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| What to do if you win a lottery i.e sportpesa, lotto etc |
Fantasies of
winning in a lottery, be it sportpesa, lotto and many others linger in everybody’s
mind, and there is nothing wrong with that. Unlike an income that you have
worked for, there is no pain in getting free money and so no pain in spending
it.
Getting unexpected
cash sends many people on a spending spree, while others splash it all over,
buying gifts and entertaining relatives, friends and even strangers.
How to
handle a financial windfall is something of mystery to many who had only dreamt
of the money. It can be overwhelming to suddenly come into life altering
amounts of money since suddenly you have something big to plan for;
expectations run high from those around you, and the worst part is the fear of
losing it.
It is
natural to plan for money you expect like income or wages, but when it comes to
winning in the lottery psychologically, people are not prepared for it, says
one of our financial advisor.
Lotteries have
always been there but rarely does anyone get to hear of the winners again, since
most of them squander the money.
No matter
your financial level, there is that amount you feel would alter your life
without working for it. For some, it is a million shillings for others a
billion.
It is a
tricky handling the excitement and responsibility, especially bearing in mind
that what can be acquired overnight, can be lost just as fast.
In most
cases winners, indulge in purchases like luxury cars and get into a celebration
mood. Before they know it the money is gone.
Before doing
anything with the money, seek for assistance from a professional financial
advisor. It is worth the cost to hire one, when you have let’s say $300000 as a
lottery, you should be having a special tailor-made financial plan to guide you
on the best way to use money. However, before seeking expert help, it might be
prudent for you to go first through the “ABC’s” of financial planning. They incude:-
A.) Make a
budget
Set your priorities high, based on your short term and
long-term financial goals, so as to attain financial freedom. A budget might
come handy as far as situation is concerned.
B.) Get rid of debts
This might not sound like the most exciting way to spend
your winnings but there are a few things that can be as rewarding as being debt
free. Added to the well being that comes with knowing, Remember that your future
financial security can only be achieved by two key thing:-
- Live within your means by ensuring your expenses do not exceed your income.
- Live knowing that you don’t owe a penny, debt free also means you can save a considerable amount on the interest payments.
After taking care of personal budget and debts then you can
invest. To invest means that you’ll seek expert advice in this area as well,
since you will need to diversify levels of risk, maturity and liquidity.AS the
saying goes, “ do not put all your eggs in one basket,” try not to invest too
much in one asset type choose your investments according to expected returns, ease
of converting back to cash and safe among other factors. Generally, your choice
of investments should be guided by existing and new goals that you want to
achieve in the medium and lon-term.
Take precaution on pursuing your endeavors
- Do not be quick to change your lifestyle. Think very hard before you decide to quit your job or even cutback on hours you commit to your work. Employment income will help you meet your daily expenses, and working will keep you active.
- Do not be tempted to go on a spending spree without a concrete financial plan.
Learn to say
“NO” to requests for financial assistance from friends and relatives. Such requests
are bound to increase once people learn of your winnings and you need to be
careful not to be mislead by those seeking to ride in your new found fortune. Continue
running your finances with the same sources as before.
Winning a lottery is once
in a lifetime opportunity and it could either build or destroy you financially
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