Winning the lottery is a dream for millions of people who participate in this game. It is only a few lucky individuals who are ever able to win a huge jackpot in a lottery. The Lottoz UK site provides you access to many different lotteries which could change your fate and your lifestyle forever.
Have you also won a small fortune at a lottery? Have you won yourself the comfort and luxury of a lifetime? If yes, then it is time that you start planning how to spend your money upon winning. After all, lady luck is smiling on you.
Here are a few things to do when you win a lottery.
Choose how you wish to be paid
Not all lottery winners are paid immediately. In some places, a lottery winner needs to identify himself publicly, but in others, he doesn’t have to. The taxes on the lottery winnings will also be subject to change. Therefore, the actual amount that you may get will be lesser than the jackpot advertised. If you believe that you have the financial discipline to manage your life well with your newfound fame, get paid in a lump sum. If not, you can be paid in annual installments as well.
In general, it is better to be paid in lump sum and then immediately make some good investments. Why? This is because of inflation. Your money will be worth more today than it is tomorrow. However, if you do not intend to make any drastic changes in your lifestyle and want a comfortable sum of money coming your way for years to come, an installment plan is not a bad idea.
Get rid of debt
As you have won the lottery and most people know about your new fortune, there will be hundreds of financial advisors and tax consultants approaching your door. Take their advice with a grain of salt. Ensure that you have a good plan of your own and check if they can help you make it better. If you leave your financial life at the mercy of a financial advisor, get prepared for unpleasant surprises later.
The first thing that you can do upon getting your lottery money is paying off your debt. If you have a mortgage on the house, car loan or credit card debt, try to get rid of it as soon as possible. Note that there are many rules related to pre-payment of your debt. Sometimes, it is wiser to let the debt be serviced over due course of time instead of paying it immediately. Immediate payments can go to a credit card but with mortgages, you could be better off renegotiating your payments.
Don’t go crazy with that exotic holiday
You don’t want to be another lottery winner who lost his mind and spent his fortune on drinking, buying cars, and holidaying at different exotic locations. Winning the lottery is not an everyday event. Go on a holiday but don’t spend like you discovered a crude oil well in your backyard. Be smart and invest your money wisely before taking off for a vacation.
It is your money. Invest wisely and reap the harvest for a lifetime.