Winning the lottery
Most of us would like to win the lottery – I certainly would. I often laugh as a lot of people talk about it but do not buy the tickets. I am also guilty. However to be honest, I once won the lottery. A long time ago we won a small prize via the Postcode lottery. It was a lovely trip to Nice; we went aboard the Star Clipper for 4 days. We sailed to Elba, Corsica, Monaco then back to Nice. This free trip was such a nice surprise although no free cash was handed over. I guess it was in preparation for the GRAND PRIZE – a mind boggling amount of life changing cash.
Be mentally prepared to win
Life changing? That is what we all think. A large lottery win could be for better or worse. When one wins the lottery – it is a surprise. We wished for it but somehow, we do not really expect it to happen. When it happens, most people are not prepared. The pockets are ready but not the minds. The mindset is not always there to handle more than they were used to. It becomes overwhelming. It is too much to manage so much money. It gets spent on material things which are expendable - the dream car, travel, clothes and other material items and risky investment. Money will be spent like Monopoly money. It seems like happiness at first because there is enough cash to buy anything and everything. However, this happiness can be fleeting. The cash flies away as easily as this dream. The money can be gone in no time – changing hands swiftly – coming in and out of our lives but not changing our lives. Sometimes one is just not prepared for the upheaval – an emotional, financial and situational upheaval.
Would I be prepared? Haha - well maybe. I really cannot be sure but I hope so. The win I mentioned above can be called a nice trip. It is not the same as winning wads of cash. I think I am prepared since my girl scouts’ days - the motto was “Be Prepared” afterall. If I won millions of extra unexpected cash – it will most certainly be life enhancing. I think my accounting and finance background puts me in good stead to manage the windfall but who knows until it really happens. It does go to one’s head even the most levelheaded person. I would like to think that I am prepared for it though; my bank account would change but definitely not me.
Be prepared for unexpected attention
When I win the lottery, as with the sailing trip – it would surely be public. Everyone in this postcode would be asking,
“Were you a subscriber? Were you one of the lucky ones?”
I would be hesitant to respond but if the past predicts the future – the Postcode lottery would ensure that my photo is the first to be seen on their website. Yes, that was the case some years ago despite a signed document stating my preference. Ok so all complaining aside – one would need to be prepared for the attention to the neighborhood and the conjecture about the winners. Sometimes a selection of the winners is televised as well. I would do my best to avoid such a braoadcast.
Be prepared to share
“Charity begins are home.” I would share with anyone in my immediate circles who has a real need for additional funds. I would not give to someone who would like a handout because I now have free money. There is no entitlement.
Friends and family will be thinking that we are totally spoilt and “lucky as always”. Some will certainly be jealous and have lots to say. I believe that the majority will be happy for us and share in our joy. We love to entertain, so I would invite all my closest friends and family on an all-expenses paid tropical vacation. Everyone can then enjoy with us.
However, sharing would extend beyond my social circles, I do some charity work helping less fortunate people whenever I can. I would be able to continue but on a grander scale. It would really get a boost with a lottery win – my efforts would then be truly impactful, helping more than just a few people. My charity would be called “Foundation for structural solutions”.
Be prepared to invest
I have some ideas on how I would invest but nevertheless I would consult with a money manager. I would buy real estate, and hodl the grandaddy of cryptos – Bitcoin and the oldest stores of value – Au and Ag – Gold and Silver. I would buy Hive and HBD - become a whale and bless various communities. I would not be too frivolous regarding investment. Free money still comes with responsibilities. I would remain risk averse in order to not be wasteful.
Be prepared for the unexpected
As with anything new – ventures, friends, travel and any change – I need to be ready to expect the unexpected. “Things” will happen. For instance, forgotten acquaintances might pop up and some current acquaintances might go – true friends will remain true though. I might have some great investments and bad ones too. “Que sera, sera” – Whatever will be will be. I will simply be prepared to “Carpe Diem” – seize the day. Life will go on.
The photo is taken by me with an iPhone 11.
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Handling huge cash take came by surprise without real preparedness can result into getting broke again.
