Winning the Lottery Part 3

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May 3, 2019
Winning the Lottery Part 3

Image Copyright Ted Grussing Photography – Used with permission

In our previous segment, we talked about the fact that even if you win the lottery you don’t necessarily take home every cent of the big jackpot. This week we would like to expand on what steps to take after you receive all your winnings!

So learning about lottery winners and their experiences, including losing it all in a short period of time, lacking money skills and paying those taxes, can certainly tarnish most of our innocent views about winning.

So let’s take a look at what you should do and some of what you should not do.  Remember, that when someone wins the lottery they immediately get an allergy.  This allergy is called the itch.  It is an itch to spend the money, after all there is so much of it!!!  So resist the itch!

Research has shown the number one reason winners end up with no money is they give away money to their friends, relatives and entities needing money.  Do not give money away when you first win the lottery.  Resist the itch for one year.  I’m going to share with you a little later what to do that first year.

The second reason for lost winnings is winners buying one or more businesses.  It may be a chain of restaurants they enjoy, a  racecar track, or a sports team.  Unfortunately, most lottery winners do not have the necessary business experience to manage their ventures.  So for heaven’s sake, do not buy any businesses unless you have been a successful business owner before.

The third reason is buying things they don’t understand, so don’t buy anything if you don’t understand it.  If you remember, this is the same advice I give in regard to financial products and advisers.  If you don’t fully understand a product or the adviser, don’t do anything. Resist the itch.

And the final reason winners lose their money is impulse buying – expensive cars, expensive houses, and vacations.  Wait one year. Those who do not know the law of money will end up with no money, so resist the itch.  And our next time together we will discuss the things a winner should do.

Have a wonderful weekend!