What to do if you win the lottery?

Most people aren´t ready for such an event. They might say they are, but eventually, when that day comes, they don´t know what to do, and we are sorry to say but that means that you will probably spend such a great amount of money in the first three years and then back to nothing. A lot can happen, you can go too public and get robbed, and you could even spend like a billionaire without making any money in return, that’s a fail-proof formula to go bankrupt. So, what options do you have? Let's explore them.

First of all, you´ll want to think about remain anonymous or go public, a decision that is as personal as they come and will surely have an influence on your outcome. It has pros and cons, going public will inevitably bring you a lot of attention from the press, and of course, the public begging and intrusion becomes unbearable. On the other side, if you remain anonymous you will have a very difficult time trying to keep it a secret since eventually family or close friends will know of your new fortune and that might cause resentment. It´s something you have to think long and clear, just to avoid the famous “millionaire sickness”, it can lead to depression or even compulsive expending.

When planning ahead of your new fortune, it’s a really good idea to sit down with pen and paper and do your math. Especially knowing that most people tend to think the money they won is always “more money than I could possibly spend in a lifetime”, wrong. When you want to back up it´s too late, your millions are in a car, a great house, a cottage on the lake and a few went to the family, so now you have a huge money-eating whole that is up keeping all that state, remember that you have to pay taxes even when you win the lottery, so try think of strategies of income before dreaming.

You placed some Irish Lotto tickets, you won, your life is taking violent turns and you might get dizzy in all that excitement. The time has come to find a person to take care of your money, there are professionals that can fix all bank, taxes and any problem that could rise, for a tiny bit of your new fortune. So enjoy the bubbles, take the lady or your husband out for a nice trip, and let your millions in the safe hands of an accountant, no doubts here, just do it.

Last but not least, you need to understand that like in a vehicle, going from 0 to 200 mph in seconds can hurt you. Be humble; maybe keep your current work for some time, just to make a gradual transition from a regular life to a wealthy one. If you feel the need to quit your job, don´t do anything you could regret latter, as that new lotto billionaire that peed on his boss before quitting and had to pay him almost half of his money and spent five years in prison. Take it easy, you will have a much better ride.

Yorkshire Dad

Part-time daddy and lifestyle blogger. Father of 2 boys under 2. Golfer, scare-fan, tea-lover, traveller, squash and poker player. I write on the @HuffPostUK http://www.huffingtonpost.co.uk/karl-young/

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