Wednesday, May 31, 2017

How to get away with millions

You hear so many stories of how Lotto winners hit the jackpot and use their money wisely. 
However, statistics show that about 70% of lottery winners end up broke within 7 years and are faced with bankruptcy, jail time or worse, murder and suicide. There is no doubt that winning the lottery will change your life forever, so the big question is, how do you deal with it?
Would you do what any sane person would do? Tell everyone about your BIG WIN, and allow yourself to be interviewed and publicised, because who wouldn't want to become famous? Celebrate your big win by giving gifts to friends and family or help them out. As well as help out others who are in need, they'd be so grateful for it and you'd be their favorite person. 
You'd definitely make so many new friends and be able to buy yourself a new car and a house. Now that you're rich, you'd most likely quit your job. 
This, however, is not how you should deal with your winnings. This is also what most Lotto winners would do and have done in the past. 
This is what that 70% would have done. But here is what you should do.

The number one rule is, keep quiet. Try to keep your identity a secret and keep a low profile. Don't let people know that you have won and definitely don't boast about it, because publicity comes with winning the lottery, and so does jealousy. If people know you've won the lottery, then they know you have money. Many lotto winners have had jealous people, whether it be strangers, friends or even family, plotting against them, which is usually the cause of their downfall. 
For instance, Craigory Burch, Jr. He won nearly half a million dollars from a Georgia lottery in November 2015 and two months later, he was found dead in his home from gunshot wounds after a home invasion where the robbers demanded him to give them his money. 

Rule number two, think long term. Put the money aside for when you need it. You could save this money for your retirement or start an emergency fund to make sure that you never have to deal with debt or any other financial crisis. If you have children and/or grandchildren, set up a college fund for them so that they are guaranteed a great education. 

Click here for more info on what to do when you win the lottery in South Africa.
What many successful lotto winners have done in the past with their winnings is, starting off a new business. Mark Brudenell won the jackpot on the 22 February 1997, 4 years after his big win, he and his wife started their own business that has been successful for over 13 years.

For more practical tips on winning the lottery read here.
Learn to say No. Charities, friends, colleagues, acquaintances, family, and others, are bound to tell you their poverty stories and ask for some kind of financial help. They may put you on a guilt trip, and you can risk losing all your money. However, you need to remember that this is your win, your money. Don't let people dictate to you what you should do with it, unless it's a hired professional. Which leads to the last rule.
If you are not a tax attorney, a family planning attorney, or a licensed accountant, you most likely have no idea what's about to hit you. The best thing you can do is hire a professional to help you out with all this money you never had. It's not like you can't afford it!
As exciting or terrifying winning the lottery may be, you need to know that your life will change, and you would need to learn how to adjust to the change without changing who you are. However, to stand a chance at winning the lottery you need to be in the game. 
So maybe rule number one to getting away with millions would be ... "Buy a ticket".

Your chances of winning can be improved by playing lotteries from all over the world. Simply go to http://www.sun7lottery.com/ to increase the chances of you becoming a millionaire.

Read our previous article here: What to do when you win 

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