For sure, having a good life will top many list and in the course of doing that, the money will be squandered. I believe the mental preparedness of how to live after winning a lottery to be bigger than physical preparedness.
I haven't one before and that's because I haven't played one before.
Yes I agree - mentally many would not be ready. I can imagine that you have not play he lottery before. Sometimes I see it as a waste but with my previous win - it was break even.
The most difficult challenge for people that won big lottery cash is always their mental preparedness to manage the new money.
Such much Money is powerful and can come with so many influences, it will take a very disciplined and high leveled headed person not to misbehave and manage such money well.
Indeed you are correct - that is why a money manager is advisable. I think now most lotteries advise their winner to get one.
Money management should be taught in school in my opinion.
Of course it is not easy to manage large sums of money, but I believe that if you are educated to do it from money you can produce further wealth.
Yes I agree with you - money management should start at primary school and high school. When I was in primary school - we had school banking. We did not receive interest we were just encourage to save. We could withdraw at any time but part of our pride was withdrawing nice sums at the end of the school year.
....as they say wealth produces further wealth.
Wow this school bank thing is really cool, very educational as an activity!
Financial education is very important and receiving it right away can really change your life.
A Hug!🤗
Set up a trust before collecting your winnings in the name of the trust. In that way it is the trust not you that is publicized.
After I did that and payed all the taxes 10% of what is left would be placed in an account for me. After consulting financial legal advice and accountant advice. I would look into digital lands, nodes, and LP. beyond that of course would be based on what advice I got from those 2 consultancies.
As for sharing I would be willing to share the opportunity to invest in that trust I 1st set up.
Oh and of course try my best to stay within the current lifestyle I live it is good enough after all.
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Thanks for that advise - indeed a trust is the best route to go. I have never heard of anyone doing that here in my neck of the woods but I would definitely consider it. You certainly have it all worked out. It sounds as though you have done this before. 😀 I will certainly remember this. Like you - I would not change much about my current lifestyle either. I would certainly pursue my charity though.
Oh shoot I forgot about charity work well until I win the lottery I got time to work that part out too
Winning a mind- blowing sum of money comes unexpectedly and if not managed properly, might not make any positive difference in our lives.
Once one has such big money 💰, he tends to lose his self- control and sense of management. You just feel like buying whatever you set your eyes on, whether it's useful or not but I admire your idea on how to manage that huge sum when it comes
I love this name special 😍
I pray that when we get such money glittering in our account 💰💰, we would be able to make some positive impact in the lives of our family and friends as well as the less privileged in any way we can.
I wouldn't hesitate to have some enjoyment along the way, but a moderate one, lol
Yes - it is crazy that so many people win the lottery but lose everything so quickly. It does prove that with large sums comes large responsibilities. Thanks regarding the charities name - I am ready. 😆 Yes blessing others on the way with unexpected good fortune is so important and enjoying oneself as well.
Wow this is just a well detailed article on what and how we should prepare against when we win a lottery.
I'm also victim of hoping to win even though I've never participated.
It's indeed good to be prepared but in mind and how we'll deal with it, ready to share because there is love in sharing.
The attention is definitely gonna go from every corner, but then we're prepared it won't really catch us by surprise.
Thank you @vickoly - indeed preparation is important - especially to have get assistance with money management.
Funny - but if one want to win - one must buy a ticket to be in the game of chance.
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It's nice to see that you're somehow prepared. I hope you win another but this time an open check :)
I might not be prepared or have plans but I'm sure I will adapt. I've never had problems with managing money. I think good at drawing a fine line between needs and wants.
Also, I'm a bit skeptical to participate in lotteries nowadays because I know I maybe blessed but certainly not lucky. I've participated in so many lotteries but never won any. Moroever, I'm eligible for a yearly lottery to move to the US on a permanent basis but I stopped participating like 3yrs ago.
I know how you feel. I actually did not buy it - my husband did. I often forget to participate until someone reminds me. When I do remember I hope to win. My odd are not large but who knows.
I heard that some people win that lottery to the States - maybe u would be luckier now because I do not know whether it is still popular.
I hope to win a nice check and do many good deeds with the winnings.