The stats are worrying, whether your fortune comes from playing the Casino or winning the lottery, chances are in few years the money will be gone and you might actually do worse, financially speaking, than before. It’s what happened to many lottery winners or sports/music stars. How does this happen and how can YOU prevent it?
Winning can clearly set you up for a good lifestyle, but it’s your turn to manage your newly found wealth in such manner that you’ll enjoy a worry-free life for many years to come. Here are some ideas, please feel free to share others:
1. Don’t let too many people know about it
My husband used to joke that, if we won the lottery or at an online Casino, first thing we’d do would be to pack our bags and leave the country. While this might seem crazy, when you have money, you’ll suddenly ‘discover’ many long-lost relatives and friends who, by a miracle, remember how much they cared for you. Of course, they are only after your money.
Years ago I started my own business. No, I didn’t win money playing online games, but still was able to start a new life for me and my family. DAYS after this happened, an uncle appeared to ask me if I could make his son my partner.
Hold on … he didn’t offer to support some of the overhead or reimburse for at least a part of my startup costs. No, he wanted the guy to become a partner. He didn’t ask me if it’s possible to hire the guy (or if his skills matched what I was looking for in an employee), all he wanted was a part of my money. I responded coldly that I do web design work and, if my cousin was able to learn this, he’s more than welcome to apply for a job.
My example comes to show that most of the times, when you show you have money; you’ll have people interesting in getting a piece of the ‘action’. So, I’d keep it quiet and even considering re-locating. If this allows me to have a life in a more beautiful place, Croatia, here I come.
2. Pay off debt, if possible
My first impulse, if I had debt and such a windfall, would be to pay off any remaining debt. It doesn’t matter I’d get an amazing interest or any other excuse. This, for me, would be the ‘get out’ card I needed to become debt free or get as close to it as possible. So, if you hate being in debt, consider wiping it off with your new earnings.
3. Secure your ‘golden years’
We all plan for our retirement and fear that, even so, we might still fall short. My next move (or first, if I didn’t have any debt), would be to make sure I am financially secure for when I won’t be able to work (or won’t be willing). Plan wisely and set aside the money you need for a nice retirement.
4. Invest in a good business
I LOVE MY BUSINESS and know that, if I had a bit more money to invest, I’d be able to probably grow it even more. If I was to earn money by playing online games, get a good inheritance or maybe sign up my daughter to be a great top-model (OK, she’s just 7 months old, so no chance so far), I’d also invest some in my current business or, who knows, maybe a new venture I never was able to fund.
5. My new home away from home
My long lasting dream is to move somewhere sunny. I don’t quite enjoy our ‘4 seasons’ and would love the chance to move somewhere closer to the sea than the 500 miles we have to drive at the moment. So, a sunny beach side would suit me well. I would purchase a home there and move the family. Nothing too fancy, something that would allow us to raise our daughter and enjoy the sunny weather.
Only now, after most of the other ‘needs’ were met, I would consider an indulgence for ourselves, something really big, as the chance to relocate somewhere we always wanted.
I am not against enjoying life and buying something nice, but, when you spend your entire windfall on something luxurious, when you cannot sustain such a lifestyle on the long run, it’s just wrong. The reason most people who were lucky to make it big at a moment, end up in more debt or just squander their fortune like there’s no tomorrow.
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What would you do if you were able to win the Lottery or get some very nice winnings at an online Casino?
I would love to win it big! I would definitely keep it a secret and only let a few people know.
I’d like to know, maybe a small donation … you know 😀
I think number two would be over looked due to sheer adrenaline. Suddenly you want to hit the Vegas clubs and spend, spend, spend!
(If I won, I’d invest most, because you know, finance guy and all…)
Jay