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If you won the lottery, what would you spend it on?

By Edited Nov 13, 2013 0 0

It's an issue that relatively few people will ever face in reality, but one that many people still find themselves contemplating every now and again regardless - just how would you spend your money if you won a big cash jackpot like the lottery?

While it may be daydreaming, thinking about this issue can actually be useful for developing your financial expertise, and if you're lucky enough to see the dream become reality, preparation could help you avoid some of the common problems experienced by lottery winners - such as bad investments or the alienation of their closest friends.

Your instincts may be to go out and spend all your money, but a nagging voice in your head may be urging you to take a more cautious and responsible approach. In truth, the best solution is typically a mix of these two extremes - though the precise balance of the mix depends on the individual. While it's certainly advisable not to spend all your money at once, and to conserve a substantial portion for you and your family's future, hoarding your money in banks and missing out on the opportunity to enjoy yourself isn't likely to lead to satisfaction, so you should permit yourself at least one guilty pleasure.

Just because your financial situation has improved considerably, remember that your funds are not infinite - so it's still just as important to shop around for the best deals when making high value purchases, such as cars and real estate. Hiring a financial advisor to assist you with the more complicated and frustrating side of a wealthy lifestyle, such as taxes, could also remove many of your burdens and help you enjoy your new life.

Unless you choose to keep your lottery win a secret - something that may be difficult if you suddenly move to a large property and start driving a flash car - you shouldn't lose touch with the important people in your life, such as your family and friends. While these people should not expect to directly receive some of your wealth themselves, unless you wish it, you could still find ways to involve them, such as treating them to a holiday together.

If you've previously been forced to settle for staycations and other budget saving breaks, this could be your perfect chance to see the world and stay in the lap of luxury on Caribbean breaks and Maldives holidays.

Matilda Brown writes for a digital marketing agency. This article has been commissioned by a client of said agency. This article is not designed to promote, but should be considered professional content.



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