Money is something everyone always wants. And in a bid to improve their financial situations, many people are now investing in lottery tickets. Although buying lottery tickets itself is an easy job, have you ever wondered what you would do and how you would manage your funds if you win 10 million pounds on the lottery?Of course, the chances of winning a jackpot lottery are very remote indeed, with odds of millions to one, however, you never do know when you will be the lucky one person out of all the other millions of people who purchase tickets. If you win such a large amount of money, financial advisors will most probably advise you to invest all the money in stocks, bonds or trust funds.
There are some lottery winners who donate some of their winnings to worthy causes, and work at helping people of developing countries. Then there are winners who splurge their money travelling around the world as tourists.
Be careful of the fame with lottery winnings
The disadvantage of a huge lottery win is the fame that accompanies it. You will be approached by non-profit organizations, family members, friends and even strangers for monetary help. There are also a few flamboyant winners who carry all their winnings around in a suitcase to spend frivolously wherever or whenever they want to. Without knowing exactly what to do with lottery money, you end up wasting money on unnecessary things. At times, you may also face the risk of burglars targeting you or your property.
On the contrary, when you hear that you have a winning lottery ticket, the first thing you have to do is confirm the ticket, and then protect it. Place it in a plastic zip-top bag for protection from spills and grime, and then place it in a safe place, like a lock box or safe. You could also place it in a safety deposit box in a bank until you receive the lottery winnings.
Visit the lawyer and accountant
Don't tell anyone about your win; tell only close friends and family. It would be better to tell only three people who you can trust to keep a secret, and who you are sure are not greedy or manipulative by nature.
Then visit a lawyer to learn about the current lottery laws and find out how you can legally claim the ticket without difficulties. Also meet an accountant to find out how you can evade taxes and make the right investments. Use an assumed name and rent a hotel room as you have to be as anonymous about yourself and your win to stay away from the press.
Take a month's holiday with some prize money, after which you will be able to decide what to do with the rest of it. Spending on an impulse usually leads to unnecessary expenditure; spending your lottery money after thinking about it a bit will help you remember things, people or charities you had always wanted to buy, help or donate to. This way you will spend your lottery winnings wisely.
