With incredibly large lottery jackpots available to play on PlayEuroMillions.com, it’s perfectly understandable that a player might get a bit flustered after a really big lotto win. Not being clear-headed can lead to a few rather impulsive purchases; and before you know it, you’re back at square one – or, for some an even more desperate situation than before a big win.
We’ve often seen stories pop up about a great number of people who come into sudden wealth and end up notably worse off than before, here are some important key elements all lottery winners out there should remember and adhere to in order to hold on to those overwhelming, highly-lucrative lottery winnings.
Don’t quit your day job
Rash, impulsive decisions usually happens when you’re not totally focused, or giving yourself enough time to think about what to do with your sudden lottery jackpot win. Most lottery players, no matter how much they love their jobs, toy with the idea of quitting the jobs immediately after hearing that they have won the lottery. But, be warned, you shouldn’t immediately quit your day job. This will afford you enough time and finance (outside of what you’ve just won) to make a full and informed decision on what to do with your winnings.
Don’t tell anyone
When something amazing happens in our lives, we have a tendency to tell someone about it immediately. However, in the case of winning the lottery, you may just want to think about who you tell. The reasoning behind this is that giving yourself time to think about it first, allows you, to ascertain to whom you’d like to gift what; without the distraction and interference of family and friends knocking on your door and guilt-tripping you into parting ways with some of your winnings.
Hire a tax advisor
By keeping quiet at first you will afford yourself the time and anonymity to go forth and find a suitable tax advisor. Your tax advisor will cater to your exacting and specific needs. Doing so should be your top priority, and should be done with great care. Don’t pick the first tax advisor you find. Give this the research it deserves. You may find someone in your circle of trusted friends, who can offer you a good referral. It might also help to make discrete enquiries from acquaintances who you think manages their money well.
Get your estate in order
Hiring an estate planner is a good investment now that you have millions in the bank. They will help you to manage finances so as to provide for friends and family, or even charitable causes without hefty tax stresses. These agents will also help in setting your affairs in order in the event of any tragedy befalling you, or even your untimely demise. The last thing you want is to finally win the lottery and something happens to you and you have nothing set up to look after your loved ones. Your estate planner will help make sure your estate is shared out evenly in accordance with your wishes and specifications.
Draw up a budget with a financial planner
There’s a good reason why financial planners have jobs. They assist the wealthy (or anyone really) to maintain their wealth. They will be able to coach you to successfully spend in accordance to what you can afford in the long run. Besides, you will experience a nice reprieve having a certified planner take the helm, alleviating you from the stresses of drawing up a proper budget. Unlike you perhaps, a financial planner looks at your finances from an outside perspective, advising you in an unbiased manner thanks to there being no emotional involvement.
Use your financial team
Now that you have a hand-picked financial team with your best interests in place, use them all to your full advantage. They will be your first line of defense against those who will undoubtedly come calling at your door at some stage. The upside to this ever happening, means that you will have the perfect excuse as to why you can’t just freely hand out any money: “I’m sorry, but my cash is tied up and restricted by ‘Company X’, and I’m only allowed ‘X amount’ per month” – is a good example of dodging some manipulative family members and friends.
Following these important steps after winning the lottery will give you as much time as possible to plan your strategy in order to make your finances last. Your longevity should not be aimed at purchasing more; but instead, your priority should be your tax bill and how to keep it low in order to retain your wealth over time.
Remember, a really big jackpot win has the ability to see the wealth being passed down from generation to generation if it is managed well. Sound investments are extremely important in this regard.
No one ever said you’re not allowed to enjoy your lottery windfall, but it is of crucial importance that you do so when and where it can be afforded.
With this Tuesday’s EuroMillions jackpot offering potential jackpot winners €17 million, now is as good a time as any to thrust yourself into a powerful financial position and live the life you’ve always dreamed of.
Buy a lottery ticket online right here at PlayEuroMillions.com and you too could experience financial freedom!
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