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.
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.
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