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When You Win The Lottery – What Will You Do?

The EuroMillions lottery provides various opportunities for people to play and win big. One of the most popular draws is the Mega Friday draw made on the last Friday of each month which guarantees a £1 million winner in the UK and is usually accompanied by what is described as a trip of a lifetime. Think luxury trips to Bali, Australia, and luxury resorts located on secluded islands – and you’ll get the idea.

What would you do if you won the lottery? It’s something that many people have considered but few have actually had to deal with. Treating a big multi-million pound win seriously can help avoid becoming one of those had-it-all lost-it-all headline stories. Here’s how.

Take a beat
If you win, don’t do anything rash until everything’s confirmed and you’ve received the cash. Keep the ticket in a safe place – so you don’t have to worry about it. Take some time to let it sink in before you go dashing off to spend it. Take stock of what’s important to you such as family and friends, and make sure they’re positively impacted by your win.

Seek guidance from experts
Just like anything else in life, there are pitfalls you need to avoid, but if you’ve never been a multi-millionaire before, clearly you have a lot to learn. This means you’ll need expert advice from those who deal with this kind of money on a daily basis. You’ll need a financial planner, a legal consultant and possibly a counselor or psychologist to help you make the most successful transition from Joe Public to wealthy individual. A sizable win such as those on e-LUK changes almost every aspect of your life eventually.

Tip: previous big winners commonly advise to avoid splashing out on any major purchases immediately until you’ve had some time to adjust your mindset and get used to your new found wealth.

Clearing your feet
Most people are saddled with the normal debts of modern living such as a mortgage, car payments, credit cards, and so on. One of the first things you should spend your money on is clearing all outstanding debts in your name. There’s nothing nicer than being debt free, so start enjoying it as soon as you can.

Smart investing
If you’re smart, a large lottery win can set you, your family, and future generations of your family up for life. Yes, rather than simply blowing it all and ending up with nothing; it’s much smarter to plan long term and maximize opportunities to see your wealth grow even more, ensuring the financial security of your children and your grandchildren.

Seek expert investment advice from those accustomed to dealing with high wealth individuals, so look further afield than your local bank manager.

You can never plan too much
With your financial planner outline your plans, for the short term, and long term. How would you like to enjoy some of the money now; maybe a new house, an around-the-world trip or other once in a lifetime experience, and what will you need in the future; retirement, funding the children’s education, buying a home for family members. Planning what you’d like to do will enable you to enjoy your new wealth both now and in the future.

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