Everytime a big jackpot is at play, we can't help but dream and wonder about what we would do with that prize. Here is how lottery winners spend their money. We have all dreamt at some point of winning the lottery. We imagine that we would spend it on big extravagant expenditures, but the reality may be different. After winning the lottery, it is important to take some time to reflect and make a game plan so as to spend the money or not, as wisely as possible. Winning the lottery will open many doors for the winner and the ways to spend the big win are endless; from travelling, to paying off your debt, there is always a way for you to spend that money intelligently.
- Low price pleasures
- Travelling the world
- Our advice
Low price pleasures
Who says you have to spend it all in one go? Unlike what many of us believe, lottery winners do not always rush to purchase a beautiful big mansion or luxury cars. Much often, these winners rather save the money and spend it on little things such as domestic devices, home furniture, clothes, electronic devices, a family meal or just the groceries. Many do not get overwhelmed by the price and keep living their normal lives but enjoy an occasional pleasure or two. Some people rather spend the money on something that is not physical, they rather save the money, create a trust account, save up for their families or for their retirement and what not.
Creating a financial plan is important to manage the prize, and manage oneself.
Travelling the world
Although many lucky winners choose to spend the money wisely and prefer acquiring the help and advice of qualified professionals in order to make sound investments or securing the money to promote financial security for their families, many other winners go big on their spending. Travelling is one way to do so. Travelling is a very popular way of spending money after winning a big cash prize as travelling can be an expensive hobby and sometimes it seems that there is not enough time to see everything you would love to see. That type of money will take you to the places you always dreamed about going to, but entailed a big economic sacrifice on your bank account, it enables your dream destinations to become a reality.
Some people decide to go a different directon after winning the lottery, and it is a rather honorable one. Donating to charity is very rewarding, both financialy and mentally. These amounts of money will make a difference regardless of which charity is chosen. Many winners decide to give a portion of their gainings to a charity that is close to their heart. These people want to make a positive social impact, and give a portion of it away locally, nationally, internationally, or to causes related to animals and nonprofit organizations. But why is that? There is no specific answer to this question, some people feel they do not need such money, some people like a humble lifestyle, some people cannot bear to have such money and think that, that money can be put to better use to someone who actually needs it. It really depends on who you are, how you feel and how your life is in the moment of the big win.
We are not saying that you should give it all away, but donating to charity is choosing path that will do nothing but good and contributes to the greater good. So if you are one lucky winner and do not know what to do with so much between your hands, do not hesitate to donate! It is a win-win situation! The organization you choose will benefit from your donation and you will get the satisfaction of helping others in need.
It is important that the winners spends his or her money according to his or her beliefs and needs. Before going crazy with the spending, take some time to think about if you have debt, if you want to save some for retirement or want to retire early, and consider creating an emergency account. Once you have figured all of this out, you can start enjoying the money as you please and choose whichever path suits you best. However, if you decide to invest, make sure you are as informed and well surrounded as possible: choose low-risk investment.
Always keep in mind how lucky you were to obtain that money, how hard it is to obtain such money, but especially, how easy it is to loose it all without seeing it pass through your hands.
One important note is, after learning you are the big winner, who are you going to tell? Even if you are very well surrounded, always remember how easy and how little time it may take to loose it. People around you might ask you for loans, gifts and what not, make sure to have a financial plan before giving everyone the big news!
So whichever decision you make regarding your big win, make sure to enjoy it to the fullest!
Washing machines, luxury cars, your mortgage or good deeds, the life of a lottery millionaire is however he or she wants to imagine it. It does not hurt to dream, and sometimes, dreams do come true, so wait no more and participate in our next raffle and get the chance to win a home.