Designing Your New Life If You Win The Lottery – We all dream of winning the lottery. We work hard and provide a comfortable life and we are happy with all of our accomplishments. Still, there is that dream. The dream of financial freedom. The dream of knowing we can make choices that will change the course of our life or maybe the lives of others.
Every lottery winner will have some luxury items they will want to buy immediately. Maybe you always wanted to live in a luxury apartment in London, or to drive a Lamborghini. Maybe you never could afford a proper honeymoon and you want to take a trip around the world.
But what would you do if you really won the lottery? Of course, you could splurge on these luxuries. However, it is a good idea to wait a few months before you jump on a luxury jet. Let your mind clear a bit and decide if you want to spend your money on such extravagances, or if that was just a fantasy. Now that you can buy them, are you sure you want to?
Before making any move, I invite you to read this article from the lottery company Lottoland, what to do if you win the lottery, it will give you tips on how to invest your lottery winnings.
Also, below are some real-life tips that will help you navigate through this new world you have entered. With a little planning and knowledge, you can create any kind of life you want to live.
Remain Anonymous
You have a right to remain anonymous after your lottery win in the UK. This is your personal decision but consider this. When people hear of your windfall, suddenly, everyone knows you. Your friends, and family (no matter how far removed) come to you with their problems. Some of them are very sincere. Every person you passed in the halls in school, was your friend and now wants to meet up with you. Your friends have business ventures they want you to finance, and some just assume you would want to share with them.
The town has needs and may want you to pay for the new library, fire station, or hospital wing. The police department is underfunded. The next town over is desperate for a new afterschool facility.
Probably, all of these needs are legitimate. It probably would break your heart if you stopped and looked into each one. But, you cannot solve everyone’s problems and if you did they would be replaced with new problems immediately. They have ways to get funding. They were getting it before your windfall and they will get it after.
Remain anonymous. If you choose to help your town, civic centre, or a family member, work it into your plans.
Hiring your legal team
Your legal team is going to immediately protect your winnings and ensure that you only pay what you have to in taxes. They are going to make sure your money is placed in a safe place where it will grow. They will advise you on what to buy and when to buy it. For instance, you may choose to invest money in property, they will show you what kind of property, and help you buy at the proper amount and sell when the value is higher so you will make a strong return on your investment. This is just a broad explanation of very detailed work that goes on every single day by the legal team of a wealthy person.
You are going to need to hire the following:
- Financial Attorney
- Investment Advisor
- Certified Financial Planner
- Tax Planner
These Professionals should be vetted and you should insist that they work together for your safety.
It’s Almost Time!
Okay! You hired your dream team. You kept your big secret under wraps (as best you could), and you resisted the urge to take off for an extended vacation. You have your plans in order. You know when you are going to buy a home and where you have designated money for charity, and you feel comfortable that you can stay on the generous budget you worked on. Now, you have a few more things to do and you are ready to live your newly designed life.
First, pay off all your bills. This is important. When you have a lot of money, it is easy to pull out a credit card to buy anything from a pair of jeans to a designer diamond. Money loses its value. Pay everything off. It is foolish to pay interest when you don’t have to.
Second, review your estate plan. Do not assume everything is okay. You may have not needed one before. Talk to your attorney. What is the provision for future property or family?
Finally, send all charity requests to your attorney. You have funds set aside for charity. Let your attorney decide where those dollars will go based on how it will best benefit you.
Now you have wisely designed a life for yourself. You can enjoy your unexpected fortune. You will be able to enjoy your money and lifestyle just as you intended. Sure, it took a little time. But, it is smooth sailing from here out. You can’t do better than that!
