How To Be Responsible With Lottery Winnings

Date: 2008-11-16 13:36:09

By Ranju Kumar

You may think that winning the lottery is a free ticket to quit your job and spend. Unfortunately many lottery winners have done just that and ended up broke only a few years later. There are some simple tips you can follow to ensure that when you win the lottery you will be set for life.

So you just won the lottery. Congratulations! You may think it is time to go out and start spending but that would be a mistake. Having a couple million dollars thrust upon you is a great thing but it brings with it challenges and troubles of its own. Before you take to the mall to start spending your prize stop and take the time to let the reality of your new situation sink in.

Decide how much money you really have after taxes and how long you want it to last you. If you won 1.5 million, the government will take about $500,000 or so and that leaves I million for you. If you want that money to last the next 25 years then you will have only $40,000 per year to spend that is just under $3400 per month. When you think of it that way you can save yourself from making the mistake of overspending.

If you would like your money to go a bit farther you can always invest. When investing large amounts of money you should hire an expert to help you choose the right portfolio. You never want to put all of your money in one place and you don't want to take too many risks all at once either.

It is tempting as a brand new millionaire to give large amounts of money to friends and family. If you win over 100 million by all means give away as much as you can but if you win a smaller prize of one or two million, take care of yourself first. Invest some and remember that one million won't last forever without a strict budget.

What is the use of winning all this money if you can't get the things you want right? Well think about all of your desires long and hard and only spend money on the things that will have lasting meaning. A $100,000 trip to Vegas may be a great time but is it worth 1/10th of you winnings? Get a comfortable house and a reliable car. Remember you want to keep as much of your money as you can so that you don't have to go back to work.

If you want to learn how to win the lottery there are lotto secrets that can boost your odds and there are many websites which can help you. It is what you do with the money after you win that will really change your life for good. It would be fun to be rich for a year but it would be a dream come true to be rich for a lifetime.


Author

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