We always dream of the impossible happening, and for many people, the impossible involves winning the lottery. Whether we are talking about a lotto that you entered in your state, or an online casino game where you win the massive jackpot, coming into so much money can be a life changing event. For some, winning the lottery consists of winning a few hundred thousand dollars, while others are lucky enough to win multiple millions! No matter how much you win, here are some things you can do when you win the lottery.
- Clear your Debts
It is not the most exciting thing in the world, but clearing your debts should be your first goal when you win the lottery. Pay off all your credit cards, personal loans, student loans and any other debt you may owe. If you own a home, pay off the mortgage. It will cut into your winnings to a certain extent, but you will feel so much better knowing that you no longer have any financial obligations to anyone!
- Buy a Home or Apartment
If you live in a suburban area or the countryside, you should invest in a new home that you can call your own for the next 10 to 20 years. If you live in the city, you may want to buy an apartment in an area of the city that you enjoy greatly. Why buying instead of renting? Because you will now have a piece of property that is always yours, and you will never need to worry about rent coming up at the start of the month.
- Set Aside Half your Remaining Winnings
Now that you have cleared your debts and bought a home or apartment, you should take roughly 50 percent of the money that remains and set it aside. We are not going to put this money in the bank for the long-term, as you will lose out due to inflation. What we will do is think about investing the money in stocks, bonds, mutual funds or commodities such as gold. Even with the most stable of investments, you can make good returns on the money that you set aside, and you will always have this money as a safety net if anything goes wrong in your life.
- Use the Other Half to Have Fun
Now we come to the fun part. You have paid your debts, bought a home, invested a large chunk of your money and you want to enjoy winning the lottery. We all have our own interests, and we suggest that you do as many fun things with the money left as possible. For instance, you could book a luxury vacation for the entire family, or your closest group of friends. Maybe you can buy a plane ticket to take you around the world for the next few months. Or maybe you can book a cruise in the Mediterranean. It is up to you how you have fun with your money, but we do encourage you to enjoy yourself!