Here have just won the jackpot from the pachinko, table games or the bingo at your favorite casino. Pooh, what a lucky one you are! Now, what next? How will you spend this money? I mean, they could be gone in a flip, but before they do, you should use the jackpot in a rational manner.
Financial management and lottery win go hand in hand. Here are a few tips on how best to make your money work for you as you watch your empires grow.
1. First things first, PAY YOUR DEBTS OFF.
For you to secure your future financially you first have to have financial freedom; this is the best way of spending your jackpot which implies that any economic ties are to be eliminated. Bank loans and any other loan especially those that earn interest ought to be removed. Do some evaluation; some loans can be better paid off after the investments you make generate income. Weigh between the interest rates and your investment potential. Please note that the promises you made to your friends and family are not strong ties, after all, they can always wait. After this, you will then have a clean slate on which to start the journey to your version of Disney World.
2. SEEK ADVICE
You now want to plunge your money into something useful. What exactly are you going to invest? Write down your ideas in detail, then weigh them and choose the best one. Consider all possible alternatives while putting into consideration the risks that you are willing and able to bear. Consider having a business plan. Evaluate them critically; you cannot afford to let your hard earned luck go to waste.
It would be a good idea to have a financial advisor. Do not do it alone, have expert opinion and advice from a trustworthy and experienced individual or company. Let them help you see beyond, this will broaden your scope, and you will be better informed and in a position to make a wise decision. How else will you best spend your jackpot?!
If you are to spend your prize well, this is not the time to throw money around, oh no. Be deliberate in every penny you use. Remember to budget for the games too. There is the temptation to possibly quit your job and live the high life, but sit a while and see the bigger picture. Maintain your living standards; budget for the daily needs then consider implementing the ideas you now have after seeking advice and considering all your options. It is better to build an empire then move into it than to make progress into an empty field in the hope of building an empire there.
Spend your money on income generating activity; this is the it’ thing in spending your jackpot. You can do this through the stock market, in a business or any other suitable endeavor. You may choose to save your money, that is a good idea, but the chances of it getting depleted before you do anything meaningful are high. Take a risk; it is better to try and fail than to not try at all.
5. PURCHASE ASSETS
I don’t mean you go buying the most advanced home theater! Buy something whose value increases over time or something that establishes you such as building a home. Real estate is an industry that grows fast especially with the rising population and sense of style; you may consider investing there. It guarantees your future and that of your dependants.
6. DONATIONS, DONATIONS
We live in a community, and there will always be the needy around us, give back to the society by making generous donations without depleting your finances. This is a win-win kind of act. Look at it this way, as you help someone you also build a name for yourself and expand your social ground. You will need the society if you are to succeed.
7. MANAGE YOUR WEALTH
Your sweat should never go down the drain. You work for your property so protect it. Whether you have to employ a manager, hire security guards or take an insurance cover, protect your babies; your wealth. Whatever you do, insurance is a must-do, and it will save you on a rainy day.
8. REMEMBER YOUR ROOTS
You won the lottery; you had the tricks, remember them skills and advance them now and then. If you don’t have the time, opt out of betting. It is better than losing. Whenever you game, spend sparingly and with calculated moves lest you lose it all in a moment. Never forget where you came from, even when you choose to walk out of it.