Everyone dreams of that one elusive moment – finding the first time that you’ve won the lottery worth millions of pounds! With a pot that can reach more than £150 million, just the mere thought of winning can make one excited, thrilled and uneasy for a number of sleepless nights. While it’s one moment that’s elusive and highly sought after, it can bring out not just the best, but also the worst things in life. If next few decisions are poorly done and misinformed, it can bring a number of problems that can extend throughout one’s. It’s now a common story told about friends and associates taking advantage of the news, like vultures waiting to partake on your hefty check. But when managed the right way and the right choices are made, it can secure not just your future, but that of your family members.
Between these two scenarios, you are better off with the right mindset, and choosing the best things to do if you win the lottery. But here lies the rub- what’s the first thing that you should do, and is there something wrong in planning a much-deserved vacation? So in celebration of a dream, here are five things you should actually do if you win the lottery.
Take precautions, protect your ticket and winnings
Should you go public? Call friends and family members immediately, or lie low for a while? This is one decision that you should make on your own, and comes with its own set of advantages and disadvantages. If you keep it private, you will end up enjoying the winnings alone, which can be sad. And remember, a splurge here and there is something that cannot be hidden for a long time! Making it public can provide you a chance to plan out and dream big with friends and financial advisers. But it will come at a cost, as many winners have experienced.
Consider the math and plan accordingly
While the excitement of willing the lottery will last for weeks, it’s still best to think logically. And no, your winnings should not be spent solely on your expensive gadgets, dream house and vacation. Consider paying off all debts, an educational fund and provisions for loved ones. Is there room for your retirement fund? Do this in a confident manner by asking for professional help. A financial adviser can help you sort things out, from possible tax obligations to your future investments.
Practice caution, spend your fortune wisely
For those who are dreaming about the lottery winnings, they fantasize about dropping the job, and quitting in a cinematic fashion, taunting the boss and co-employees. Never do this. You may have the money but having work and a network of friends will keep you grounded. As they say, there are some things that money can’t buy, friendships included.
Cover all debts
Related to the second tip, one of the first big moves that you can do is to pay off debts. Whether you are talking about credit cards, an obligation with a friend or mortgage, it makes financial sense to cover all these.
Go ahead, pamper yourself
After all the necessary concerns have been covered, don’t forget to pamper yourself. Book that ticket to the Caribbean or the Far East and enjoy that vacation 10 years in the making. There’s nothing wrong in providing for yourself, caving in to your whims and wants. Remember, you’ve earned it, and it’s your one in a million chance that others have only dreamed and fantasized about!