Nobody is ever prepared for a major lottery winning. The reality of winning dawns in when the announcement is made and somebody is declared the winner of a huge jackpot prize. If you are not prepared for this moment, you will have a difficult time dealing with your huge winnings.
Therefore, it is important to understand a few things when you start playing the lottery.
Things to Do Before You Win the Lottery
Whether or not you are going to win the lottery, you need to be prepared. There are things that you must do before you win a major cash prize. Here are the top things to do:
Don’t make promises you can’t keep
It is easy to tell someone that you will clear their mortgage if you win a lottery. However, you can only say this if you know that you are probably not going to win. However, things may turn out well for you and end up winning a major cash prize. Such a promise may come back to haunt you. This means that you need to avoid giving promises that you don’t intend to keep.
Don’t trust anyone with your ticket before the draw
When you buy lottery tickets, you should keep them. Don’t trust even your closest friends or relatives to hold your lottery tickets. When huge sums of money are involved, anyone can betray you if the ticket ends up winning. When you buy a ticket, store it in a safe place. You should sign it at the back immediately you buy it to mark ownership just in case there will be a dispute of who owns the ticket.
Sign a pooling agreement
If you have entered into a lottery as a pool, you need to sign a pooling agreement that will protect your financial interest in case you end up with a major cash prize. There is a lot at stake than just the few dollars you have pooled together, thus, the need to protect your interests with a signed document.
Stick to a budget
When playing the lottery, you should not risk money that you fear losing. You need to remember that the lottery is a game of chance and there are no guarantees of winning. Therefore, you should make it entertainment rather than a serious source of income.
Save your losing tickets
When playing the lottery, you can lose many times and have one major win. So when you lose, save the tickets, don’t throw them. This is because they can help you save a lot of money as they are tax deductibles if you win a major cash prize that will be taxed.
Trust your hunches
When playing the lottery, you need to trust your instincts. If there is a set of numbers that you think can win you a jackpot, then go for it.
Learn to say NO
One of the words that you will need to keep on practicing to say is ‘NO’. It is one of the few words that major lottery winners fail to say yet it is a lifesaver to most of them. After winning a major prize, many people will come to you with all sorts of problems. Of course, you will not be able to solve all of your friends’ and families’ financial problems. Therefore, you need to know how you will be politely telling people no to their requests.
How to Spend Lottery Money?
Once you have won a major cash prize, let’s say a jackpot, you also have a big task ahead of spending the money. Here are a few tips that you can use:
Take a vacation
Of course, many people will say no to the suggestion of taking vacation shortly after winning the jackpot. However, you really deserve a holiday break to relax and plan how you will be spending your money. After all, life is too short and you need to seize all the moments that you get for fun. But you need to be careful not to overspend money on vacation.
Reinvest in lottery
If you won once, you can win again. There is no harm in playing the lottery with your winnings. You should set out a budget to play the lottery games. Some former lottery winners have won severally after reinvesting in the lottery.
Start a business
If you want a solid way of protecting your jackpot winnings, you should think of active investment in form of a business. However, businesses are tricky if you do not have prior experience. As a tip, you should choose a business model that you are already familiar with to avoid losing money in business. If you don’t have any experience, you can invest in other people’s businesses and get your cut.
You should put some money in the locked savings account. This is the amount of money that you intend to help you stay afloat if things don’t go well. Choose the right banking partner that will give you great interest rates for your locked money.
Talk to a financial advisor
Don’t think that you can become an expert in money matters simply because you have gotten a lot of it from the lottery. You still need professional guidance on how you should spend your money and the possible investment openings. Your financial advisor may seem expensive but will definitely help you to make the right financial investment. For example, he/she might propose the best locations for real estate investment or other ideal business opportunities that can fit your needs.
Help the community
You need to remember the spirit of the lottery, which is to improve the wellness of society. Therefore, when you win a huge amount of money, you should remember your community. Invest part of your money back to the community. You don’t need to give individuals money but rather start projects that can improve the wellness of your community.
You can only talk of winning the lottery if you start playing. If you don’t know where to begin, at LottoNigeria.com you can find valuable information about the online lottery and how to get started with little investment. You can also check the latest Nigeria lotto results and winning numbers from the past.