If you win the Mega Millions lottery, chances are you have some amazing luck. But to go along with that luck, you are going to need some smarts as well, in order to preserve and grow your fortune, and ensure that you don’t accidentally blow it all. Some lottery winners make the mistake of stepping out into the spotlight, spending lavishly, controlling their own finances and failing to invest any away. No, no, no. If you want to make the most out of your lottery jackpot, follow these easy rules.
The temptation will certainly be there to shout your excitement into the heavens, to talk to any news outlet that knocks on your door, and to revel in the brief limelight. Try and resist that temptation. Depending on where you live, you can opt to remain completely anonymous, meaning that they can’t publish your name, even on the official lottery website. Whether you play the lottery through your local corner store, or you play the Mega Millions lottery online opting to remain anonymous is the way to go – you avoid the hassle of having scores of strangers try to hit you up for money.
Choose Your Type Of Payout
When you win the lottery, you have to choose how you want your payout: annuity or lump sum. IF you choose annuity, you will be paid your jackpot out over a number of years, while choosing the lump sum gives you all the money upfront. While it’s tempting to choose the lump sum, the annuity might be a better choice, as it mimics an income, and therefore prohibits you from spending all your money. It’s the most reliable way to go.
Invest Your Money
You are now sitting on a huge amount of money, but in order to protect it from the slow dwindling effect of taxes and spending, it is wise to invest a portion of your wealth. Investing in a curated, diverse portfolio of equities and bonds will ensure that your money continues to grow. Also consider investing in real estate, which can be very lucrative in the long term.
Don’t Go Spend-Crazy
By far, the number one piece of advice money experts give lottery winners is that they should cool it on the lavish spending. A multi-million dollar jackpot may seem like an endless store of money, but between overspending and taxes, it’s possible to dry it up. That isn’t to say that you can’t have some fun – by all means, go and buy that hot new car you’ve been eyeing – but don’t buy everything in sight. A little restraint now will mean that your wealth is preserved in the long-term.
If you are lucky enough to win the lottery, you have to be smart enough to keep it. With some shrewd money management, and some wise investing, you can grow your multi-million dollar jackpot into even more money. All of a sudden, you will have more money than you can possibly spend, as well as a strong inheritance for your children. Now imagine that!