Everyone has dreamed about winning the lottery and the great things they would do in their lives if they did manage to become instant millionaires. But, these are usually fantasies and no one really thinks about what they would actually do, practically speaking. It is something that you should give some thought because you don’t want to be caught unprepared. There have been too many stories of lottery winners who ended up wasting away their winnings because they didn’t have a proper plan in place. No one wants to squander their winnings like that, so what should you do?
Highlighted below are some practical tips that can be used by a lottery winner for learning what to do once they find out they have won:
- Keep your ticket safe
The worst thing that can happen to any lottery winner is to have their ticket go missing. Can you imagine how devastating it would be to find out that you have won the lottery, but you cannot get the prize because you don’t have the ticket? If you have a winning ticket, you need to keep it as safe as possible. This applies to both, a physical ticket, as well as an online ticket.
- Don’t share the news
When you win millions South Africa, you will be tempted to shout it out from the rooftops and tell everyone you know. But, this is certainly not a wise idea because of several reasons. Firstly, it could make you a target of criminal activities, as someone might try to steal your ticket or winnings. Secondly, you are also going to be bombarded with requests for monetary help and unless this is what you want, it is best to tell as few people as possible.
- Assemble a team
It can be quite overwhelming to handle all the money, especially when you don’t have any financial expertise. Therefore, you should seek the help of professionals, such as a financial planner and a lawyer that can help you figuring out how you want your winnings to be handled.
- Keep the money in a safe place
After you have claimed your winnings, you should prioritize their security. As mentioned above, there are some risks involved and you don’t want to lose your money. There are different options that you can explore when it comes to keeping your funds safe and you can talk to the experts and then decide how you want to accomplish it. For instance, if you have won through Lottery Heroes, you can leave the funds in your account until you have figured out what to do with them.
- Set aside for what is necessary
When you have won a big prize, you obviously want your wealth to last for your entire life. Thus, even though it is very tempting to splurge and buy some luxurious items that you have always coveted, it is smarter for you to work with your financial team and put your money aside for what is necessary. This means you should invest it in such a way that you will have enough for future educational expenses, retirement and so on. The key is to ensure that you remain financially sound.
- Don’t make extreme decisions
After winning the lottery and finding out that you are a millionaire, it can be very tempting to make some extreme decisions like quitting your job the next day. But, this is definitely not a wise move because you need to figure out what you are going to do and how you are going to handle things. Let the news sink in first and wait for a couple of months or even a year before you decide to make any extreme decision that might affect your life.
With these tips, every lottery winner will be able to handle their lottery win in the most practical way and ensure that their winnings last them for a long time.