You’ve Won the Lottery – Now What Do You Do?

For most people, in fact the vast majority of the planet, a large jackpot win on the lottery would mean life change in a big way.

how-to-win-the-lottery_Richard-LustigI mean, who hasn’t dreamt of what they would do with all those millions; a new house; a new car (or 2); a boat; a vacation to the Mauritius for you and 40 of your closest pals.

But what would happen if you awoke on Sunday morning to the realization that you had become an instant multi-millionaire…would you risk losing it all on silly purchases or would be smart enough to think about your options?

What Would you Do With it All?

Imagining about how life would be so good after a massive lottery win can be tantalizing to the senses and a highly enjoyable experience. Mentally planning that dream holiday and basking in the feelings aroused by those mental images can be exhilarating.

Dreaming about all the super fantastic things you will do with your new found wealth can really motivate you and make you feel good. Will you travel the seven seas, race camels across the desert or just bask by your castle’s pool in the Mediterranean sun?

Perhaps you will retire to an ocean view beach house that sits on the sun-kissed shores of the Caribbean. Or, you may want to build some stables for those award-winning horses who keep on the ranch.

Slow Down Cowboy

There May Be Rustlers Ahead!

Dreaming about a lottery win may be amazing but if you are taking real steps to increase your chances of winning and even play as part of a syndicate then perhaps fantasizing about how you will spend your money is not the wisest thing you should be doing.

You should probably be making plans about how you will best utilise this money and thus avoid becoming just another victim of the curse of the lotto.

Curse of the Lotto

We have all heard stories about men and women who, having won huge sums on the lotto, end up even more broke than when they started. It just seems that some people can’t handle having money.

Don’t be one of them!

After a huge win on the lottery, or any other big financial gain, it is fine to spend some of it and celebrate your new found wealth but don’t squander it.

The Best Course of Action After a Win

Most financial experts advise winners to take a few days or even weeks before touching their winnings.

The only thing you should spend any money on is a modest holiday for you and your immediate family (or those who will be affected by the win the most). This will give you some time to relax and allow yourself to get used to the idea of being wealthy.

Either before you jet off or just afterwards, or both, you should seek the counsel of at least 2 independent financial advisors.

If you can find a professional who has already dealt with previous lottery winners or people who have inherited sudden wealth all the better if not seek someone who is competent and perhaps recommended by the lottery company.

Such a person is trained to help you manage your money and prepare for the future.

UK & Europe Winners

In the UK and Europe the lottery fund is paid in one tax-free sum.

Did you know that depending on the size of your win and the financial plan you follow you could easily live-off the interest form that amount without ever having to touch your actual winnings? What’s more you would live with much higher level of income than most other people you know or that you could ever aspire to through working.

USA & Other Countries

In USA lotteries and other similar country lotteries winners are given the option of a lump sum payout or an instalment plan. A financial advisor will be able to tell you whether you should take a lump sum or take instalments, dependent on how you want to build your life in the present and future.

Unplug & Drop-Out

Unplug your phone. Buy a new cell phone and advise your family, close friends and financial advisor of your number and tell them to share it with no-one!

Consider staying with friends or family members for a few weeks.

Many lotteries give out the names of winners and their locations. It is very easy to track winners down with this information. So be prepared for an onslaught of unwanted attention.

The last thing you want at this stage is begging phone calls and letters or other distractions.
You need to keep a level head and maintain clear thought processes.

If you are “caught on the hop” by someone asking for money you can simply say you have not got the money yet and have not even spent anything on yourself (which will be true) and therefore are not at liberated to give any away.

Whatever you do make sure you have a financial plan in place and you are absolutely certain how you are going to use your winnings…in detail…before you give any money away!

Celebrate

Once you have a sound financial plan in place…relax!
And, of course, you should now celebrate and just enjoy the beginning of your new life.

Curse of the Lottery Winners

Some people win big and lose it all.lotto-winner-faces-bankruptcy Make sure you aren’t one of them! Use some sound financial planning to ensure you keep your money.

Winning the lottery may seem like a dream come true for you but for some people it was more like living a nightmare.

Take a look at how some people rode their luck too long and, after winning big in the lotto, lost it all icon_sad_smiley.

Below are 5 stories of lottery winners who blew it!

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The Winners Who Lost it All

Here are some stories that are typical of people who fail to adequately prepare for their future after they win big on the lotto.

Luke Pittard

Welsh born UK resident Luck was lucky enough to land a £1.3 million (approx. $2.6 million at today’s rates) lottery win back in 2006. However, although this may sound like a lot of money it wasn’t enough for Luke.

After buying an extravagant wedding with a trip to the Canary Islands and a house for himself and his new bride Luke did not have enough money to live on and was forced to seek employment at his local MacDonald’s.

Willie Hurt

Back in 1989 Willie had a $3.1 million win on the Michigan Lottery.

Unfortunately Willie developed a drug abuse problem and after only 2 years was divorced from his wife, flat bloke, without custody of his kids and facing a charge of attempted murder.

Evelyn Adams

Believe it or not Evelyn was lucky enough to win the New Jersey Lottery not once but twice. Yet, she still managed to blew a cool $5.4 million – her entire winnings gambling in Atlantic City.

She is currently completely broke and lives in the only accommodation she can afford – a cheap trailer park.

Michael Carroll

teen-lotto-winner-faces-bankruptcyBack in 2002 at the tender age of just 19 Michael won £9.7 million (approx. $15.4 million at today’s rates) on the UK National Lottery.

After an 8 year spending spree splashing out on drink, drugs, gambling and prostitutes Michael found himself claiming unemployment benefit and living off £56.25 (approx. $89) per week.

Billy Bob Harrell Jr.

Even a whopping $31 million isn’t enough for some people to be happy.

Billy Bob was a Pentecostal preacher who also worked as a stock boy for Home Depot when he landed his massive fortune.

Even after buying 7 homes, one of which was a ranch, and owning several highly desirable cars Billy Bob could not keep his marriage together and eventually committed suicide.

Don’t Join Them

If you do win the lottery be sure not to become another crushed lottery statistic.

Remember that the majority of lottery winners do not blow all their money. They keep it and live happily ever after (at least financially).

Top Tips to Win on Scratch Cards

Here are my tops tips for winning on scratch-offs. With usual odds of 4:1  you will find that by following the advice below you will start to win much more often! These are top winning lottery strategies that can help you win more often.

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Here are 4 killer tips that will have you winning more in no time. icon_big_smile

 

Tip # 1 Set Your Budget

Never play more than you can afford. It is possible to win the lottery and you do not have to use your rent money to do it.

Set a budget and stick to it no matter what!

 

Tip # 2 Don’t spread your plays.

Playing multiple card games greatly diminishes your chances of winning a prize. You see each card game usually has a 4 to 1 chance of being a winner. This means for every 4 cards you buy it is likely that 1 of them has a winning line on it.

 

Tip # 3 Play only ONE game.

With 4 to 1 odds on scratch-offs you have a much better chance of winning a prize and making a profit if you spend your stake money on all the same cards. As these cards will be taken from the same roll the chances of having a winner are greatly increased for every 4 cards you buy.

A simple $20 stake buying 20 $1 cards gives you a very high chance of having at least 1 winner (if not more) in the pile. I have found that using this approach I usually win at least my stake money back but more often than not I end up in profit.

 

Tip # 4 Buy all your scratch-offs at once.

Obviously to take advantage of the the 4:1 odds as outlined above you need to buy all your cards at one time so they are taken consecutively from the same roll.