4 IDEAL TIPS YOU NEED TO KNOW IF YOU’VE WON THE LOTTERY

You’ve done it, you’ve won the lottery! You never thought you’d hear those words, right? Now, how are you going to spend it? First things first, bear us in mind when you’re distributing those riches. In all seriousness though, it can be quite overwhelming when you come into a huge sum of money. Suddenly, everything you’ve ever wanted is achievable. A new house, a new car, a round-the-world holiday – the world really is your oyster (you could even afford a lifetime’s supply of them, if you wanted).  

However, unless you stop, take a breath and plan how you’re going to spend your fortune, there’s a high chance you could end up blowing it all pretty quickly. We’ve read as many horror stories of wasted millions as we have of happily-ever-afters, so with that in mind, here are 4 IDEAL tips you need to consider if you’ve won the lottery.

DECIDE ON ANONYMITY

There are pros and cons to keeping your winnings private. To your family and friends, it’s going to be difficult to keep things hush. They’re bound to notice the sudden lack of gainful employment, the constant flights far flung and the rolexes adorning every visible limb. However, without anonymity you could soon find yourself with unprompted, unwelcome ‘how are you, what ya been up to?’s from folk you haven’t heard from in years. So it’s advisable to keep your cards close to your chest, from the majority at least, but consider letting close friends and family know.

DECIDE WHAT’S WORTH SPLASHING OUT ON

It’s entirely up to you what you want to spend your winnings on. There are no real right or wrong answers, and with such a massive, unexpected win, a certain level of frivolousness is to be expected. Perhaps you’ve had your heart set on a set of new wheels? Lottery winnings give you the chance to buy a make and model which would otherwise be way out of your price range, so why not splash out? Romans International has some of the most impressive, stylish supercars on the planet. Alternatively, a round-the-world supertrip that never ends, Michelin recommended restaurants, 6 star resorts, the lot, sounds pretty good to us. Hmmm, now where’s the nearest newsagent?

CONSIDER CHARITY

Ask yourself, do possessions really make you happy? Consider altruistic acts of generosity, whether that be for your family, friends or larger, recognised organisations set up for people who really, truly need it. Always research thoroughly before donating, and decide which of the world’s issues you feel most passionately about. And then, rather than doing the selfish thing, do the right one.

LEARN HOW IT WILL AFFECT YOUR TAX

Tax wise, the winnings you receive, no matter how much it is, are tax free. However, if you start to earn interest on your winnings after placing them into a bank account, you’ll start to be charged tax on that interest. So do your research, or your much cherished privacy might make it onto the court lists.

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