You know that feeling you have when you hit a lump sum of money. All your expenses begin to beg for attention. You might also think of giving yourself a treat and enjoy that vacation in your dream country. It is a whole lot of conflict to deal with in your head. Most times, you will begin to see what you should have invested into when your money is all gone. So we have decided to help you think faster by suggesting how to invest your lottery winnings wisely.
- GO FOR ASSETS
Spending money on assets is a good means of saving up your money. Assets that will build equity or that would retain value are the best we can spend on. A fancy car is an asset but will depreciate over time but a fancy house will surely retain value. When we spend with no thought of the future, in the future we will be burdened with thoughts of how we sponsored our misfortune when all that we have is no more. Spending on depreciable assets is a fast route to going broke.
- SEEK FINANCIAL ADVICE
There are a lot of people whose job is to make good financial plans for those who are confused about how to spend their money. This help is usually not far-fetched. It can help you decide what to put your money into when you don’t readily need them and how to apportion them in a way that will yield returns in the future. A lottery jackpot is a whole lot and you do not want to spend it recklessly.
To have an idea of what a lottery jackpot is like, check the latest lottery results and winning numbers.
- TAKE THE MUCH YOU NEED
Lotteries offer winners an option of a reduced, lump-sum payment, or an annuity in which the full jackpot value is paid over the next 30 years (American Powerball and Mega Millions). If the temptation to spend everything is intense, you can choose the rente option. It will force you to schedule your spending, and by this, you will get access to all your money; which could have fetched you more money through interest.
- TRY INDEX FUNDS
You don’t have to be that well versed to know that the idea to set some money aside is a good one, and no place is any better than to store away funds than in the stock market. While you may be tempted to assume, it is often better to take a diversified approach, investing to capitalize on steady market trends rather than wild swings.
In this way, investing in the markets is just an approach to store money for later use while accumulating some extra value rather than an additional gamble because you feel luck will shine on you. Once again, this is where would have to engage your financial management team.
- SAVE FOR RETIREMENT
A time would come when you will no longer be fit for active service. Perhaps your children are yet to gain ground financially, you would need some money to spend these remaining lonely days your living.
A lottery winner who is 30 years old will need the money to last on the order of an average of 50 years, if not more, so spending the money is more of a marathon than a sprint. So you must plan this phase of your life. As part of the planning, if you want to win big – play European lottery games. You would have more to part with if you win.
- CLEAR ALL YOUR DEBTS
You know that sense of freedom that comes from knowing that you owe no man, it is more rewarding than having a life where you spend beyond your earnings and go-ahead to borrow. Paying off debts is a good first step to take with any winnings, as this immediately stops you from losing money on interest payments. You don’t want to blow off your winnings on things that do not matter and end up in debt.
- INVEST IN STARTUPS
When you have itchy palms that do not say enough when it spends. This may not be as ridiculous as it appears to be. Investing in start-ups can help you satiate your overwhelming desire to spend, spend, and spend, with at least the potential to pay off big in the years ahead.
Start-ups are one of the most speculative — and potentially profitable — businesses for investors to channel their money into. While there is no need to always envision risks, investing your money into start-ups can be a good way to assume while looking forward to a reasonable chance of high returns, assuming that it is done prudently. Make your start-up investments stay below 5% of your overall portfolio, and you can feel like you have arrived and flashy without buying a supersize yacht which is a depreciable asset that will slowly flush your funds down the drains.
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