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How to Be a Smart Lottery Winner

There are many lottery winners everyday. They took a prize for a huge amount of money with nine figures. After a year some of the winners end up getting broke. The huge money is now all spent and they even incurred more debts. Below are some steps to avoid getting bankrupt after winning the huge lottery prize.

First Step - Have your winnings confirmed and collected first before spending. Never go to the retailer or shop where you purchased the card or the ticket. Go to the main office for the lottery in the region or state or city. Travel if you have to go there by plane or by bus. Don't announce that you have won because you need to have protection. If you do tell someone do not trust whatever he says when he wants to collect the money on your behalf.

The main people that should know that you have won the jackpot are the lottery employees who need to get your confirmation. Upon reaching the office of the state lottery for example you should have the ticket in good condition. The ticket shall then be validated upon you presenting it to the authorized person. They will give the proper documentation where winners sign. They can either give you a check or have your winnings transferred through your bank account. Ask the lottery officer to deduct the taxes immediately before transferring the money.

Second Step - Avoid being in a race A lottery winner's life will be completely changed. It will never be like the one he had before. The ideal thing to do is to quit the day job and build a business for the family. This way you can spend more time with them unlike before. Upgrade your lifestyle. Buy the best educational plans for their future or give each of them time deposited money which they can only withdraw when they reach the age of twenty five or thirty.

Buy a good house you see yourself living in for the next thirty or forty years. Do not buy many houses you will never live in. Make investments that will appreciate in value five years from the time you have won. Avoid buying and spending too much especially on luxury items like cars. Keep three cars after all if you have young kids no one else will drive the other one.

Budge the money for the rest of your life and keep that money in a safe bank account you cannot withdraw in one lump sump. You must invest more money for your family even going to vacations and places to foster your relationships with them. You may also choose to donate to some charities or foundation you believe in.

There will always be some friends or relatives who will know about your winning and they will even ask you directly for money. Some winners are too extravagant in giving or lending money but this should always be avoided. Always think of yourself and the future ahead. There are many ways to give by not giving actual money only. You can give your cousin's son an educational plan for his college degree. This way you know you have given money they will spend well.

Canvass for a bank which can give you the best interest rate possible. Be sure that it is a stable bank first before investing all your money. It is also good to invest in two banks which are major players in your country.


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