We have all dreamt about it. We buy a lottery ticket and then with an amazing stroke of luck we find out we have the winning lottery numbers. We have just won the lottery. Overnight we become millionaires and all of our financial worries are over.
We have all heard how the odds of winning are incredibly slim, but what if you were to win the lottery? Would you know what to do with yourself and your lottery winnings? How would you handle being wealthy? Would your spending habits change after winning?
Winning the lottery and the acquisition of wealth bring about great responsibility.
How Can we Best Handle Winning the Lottery?
If you, or someone you know, have had the good fortune of winning the lottery, consider these 5 tips:
1. Don't change good spending habits - If you have good spending habits in place prior to winning the lottery, then by all means do not change them. Maintaining discipline in your spending is just as important regardless of the fact that you now have millions of dollars in lottery winnings. It is not uncommon to hear stories about people that have blown all their lottery winnings in a very short period of time. Millions of dollars may sound phenomenal, but don't let a winning lottery ticket lead to a losing ticket to bad spending habits.
2. Remember your friends - Even though you may find yourself bursting at the seams with money after winning the lottery, remember your friends. You know those people you loved and cherished when you didn't have a winning lottery ticket? Friendship is priceless and should never have a price tag. Your friends were there for you when you were down, don't leave them behind when you are up. Winning the lottery should not mean losing friends.
3. Be aware of gold diggers - We all know a gold digger or two. These are the people that like basing their relationships and their own value on money and wealth. Winning the lottery is sure to bring a throng of gold digging people into your life. A winning lottery ticket is like striking gold. Do not be surprised when the gold rush begins. Be prepared immediately after winning the lottery for this very strong possibility.
4. Keep investing - Just because you now have millions of dollars in lottery winnings does not mean that you forget what you have learned about money. Remember to invest for your future. Set some of your lottery winnings aside so that they can grow into a legacy for your family and maintain financial security.
5. Be aware of the tax implications - Winning the lottery is not just a big win for you, but also your partner in crime, Uncle Sam. You can always be sure of two things, death and taxes. Be sure not to have a heart attack after seeing the tax bill on your winning lottery ticket.
Winning the lottery can be both a blessing and a curse. In the end, it is up to the individual to decide how to best use their lottery winnings. If you have the winning lottery ticket, then realize the new responsibility that you hold in your hand. If you know someone that has recently won the lottery, offer them some of the tips listed above if they are open to listen.
Great wealth is great responsibility whether it comes from winning lottery numbers or hard work and dedication. Winning the lottery is a game of chance with many stories of success and dreams come true.
If you play the lottery then I wish you the best of luck! May you pick the winning numbers!