If you are lucky enough to win the lottery in the near future, you’ll need to make sure you don’t waste the money. We have seen lots of articles over the years in the national press about people who simply didn’t know what to do with the cash. With that in mind, we’re going to offer you some good advice today in the hope of making sure you don’t make the wrong moves when dealing with that golden opportunity. When all’s said and done, a win of over one-million should last you for the rest of you life. You just need to make sure you take the right steps to protect your cash.
Arrange an appointment with your bank manager
Those of you who choose to publicise your winnings will probably get a call from the bank manager pretty soon. For everyone else, you must make an appointment before you do anything else. It is vital that your money is kept in the best account possible for accumulating interest. On average, a million in the bank should bring in around £40,000 in interest payments each year. That is probably more than you earn at your job, and so it should be more than enough to keep you going. You should avoid spending your winnings at all costs, especially when you can live off the interest.
Get a mortgage as soon as possible
You will want to ensure you are completely stable after winning the lottery. So, it makes sense to get a mortgage and purchase a new house as soon as possible. Just make sure you don’t opt for anything too expensive. The money you have now has to last for a very long time, and so you don’t want to live beyond your means. Don’t make the mistake of renting property or waiting too long to make your purchase. Putting a roof over your head should always come first.
Treat your children and loved ones
88% of people who win the lottery spend at least some of their money on treating their children and loved ones. The EuroMillions website gives information on the odds of winning, and so it should be clear that you are very lucky to be in this position. It’s important you don’t let people think you have turned a little snotty since hitting the big time. On the flip-side though, you don’t want to hand out too much of your capital. Maybe you should purchase some new toys for the kids and offer your other family members a lump sum. Presuming you have a million in the bank, you should limit yourself to spending £50,000 to £60,000 on keeping everyone happy.
Now you know what you should do with your lottery winnings, we hope you manage to keep things steady if you pick the lucky numbers. While you shouldn’t rely on a lottery win to fund the rest of your life, the money is sure to take the sting out of being poor. Keep playing, and maybe one day you will purchase the golden ticket.