Essential Tips for the Lottery Winners

Managing a sudden and unexpected bank account increase from the UK Lotto or EuroMillions lotteries is easy when you know what to do, and equally what not to do. Lottery organisers advise winners to seek the professional services of a financial manager after winning a multimillion jackpot prize, but you can get a head start with these essential tips and handle your lottery windfall as well as the professionals.

Financial security

1.    Avoid making any unnecessary decisions

At least for the first month, try to avoid making any final decisions as to where you’ll put your jackpot winnings. Let things settle for a while. Make sure you’re aware of the taxation involved when claiming your prize, too, as every lottery has a different set of laws regarding taxation.

2.    Avoid starting the spending spree

Just after a lottery win is the most likely time winners will blow their cash on unnecessary items that they later regret. You will have plenty of time to spend your lottery winnings, so make a wish list while you await the post-tax figures of your windfall.

3.    Avoid retreating from your loved ones

It’s difficult dealing with a life-altering experience on your own – stay social after your lottery jackpot win and you’ll certainly feel a lot more grounded. Engage in your favourite activities to maintain a sense of normality while you adjust to the thought and lifestyle of a multimillionaire!

4.    Avoid broadcasting the news

The fewer people who know about your lottery windfall, the better. You won’t have to deal with as much unsolicited financial advice or “overnight success” business ideas!

5.    Avoid making promises or commitments

It’s your money, no matter what anyone says, so you have every right to keep every penny for yourself. Never promise any of it to anyone else until you’re absolutely sure what you’d like to support.

Do you have any tips for lotto winners? Tell us, your comments will earn lotto points!

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Comments

Posted by Edmore (29/01/2014)

Thank God and pray for wisdom to invest right.


Posted by Sharat (29/01/2014)

After you win lottery, try to avoid media as much as possible - they will publish your private life, making you lose your sense of personal space and privacy, specially to those unnecessary people; so you'll become the easy target for anti-social elements, putting your life in jeopardy - threats for gain.


Posted by Johnny (30/01/2014)

Thats a Great Ideas..it Help us in the Future..and guide our better way..when the Luck comes our life..More Power to You..


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