How would you spend your money if you won the lottery?
You won the lottery? Get ready for new challenges!
Winners of the Euromillions draw held on Friday 10th August 2012 are still trying to wrap their heads around the reality of being lottery millionaires. Adrian and Gillian Bayford are being very level headed as they vacation in a nice hotel and instead of eating out at a five star restaurant; they are sticking to the things they know. This is not typical of lottery winners especially after winning such a large Jackpot. A single Lotto ticket can change your life and the trick is making sure the change is for the better for longer.
Winning the lottery comes with many new challenges. Your family and friends suddenly all want to be closer to you. This is usually because they all want a piece of the action. They want to enjoy and bask in the glory of the windfall. Some will out rightly ask you for money to sort out their financial problems and get offended if you refuse to share.
The best thing to do is to avoid taking financial advice from all and sundry. Get a reputable financial adviser to guide you in investing for your future. Holding a winning lottery ticket does not come to all of us so when you get the chance to make it count.
For Paddy and Gail Millar who won two million Euros from the Euromillions draw on Friday the 10th they are treading very carefully. As both of them are nurses they want to cut back on their working hours in order to spend time with their elderly parents. Everyone is watching to see if like the Bayfords a new car will be soon in sight or will they invest in a house or take a holiday?
To them the lucky lotto ticket with the winning numbers came about as a result of a common mistake, Paddy guessed his wife’s age wrong. Instead of 49 he picked a 48 and this made him match five numbers and one lucky star.
If you won the lottery, how would you spend your money? The initial reaction is to always splash out on a fancy car or vacation but financial investors would like to suggest differently. As a sudden windfall can send your mind into a spin you need to know what you want first before you jump into anything. The things to consider are what tax liabilities come with your lottery winnings?
Are you better off taking your winnings in a lump sum or in installments? What options do you have to invest and secure your retirement? Answering all these questions will definitely put you in a better place to handle your big win. Most lottery winners usually take some time before going forward to claim their prize as they first of all come to terms with winning the lottery.
