Now that you have given yourself enough time to process through all of the joy and excitement, and arranged when and how you will be receiving your lottery winnings, you find yourself at a stop street, not knowing which way to turn. And you’re contemplating what to do after getting your lotto money after winning.
Here are some valuable tips you might find insightful and handy:
• Pay off all of your debt
Settle all of your debt straight away, no matter how big or small. Why carry financial burdens when there is no need to. Save yourself a small fortune on high interest rates and settle debts immediately.
• Talk to the professionals who’s services you have hired
If you haven’t hired qualified experience financial professionals, now is a good time to do so, especially if you’re not used to having a lot of money. If you do not know how what to expect, how to spend wisely and invest, then hiring professionals to assist you and give you valued advice is of the utmost importance.
• Invest in an emergency savings fund
Yes, you might have a lot of money now, but will you still have it one day when there’s an emergency?
• Invest in a good retirement package/fund
Don’t forget to provide for your future now that you are able to invest. Always remember that things can change overnight, and you might not have as much money as you have right now in the future therefore, prepare for the future by investing a part of your winnings in retirement packages.
• Setup school and/or college funds
• Donate to the less fortunate
Giving has always been, and will always be far more self-satisfying than keeping all of your winnings to yourself. It doesn’t necessarily need to be a reputable charity organisation; it can be a donation to your friend, family or loved ones who is in desperate need of financial assistance. Besides the above mentioned, you will also benefit from giving some of your money away in a form of a donation, as all donations are tax deductible.
• Learn how to say no
If you do win the lottery, you should use these tips to channel your money. To win though, you have to keep playing, so grab a ticket at http://luckynumbers.co.za/