Unsurprisingly, when you win the lottery you tend to feel a range of emotions, sometimes all at once! There is the initial thrill as you realize what just happened. Then, an excitement for all the things in your future you will soon be able to do. A little later, some people report feeling worried about how they will keep their new wealth a secret. Others even feel sad at the thought of leaving behind their simple old life.
Don’t worry- these feelings are completely normal. You have just experienced a massive shock! It is completely natural to need some time for your win to sink in.
The most important thing you can do during this early stage is relax. Whatever else happens to you, you never have to worry about money again. When you win the lottery, the rules for your life change a little. This means that concerns over rent payments, groceries or other daily expenses will probably not exist for you again. As long as you are sensible with your money. More on that in a bit!
Just know that any money problems you once had are now solved. You can sort out everything else in a few days when you’ve got used to the win. We suggest going back to bed and enjoying a nap. You’ll probably sleep better knowing that whatever you do in life from this day forward is completely up to you!
The first thing that most people do when they win the lottery is scream and shout. The chances are that you’ll be exactly the same! As such, there’s no point us recommending that you stay calm and don’t say anything because in reality you’ll be much too excited to remember to do it! Instead, we have some advice for what to do next: keep your win a secret.
It might seem odd to withhold information from your loved-ones, especially when the news is this important! We aren’t suggesting you hide the win from your spouse, but we do recommend you limit the number of people you tell. This is simply because you haven’t yet thought about how you will spend, invest and save your new wealth.
As soon as other people know about your good luck, there is a high chance they will want to give their opinion. Unless these people are former jackpot winners, it is unlikely that they have any clue what to do when you win the lottery. In the worst case scenario they will give you advice that leads to further problems, and in the best case you could offend them by ignoring their suggestions. Much better to keep it secret and decide for yourself what you want to do with the money. It is yours, after all!
At Monster Lotto Inc., we try to help our winners keep their secrets. Some of the lotteries we provide are required to publish the name, and sometimes hometown, of their jackpot winners. This makes it quite a bit harder to stay secret! We therefore have a solution that sees us collect the winnings on your behalf and transfer the funds via a method of your choosing. When you do this, you avoid having to advertise your name to the wider public. When you win the lottery, this is something we will discuss with you. And don’t worry if you would prefer to collect the ticket the traditional way- we also will help you to do that too!
Hopefully you’ve stuck to points 1 and 2. After a few days of relaxing you have started to come to terms with your lottery win. You avoided telling the entire neighborhood about your win and also made sure that your gossipy Auntie didn’t find out. Well done!
Here’s where you have to make one of your first big decisions. When you win the lottery, it is likely that you will suddenly be in control of more money than you’ve ever seen before. Because of this, you’re going to need a professional team to help you manage it. The majority of lottery winners who end up bankrupt do so because they do not seek professional advice.
A lot of this depends on which country you are from and which lottery you have won. The UK lottery, for example, has a team of specialists to help lottery winners make the best decisions with their winnings. They will meet with you and suggest a range of services and advisors according to your goals.
If the lottery you have won does not provide any advice to its winners, don’t worry. There are plenty of advisors who will be able to assist you. At the very least, you will need to find a lawyer who has experience with lottery winners, an accountant and an investment manager. Some people will actually hire two investment companies or accountants and pay the second to audit the first. This means that company number 2 will not actually make any decisions or give you advice, but they will check the work that company 1 has done. When you do this, it massively reduces the likelihood that somebody will use your money for activities that aren’t in your best interest.
Do not be afraid to speak to multiple different professionals. These people will be responsible for keeping your money safe and to help it grow for the future, so you must feel confident that they can be trusted.
When you win the lottery there is a massive temptation to go out and buy the biggest, best thing you can think of. For some people it’s a fast car. Others like boats! Whatever it is, try to resist the urge to do this. Instead, set a sensible limit for your immediate spending.
The most effective way to do this is to think about a few things that made you stressed before you had your win. A lot of people find that writing a list is helpful. Once you have the list, you then number the entries in order of stress. This way you can find the most important things to spend your money on!
For example, a lot of lottery winners say that they knew their life had changed when they paid off their debts. Whether the debt is a credit card, mortgage or student loan, getting rid of it can make a huge difference. You might not expect it, but the satisfaction from becoming debt-free is said to feel even better than when making a luxury purchase!
We aren’t saying you shouldn’t spend any money on luxury goods, but remember to prioritize your financial freedom first.
Of course, you can’t win the lottery without buying a ticket! Has this advice helped you to build a winning strategy?
Try it out by purchasing a ticket here at Monster Lotto Inc.!