Winning the lottery is like a dream as you first try to come to terms with your overnight millionaire status. That is, you transition from living in fantasy to reality and begin to see all your problems going away. |
Studies have shown that the majority of lottery winners often spend a big fraction of their money within the first 5 years. Some have even gone back to their previous lifestyles after spending all the money lavishly. This is not to say that you should not change the quality of your life or even do some awesome things with the money you win from the lottery.
If you ever you are the lucky holder of the lottery number for the mega prize, here are some awesome things you can do with the money:
Invest – Your winning the lottery can only be a real life transforming experience when you invest. Good investments will bring you good returns that will be able to not only sustain your millionaire status but also live a descent life. You can invest in property, stocks or other rewarding ventures. Investments are what you will remain it when all the money is spent.
Buy a home – Nothing beats the joy of owning a home. Having a roof over your head is not a luxury but a need and it can only get better if you are the home owner.
Treat yourself – Personal growth is inevitable. As such. it is human and natural to go for those things that were not within your reach when you finally get the money. You can set aside some money to pursue your passion, get a makeover, dine at a fine restaurant, go shopping or even invest in your health.
Give charitable gifts – Giving to a charity is a noble thing to do. Besides, by donating to charity you are entitles to a tax deduction of up to 50% of adjusted gross income for the cash contributions. Charitable gifts must be donated by at least December 31 otherwise you may have to opt for a donor-advised fund. You can also consider sponsoring a student in one of the strife stricken nations across the world.
Try something new – Everyday, we all have thoughts of the things we would do if we had the money. This may be going on an adventure, going on a hot air balloon ride, cruising the Mediterranean or even taking up a new sport. With the resources at your disposal you can now explore one or all these options.
Travel the world – There are many beautiful places in the world to see. With your lottery money, you can plan to go on vacation to some of the places you have always wanted to visit.
In summary, winning the lottery is a life changing experience. However, whether that change will be permanent or short lived is entirely dependent on how you spend your fortune. It is advisable to strike a balance even as you do some of the awesome things discussed in the article.
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