Could You Really Live Well Off Lottery Winnings

Winning the lottery is something that a lot of people dream about doing, but what happens when you actually mange to win it? That’s going to be something that definitely changes your life in many ways, and not all of those ways may be what you expect. So if you really want to make sure that you focus on the bigger picture, you’re going to need to make sure that you have a plan. This is a fun exercise to do with just about any type of winning. What if you hit up a casino and won the progressive jackpot? That’s still going to be a lot of money on the table, which means that there’s a lot of chances to change your life — or crush it completely.

Unfortunately, winning the lottery is not always a ticket to happiness the way a lot of people expect it to be. They think that they’re going to really change their lives, only to find that they don’t really get what they were looking for after all. It just needs up being a lot of trouble and misery — but does it really have to be that way?

Lottery Winnings

If you read this guide and really take the tips in it to heart, it doesn’t have to be that way at all.

First and foremost, you will want to make sure that you give yourself some time. It’s been shown that if you just drop everything and quit your job, you will find yourself with a lot of dead, empty time. You could easily drive yourself nuts with that type of setup. It’s a lot better to make sure that you’re thinking more along the lines of that the money is designed to supplement your life, not replace it. There’s nothing that says that you have to act like the money changes everything. In fact, it might be better to act like the money doesn’t really do much of anything than press into a lifestyle that isn’t really going to give you what you’re looking for. That would be the real sad part of life. Many lottery winners report that years later, they wish that they had actually not won anything because they ended up losing a lot of things in their regular lives. They found that they lost friends, relatives, and even spouses. Their children wouldn’t return their phone calls. A lot of people think that the money is supposed to change them, but that doesn’t have to be the case.

Yet the lottery winners that kept their jobs until they had a valid plan for the rest of their lives really made the money work for them.

Paying off debts is always a good thing, and it will make you feel empowered to make even better decisions.

The very rich often take the time to build a team of people that they can trust. You’re going to need an attorney, and it’s a given that you’re going to have to raise your insurance policy. Carrying umbrella cover wouldn’t be a bad idea. Since lottery results are public, you never know who will try to injure themselves and come after you with a big lawsuit. Getting a financial advisor to guide you the rest of the way isn’t a bad idea either.

You might feel that you can handle everything on your own, and you very well might be able to do that. However, it’s a lot smarter in the long run to get people that you can trust on your side.

Don’t forget to include your friends in your life, even after you have the money. They want to still spend time with you. A lot of broken friendships and hurt feelings arise when you start moving on. Of course, if your friends are just going to be destructive because you now have a lot of money, you might want to cut them loose anyway.

Don’t forget taxes — the HMRC is still going to be looking at your dividends, investments, and everything else. This is why getting an accountant that you can trust from here on out might be the best thing you can do. Penalties for underpayment are very stiff, and you will need to make sure that you enroll in the PAYE system if you’re going to pursue other ventures outside of the normal wage system.

Overall, can lottery winners experience long term success? We definitely think so, but it’s going to be up to you to build a plan that you can live with. Don’t skip the fun, pay your debts, and protect your assets to the fullest. That’s going to pave the way to a very bright financial future!

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