Winning the lottery is a dream for millions—if not billions—of people. Of course, we’ve all dreamed about how we’d spend our winnings. You’d never have to fly commercially again and, instead, you’d be able to charter private jets to travel the world. You could buy your dream home and pull your loved ones out of debt.
But what about more practical ways to spend your winnings? Explore some of the ways to spend your money if you win the lottery.
Plan Ahead
If you were to ever win the lottery, you’d undoubtedly want to tell everyone you know right away—but it’s best to wait until you have a financial plan in mind. Otherwise, family and friends could overwhelm you with requests for money, leaving you feeling guilt-tripped into saying yes or confused about how much to give people.
Take Your Time
You have a few months to claim your lottery winnings. Use that time to find a financial advisor and avoid a media frenzy. When winners come forward to accept their money, the media creates headlines, and you could attract unwanted attention before you’re prepared.
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After you hire a financial advisor and before you make any large purchases, pay off your debt. Start with debt that has the highest accruing interest since it’ll keep growing until It’s paid off. Car loans, mortgages, medical bills, and student loans fall under this category.
Retirement Money
Obviously, if you win a ridiculously large amount of money, your retirement starts the day you collect your prize. Set aside some low-risk investments and budget how much money you can spend per year to ensure you’re taken care of for the rest of your life.
Social Impact
A wonderful way you could use your winnings is by spreading your good luck to people in need. Find charities or organizations you believe in and pay it forward. Helping other people might be one of the best ways to spend your money if you win the lottery!
