10 things to do with your lotto winnings

10 things to do with your lotto winnings

Just because you win millions from the lottery, doesn’t mean you will never have to worry about money again. On the contrary, now is the time to REALLY think about what you want to do with your money - and to take the necessary steps to actually do it. Here’s some lotto advice for you.

What to do when you win the lotto

Assemble your own team of financial advisors and lawyers.

Instead of signing with a team someone else has compiled, rather handpick your own lawyer, accountant, and financial advisor, and vet each one carefully before explaining the situation. The team you put together will be your so-called “board of directors”.

Stay anonymous

If the area in which you live permits, don’t reveal your identity, rather stay anonymous. It’s a nightmare when people find out you’ve won. They will keep badgering you for handouts, anyone from charities to friends and relatives that crawl out of the woodwork. "If you win the Powerball, everyone's going to be laying in front of your car so you can run over them so they can sue you," says financial planner Guerdon Ely. Luckily, you can avoid all this by keeping your identity a secret.

Don't suddenly change your lifestyle

Don’t rush out to buy the latest tech, sportscar or a bunch of racehorses, rather put your spending on hold for 6 months so that you get used to having so much money to your name. In the meantime, set aside a fixed amount of spending money. Set aside all big purchases for later. Also, don’t quit your job. You may regret it later on.

Invest, invest, invest

Put your winnings into safe short-term investments and don’t touch it for the first 6 months. Then have your financial team put together an investment portfolio for you. It is also very important for you to budget, especially if you're not used to having a lot of money. It may take a lot of discipline at first to keep your winnings and not go on a wild spending spree, but you will not regret it. One way to do this is to keep your job and only spend your income - not your winnings.

Protect your assets

Since you have a lot of money now, you need to make sure that you are guarded against losing assets to creditors. The best thing you can do is build a few roadblocks to ensure that it is impossible for creditors to reach your money or property. These asset protection strategies can range from law exemptions to creating a number of barriers through the use of trusts or limited liability companies etc.

At the end of the day, to put all these steps into action, you actually need to PLAY the lottery online to WIN this amount of money, so do it now - right here on Lottotime!