What To Do When You Win The Lottery

You have been buying lottery tickets for a long time, without winning anything. One day, you open the newspaper and suddenly notice that all the number listed in the lottery section match with those on your ticket. In other words, overnight, you have become a multi-millionaire. The first thing that you do is scream at the top of your voice and tell your family members about your extremely good luck. After hours of ecstasy, the reality finally settles in! Now, you wonder what to do with so much money? Yes, splurging on the items that you have desired for long is definitely the first thing that you will do? What after that? You need to spend your money in such a way that it continues to benefit you for a long time to come. In the following lines, we have listed out the things to do if you win the lottery. Hope you find them useful!

What To Do When You Win The Lottery

The first thing that you need to do when you win a lottery is hire the services of a security firm. This will ensure that you get some privacy, from press for instance, and the news of your becoming say a 'millionaire' does not put you or your family at risk.
Another thing that needs to be done on an immediate basis is the hiring of a tax consultant or accountant. If you don't know it already, you have to pay tax on the money you get through lottery. The earlier you fulfill the obligation, the better it will be for you.
If you have any debts, personal or business-related, pay them as soon as you get the money in your hands. Pay back your house loan or the loan you took for the education of your child. Since you are going to have so much money in your hands, it is better to pay off whatever you owe to others.
Before you start spending money on personal things, it is advisable to invest some of it in a trust fund, with a legitimate bank as the trustee. Tell your trustees to invest the money in low-risk investments and pay the beneficiary (you) a certain sum of money every year, from the interest on investments. In short, you will be getting an annual, fixed sum of money from interest, while your principal will remain intact.
If you want, you can set up similar trust for your parents as well, so that they never have to work again in their old age. At the same time, they will never be required to ask you for money. The trust will assure them a fixed sum of money every year, which they can spend on their necessities as well as luxuries.
After you have made yourself as well as your family secure, you can spend the money as you like. You can donate some money to charity, start a new business, invest in your existing business, buy a house, get a new car, purchase jewelry, go on a luxurious vacation or do anything that you want. The choice is entirely yours.

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