day which turned out to be the best; although the hard task of winning the lottery has been complete there is still work to do to manage it and make sure it will last as long as possible. The below guide is just to give an insight into winning the lottery and remember always try to go with the advice of the awarding body as they have seen individuals scoop the jackpot many times before, often for much larger jackpots.

1. Always make sure you are in fit health to win the lottery, an individual with a heart condition may suffer injury on winning the lottery, make sure you are safe in health to be credited this massive win. The last thing you want to be is that person who passed away seconds after finding out they have won the lottery, make sure you are fit to play, if you can’t ride a small rollercoaster then what are the chances of you surviving a massive life changing win?

2, When you win always contact a legal representative who you can trust, legal practitioners may charge an additional fee due to your new fortune as this is money you have won so you will be easier to part with; picking someone you have previously trusted may be a mistake as money does change people. Always try to go with legal advice of individuals who have dealt with this situation before, e.g. other lottery winners. The awarding body may have their own legal representative which can guide you through the legalities of winning the lottery.

3. Find an accountant if you are bad at managing money, most people will cave in to the temptation of going on a shopping spree however always plan a head, there is nothing more satisfying to treating yourself but make sure it’s smart spending. There is a massive black cloud over lottery winners who have blown their money, ended up in jail or just being completely broke; some professionals say that a working class person will have a better quality of life than a lottery winner.

4. Plan for your future, this may seem like a vast amount of money for you and you may be under the false hope it will last forever, try to plan your expenses as much as possible. It may be great purchasing a large house but the rates of that house may cripple your finances over time and this is the hidden costs you need to be aware of as failure to maintain the house may result in debt and that is the last thing you want when winning the lottery.

5. You need to consider keeping this to yourself; if you promote the fact you have won the lottery and the jackpot is a relatively high one then you can expect death threats, blackmail or the poison of the win changing people you have previously trusted. If you do keep this a secret you need to note that any shopping sprees may not go unnoticed and you may have people thinking you have an alternate lifestyle; always give this thought as it could change your life forever.

These are the key areas of winning the lottery from a third party perspective however we would love to speak with anyone who has won the lottery, if you have any more tips please leave them i the commons and if our writer agrees they may incorporate it within this article.

2 comments on How To Deal With Winning The Lottery

  1. lady350
    / Reply

    Making the money last for a long time should be everyone’s goal, but it seems not to be. The first thing people do is go on shopping sprees and give money to the family and friends. Instead they should take the advice listed above and plan it all out. It would be very hard to do these steps first but is necessary to ensure you are making smart decisions with the new found finances. I would definitely hire an account even though I am good with money. I would not tell a lot of people because they may try to get money from me when I probably couldn’t borrow $5.00 from them if I needed to. I would also invest in my future so the money will grow so it would, in a sense, last for the rest of my life and expand through my children’s life too.

  2. cara18
    / Reply

    Those are some really good tips. I agree that you shouldn’t tell anyone. I have read many stories about winner’s families asking for money or acting like they really need something when they don’t. I never really really thought about tip number one but it is a good point. It would be awful to have a heart attack after winning. But it is sad how much money can change people or make them act.

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