Maybe you have a dream of what life would be if you picked the winning lotto numbers and became insanely rich. You may think you will spend your days being pampered and your nights dining in luxury restaurants while wearing diamonds and pearls. That might be true. But probably not. Most people discover, though they may have a different lifestyle, they still have to get to the business of living.
You probably have some “must-have” items that you just have to buy. Maybe you feel you have to buy your dream car or a Rolex. Financial experts advise new winners to use the 1% rule. Take 1% of your windfall and allow yourself to splurge. But leave the 99% until level heads can prevail. You may want to read this article by Lottoland. What to do if you win the lottery, it will help you get started.
Before you shop – pay the bills.
Before you start shopping and booking trips, pay off all your bills. Get rid of your high-interest credit cards, loans, and your mortgage. You can get a lot better deals with cash, and you will have a lot more freedom with your resources with no financial obligations.
Get in shape
You are in a position to travel the world and see anything you want to see. Make sure you are healthy. Go for a check-up. Watch your diet. Find a way to exercise that you enjoy. Get plenty of water and rest well. Don’t let a few extra pounds keep you from being able to do the things you want to do.
You can remain anonymous.
You can remain anonymous after your lottery win in the UK. This is your personal decision. When people hear of your windfall, they will come from everywhere to find you. Friends from school that you do not remember, and long-lost relatives will show up at your door. They all need a loan or have a great idea for investment. If you help everyone who needs help, your money will be gone in record time.
Your community will reach out to you to contribute to libraries, community centres, and all kinds of things that they do not have the money for. If you want to set up a charity fund, you can. Or you can select one and contribute to it. But it is not a good idea to listen to all of these needs day after day. Every town has needs. It may want you to pay for the new library, fire truck, or community pool. Some important departments are underfunded.
Hire a financial advisor and an attorney. Let them handle financial requests for you. Set up a fund that equals six-months of your basic expenses, in an account that pays good interest.
Design Your Life
You have a unique opportunity that not many people ever get. You get to design your life. You have plenty of money. You have no debt, and your whole life is ahead of you. So, who do you want to be? Do you want to go back to school and get a different degree? Do you want to work in finance? Do you want to work in science? Do you want to live on an island on the south seas? Do you want to travel? Maybe visit Australia, California or see the Northern Light?
Where do you want to live? You can live in a castle in Ireland, a penthouse in London, or a grass hut on an island? Do you want to have an apartment in Hong Kong or a ranch in Canada? Maybe you want to raise alpacas. You can live anywhere you want.
You have a lot to learn. You will learn how to dress like a person of wealth. You will learn how to invest your money, how to travel in style, and how to protect yourself and your family’s investments. You will discover how it feels to taste the finer things in life. Then you will discover something really important. You will discover what means something to you and what doesn’t. This is how you finally discover your new lifestyle. It is the experience of all you knew combined with all you now know and choosing for yourself what will be part of your world.
No matter how you came into your money, it is about to change your life. There is no doubt about it. It is up to you how much. If you are smart with your money, it will carry you through for the rest of your life. If you use your head and seek professional assistance, you have a good chance of creating the life of your dreams. This is what moments like this are made for. Don’t blow it. You can have the lifestyle you want. As soon as you figure out what that is.
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