Winning a lottery jackpot is a ‘dream come true’. Hitting a major jackpot is always a surreal feel whether playing online through portals like Lottoland that is a world leader when it comes to offering major international lotteries or through a physical ticket. The jackpot amounting to crores of rupees can sort your finances for life if you think logically. The internet is full of stories of people who hit a big jackpot but were back from riches to rags in a few years’ time due to improper investment decisions. This happens to those who don’t know how to handle the enormous amounts of money that destiny has bestowed upon them.
If you want the money that has come to you to last for your lifetime and let you lead a lavish and luxurious life, here are a few decisions that you should make.
Take a Deep Breath and Process Your Win
As soon as you come to know that you are that lucky one whom destiny has chosen to shower with insane amounts of money, you would be on cloud nine. You would feel like shouting at the top of the voice and announcing it to the whole world. But, it is always recommended to let the feeling sink in and announce only after making some responsible decisions. These decisions are to be made even before claiming the prize money.
Hire a Good Financial Advisor
As most of the people are not experienced in handling such huge amounts of money, it is better to hire a professional. A good financial advisor is the best person to guide you on how to get your gold-dipped ducks in a row.
Most of the time, winning insane amounts of money lead you into many troubles if your identity is known publicly. There could be people asking for favours; many new relatives might suddenly start surfacing, you might even be at the target of underworld people. For your safety and your peace of mind, it is recommended to remain anonymous.
Try to Remain Normal
The first thing that most of the big jackpot winners do is resign from their jobs, which is not right. You should continue to work normally at least till the time you get your money and sort out all the investment options. If you feel that you won’t be able to keep the news to yourself if you go to work, better take off for a few days but don’t give up your job.
Lump Sum or Installments
Some lotteries give you an option of taking money as a lump sum or in installments for the next 30 years or so. Figure out with the help of your financial advisor which would be a better option for you considering the tax implications and your attitude towards money-handling.
Draw a Concrete Plan
You should have a proper plan in place, which includes paying off any existing debt, investments made to secure your future, money kept aside for splurging, paying the tax on the winning amount etc. When you win huge amounts of money, you might get disoriented and not think properly. But, drawing a concrete plan with the help of the professional before claiming the prize amount will help you think clearly and stay grounded.
These are few of the decisions that you should take if you win a lottery jackpot.