Manage your Megamillions Winning the Smart way
Everybody knows that there is no sure way in which one can predict the outcome of a lotto draw – therefore I think it is safe to say that we all have a very slight chance of actually ever winning the lotto. However, if one should win – what could one do to protect and manage winnings?
Manage your Megamillions Winnings
- You should keep your ticket safe and close. Your bible is not the best place to hide your ticket. Experts say that those with winning tickets should sign them and then put them into a safe or even a safety deposit box.
- Gather a group of people that you can trust. Ask people you know well, like good friends and family. Also add a few professionals to your advisory list like lawyers, and tax experts as well as insurance providers and financial planners. Your team can serve as a buffer against people that ask for hand outs.
- Do not make any commitments for at least six months. Let your win settle in. It is very tempting to quit your job and just start spending money. The first few decisions that a Mega Millions winner makes, is usually the worst.
- Do not just invest in anything and everything. The financially uneducated have the tendency to invest in tangible assets. These include restaurants or car washes. The money should be invested into something more liquid like stocks or bonds.
- Donate to the right organisations. Do not go around giving away all your winnings to any charity. If you want to donate to a good cause, you should speak to a financial adviser about tax benefits and also the possibility of starting your own foundation.
- Enjoy what is yours. Buy the house, car and boat you have always wanted. Just make sure that it is planned out. Some of your money is allowed to be bad money. Take your bad money and enjoy it.
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