There are tons of stories of lottery winners who carelessly blew all their money on family and friends and then after few years, end up broke again. What is the reason behind this? You may wonder. Well, the answer is that they all were unable to plan and unable to get things straight as to what they want to do with such obscene amounts of money. If you are a jackpot winner or a soon-to-be jackpot winner, then these 4 tips will help you in preserving your wealth.
You’ve won the jackpot? Cool. Now keep that information to yourself. There is absolutely no need to reveal yourself to the public, rather you must ask the lottery officials that you would like to keep your name and identity anonymous. Furthermore, you should not start throwing our parties to your friends and blowing money on buying properties.
Rather than buying assets that would periodically take money out of your pocket, you should buy assets that put money into your pocket. In this way, you would keep building up your wealth. Do not trap yourself into believing that the money that you have won will be sufficient for you. Hire a financial planner who can divide your money and invest it in different investment avenues according to your risk appetite. There’s a little saying that goes:”You gotta have money to make money”. Have your money work for you, there are many options to extend your wealth rather than squander it.
Jackpot Winners Should Pay Uncle Sam
The prize money of the lottery is taxable and you would be required to file tax returns. We recommend that you hire a lawyer. They can deal with all these stuff so that you can avoid getting into hot waters. People have been locked up or heavily fined for not paying their taxes. Don’t be that person.