When considering that there are lotto players who won the jackpot and then went bankrupt, it is imperative to know what is advisable should you be lucky enough to become a millionaire overnight.
Do not tell the world
Do not update your status on any form of social media, and do not tell all your friends and family. This can cause a substantial amount of problems and clear a bank account in the shortest amount of time.
Tell the people that you truly trust and make sure that they will not tell anyone else, either.
The worst-case scenarios in more people knowing about your fortune that you’ve won with LOTTO, LOTTO PLUS 1, or LOTTO PLUS 2, can start from everyone wanting to loan money, to being a target for kidnapping, or even murder.
Appoint the right people
The next imperative step to take is to get a lawyer who is experienced in finances. Another key person to have is a financial advisor who can help you manage your funds.
A lot of people make the mistake of taking their fortune into their own hands where it can be depleted within months, or even weeks, if not shorter.
Everyone has the hope that they can make their dreams come true and by having a financial advisor, it will ensure that you do not go bankrupt in the process.
Do not make drastic changes to your lifestyle
It may be tempting to make large purchases once off but this is not advisable. This is also another reason to have someone with knowledge and experience in finances to direct you, such as a financial advisor.
To ensure that your fortune lasts, it is imperative not to change your entire lifestyle but to rather set realistic goals, decide whether you want to continue working or whether you can afford to retire early, and what you would do with the free time that you have on your hands, which must be something constructive and productive.
Plan for the future and consider investing
This goes hand-in-hand with setting realistic financial goals. To ensure that your fortune can sustain you, and even those you leave it to after you die, there needs to be a feasible and sustainable structure in your spending.
In addition, there are also various ways through which you can continuously and consistently maintain and grow your fortune. One of these is through investment, either through accounts that earn interest, or by purchasing and holding stocks, and other forms of assets.
These are two of the most common investment channels. Some people also start their own businesses or invest in that of a friend or a family member.
This will depend on personal preference and even though it is your money, and you alone is the only one who can dictate how it is spent, there are ways to ensure that you can go through life without having to worry about your funds drying up or becoming bankrupt altogether, an issue you may not have had before you won the jackpot.
