What to do If I Win the Lottery

What to do If You Win a Lottery

I Won the Lotto!

We all share that dream, right? I’ve never even bought a ticket and I still wake up sometimes thinking I won the lotto. 

For most of us, it might be more of an exciting pipe dream. But a lucky few face the real dilemma of what to do with their lottery winnings.

Here are a few things you should be doing if you win big. To answer the age old question ‘I won the lottery, what now?’

1. Keep quiet

I know, it’s the opposite of what you want to do. Hell, I’d have a really hard time showing up to work every day knowing I just won the lottery and had a casual few million sitting in the bank. 

But do you really want a sudden influx of best friends, and well-meaning strangers who just so happen to be financial experts?

Probably not right? So there’s no harm in staying anonymous.

2. Exercise restraint

By that, I mean, no mansions, designer wardrobes, or other extravagant purchases. You can splurge a bit. But even if you’ve spent your whole life dreaming about what to do when you win the lottery, no life altering changes that definitely won’t go under the radar. 

You might think ‘I won the lottery. A million dollars will last a lifetime’. But it won’t. And especially not if you spend like crazy. You still need to follow standard financial advice (however dull it seems). Such as making a budget and sticking to it, to avoid cash flow problems in the future. 

However much you want to run out and spend it all. Refrain. I promise you’ll regret it later if you do. 

3. Hire a team of pros

If you’re like most of us. You probably don’t know all that much about taking care of large sums of money. It’s definitely worth compiling a team of professionals that you trust. In order to teach you how to invest lottery winnings properly. 

4. Pay off your debts

I realise this is not the most fun piece of advice. And certainly, when I sit and think about what I’d do if I found I had the winning ticket I’m not thinking ‘if I win a lottery I’ll pay off all of my student loans’. It’s not the stuff that fun dreams are made of.

But it is something you should do. You don’t know whether any investments you make will make money or not. But you do know that any debt you pay off will make you better off so it’s the most sure fire way to increase your financial standing with your windfall. 

5. Put some aside

Finally, you get to enjoy it a bit. Set aside a chunk to have some fun with. You did just win the lottery after all. Celebrate! You don’t have to be 100% responsible all the time. 

There, you’ve read our rather sensible take on what to do if you win the lottery. 

Now, what would you do if you won the lottery?