Winning the Lottery Part 4

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May 9, 2019
Winning the Lottery Part 4

Image Copyright Ted Grussing Photography – Used with permission

Last week we shared some things you should not do in order to save the loss of your lottery winnings.  So let’s expand and explain the things you should do to protect your new-found wealth.

First, we suggest that you wait one year before buying anything or giving money away.  Don’t change your lifestyle for that year – remember you have an allergy now – the itch!  Money itches, spending money soothes the itch – don’t scratch

Secondly, hire a team of trusted professional advisers.  Talk to other wealthy people to find out who they use.  Interview those people.  Maybe ask a wealthy person to be your mentor to teach and guide you.  Your team of advisers should include a CPA, an estate planning attorney and a business manager.  Some people hire a life coach so they won’t forget their identity and their values.  And most importantly, hire a “fee-only” certified financial planner, someone you can understand and can understand you.  You can have them teach you how to manage your money or have them manage it for you.

The third thing a lottery winner should do is create a family foundation. The family foundation will hire a manager who will make decisions regarding who and what will receive financial gifts.  This includes family members, charities, and friends.  Without this in place, the winner has a target on his back and will be eaten alive by all the needs and wants presented to him.

The last thing you should do is use the year to become a steward of your money – a master of your money.  Learn how to manage your money and it will never leave you and you will not become one of the lottery winners who lose it all in a few years.

Have a wonderful weekend.