I’m a Rich Bitch!
So you have won the big one? You are one of the lucky lotto draw winners this month, and you just got a mess-load of cash? You may think life is going to be easy and grand and glorious, but there are some things you need to know about being a lotto winner before you hit the big jackpot. Knowing these things beforehand can help you prepare, so you are not taken off guard when you encounter these issues after you win big. So here are 5 life hacks that lottery winners need to know:
1. Take a Second Chance to Win That Game
Many lotto type games have opportunities to win secondary or consolation prizes, and you need to play the second-chance drawings every time you buy a ticket that offers one. Some games will ask you to mail in your losing ticket or enter the ticket serial number or do something else with the ticket you bought. These second chance games are a great way to get some prizes and money. People either don’t know about them or don’t bother to enter; this means fewer people enter the second chance games and you have better odds of walking away a winner. You have already spent your money to buy the ticket; if you do not win the big one, you would be crazy not to take advantage of the opportunity to win another smaller prize without having to spend anything else.
2. You Will be Exploited, and Even Your Friends or Family May Do It
Many people find out who their real friends are when they win the lotto and you will too- those people who remain friends without asking for money or treating you like their private loan accountant. But you will also find out you have friends you never knew you had- that long lost friend or family member who suddenly needs your financial help. You may also learn that some of the people you counted as friends are trying to take advantage of you. It is a sad reality of the lottery winner’s world, and it is something you have to face and deal with if it arises. You may have family and friends who hurt you or try to exploit you, and you need to be prepared- don’t think everyone is out to get you, but be prepared to deal with these situations once people learn that you have won the lotto and have the cash to burn!
3. A Lot Can Seem Like a Little, and a Little Can Seem Like a Lot
Wealth is all relative to where you are in life and where you are coming from. If you win $6 million, it may be a ton of money to you, but compared to someone who won $500 million it is a drop in the bucket. It’s all relative. It also depends on the lifestyle you live, your needs, and your goals. For someone living on $30K a year, getting $10 million will be enough to pay bills, go to school, but college for their kids, get a lovely small home, a moderate family vehicle, and have excellent savings to live off of. But someone used to going through $80K a year; it will not last as long or go as far. So remember you can be a big winner, even with a small amount.
4. You’ll Answer for Purchases and Deal with the Repercussions
Sometimes, when someone wins the big jackpot, they go on a spending spree and buy and buy and buy, simply because they can. They get the big 8 bedrooms, 6 bath, 2 car garage mansion on 5 acres because they have the money. They get that new $100,000 car they have been dreaming of because they can. They do all these things because they finally have the money to do so. However, winners always answer in the way they spend their money. If you think you’re going to win and remain anonymous, that is usually not the case as most states require a public appearance for the media. Many times winners realize after the buzz is over that they spent too much too soon- that huge mansion is too much for a family of three, that car is not practical for a family with infant twins, and so on and so forth. So think ahead about the long term investments you do with your winnings.
5. You’ll be Tempted to Splurge on Meaningless Stuff (Don’t do it)
It’s a good idea to celebrate the fact you’ve won from the lottery. Going on a vacation or buying your family a lovely home are both good ideas, especially if you’re now a millionaire. Splurging on needless things, however, is one of the worst things you can do.
This is a part of the so-called “curse of the lottery winner.” Many people who suddenly find themselves massively rich begin spending without a strategy or a thought process behind the purchases. They waste the money on yachts, helicopters, plastic surgeries and drugs. Eventually, the money is all spent, and that’s when reality hits (hard)!
While you should dedicate a certain amount to the finer things you’d like to acquire in life, the rest of the amount will have to be invested in a more practical manner.
Investing the money in something that will keep on bringing you cash, in the long run, is the best way to make sure you’re not going to end up in bankruptcy. Even if you win millions, you will run out of money sooner or later, unless you plan for the future.
If you don’t know what to do, consider seeing an investment consultant. Such a professional will put together a portfolio just for you and help you increase the number of millions in a way that involves minimal risk.
6. You Can Find as Much Joy from Giving Us from Getting
When people find that they finally can buy anything that they want, most of the time they end up learning that what means the most and ultimately brings the most joy is not things and more possessions but instead being able to do things that help other people. When you are looking at giving gifts to friends, family members, or your favorite charities, it is important to donate wisely. If you want to give a charity a significant sum of money, never give it all at once. Smaller donations spread out over a more extended period is better for you and the receiver as well. It also helps you monitor what is done with the money to ensure you are ok with how it is being used.
These five life hacks are essential for any lotto winner to remember. If you have already hit it big, congratulations and hopefully these tips will help you out; if you have not won big yet, keep working at it and keep these tips in mind when you finally hit that big jackpot!