Someone once said, “Success always comes when preparation meets opportunity.” You could say that about those incredibly lucky winners of the lottery you read about on a weekly basis. Somebody won the Powerball jackpot at $200 million. Their life seems to be on easy street from this moment on. If this winner did a lot of preparation beforehand on the scenario of “if and when I win the lottery” whether that is the Lotto, Powerball or Mega Millions lottery games, then yes, they’ll have a successful life due to meeting the opportunity of winning the lottery. Of course there have been many horror stories of people winning the lottery only to be bankrupt in a few years time. However, if you are smart with your money and seek sound financial advice, your wildest dreams certainly can come true. Here are my five ways I would prepare for the opportunity of that one day winning the lottery. Sure, some say the odds of winning are extremely slim to none, but if you don’t buy a ticket you certainly won’t win.
1.) Find an Estate Planning Attorney ASAP- As mentioned earlier you’ll need to begin hiring a team of financial and legal experts, especially with such a huge financial windfall like winning the lottery or even a large inheritance. Also, some lottery winners set up trusts in lieu of having their names on public record that is accessible to the media and others who want to contact you for endless business opportunities, marriage proposals, not to mention friends you never knew existed
2.) Hire a Certified Financial Planner – Make certain they have the CFP certification before hiring one. With receiving millions of dollars in winnings that money will be a huge responsibility. What has happened to so many past lottery winners who later became bankrupt is they oftentimes did not seek a financial advisor or even have a plan. This is such a critical step before you start to spend your lottery winnings. I’m certain there is so much involved beforehand.
3.) The Gift of Giving – Most likely for tax purposes this option will come up from your financial team; however, I certainly want to give to my favorite charities and to family members. One of the commonalities for many lottery winners with extremely bad experiences stated over and over they were constantly giving money to immediate family members and relatives. It was always never enough. Of course one needs to be firm when giving money to family, but ground rules have to be set.
4.) Pay off Debts – Unfortunately once all the old debts are paid off I’ll have new ones. It is vitally important to me that these old debt are out of my life once and for all. I’ve certainly learned from my old spending habits not to repeat this same mistake again.
5.) Starting a New Life – Once I have all of those important, but necessary steps out of the way I would certainly begin planning for a new life. Let’s face it winning the lottery is going to change your life. Things won’t be the same. I firmly believe those past lottery winners were naïve in thinking they could have everything be the same when all their family and friends were struggling financially. Of course there will be resentment, jealousy and envy. For me I would invest heavily into my freelance writing career, especially with devoting all my time into my planned memoir that has been on the back burner for years now. This really means the world to me. Of course a new home, car, wardrobe, travel, and all the other things I’ve wanted to do all my life can become a reality.
I have known of a couple of people who have won the lottery. No, I did not know them personally. One was a group or workers at a bank I worked at back in the ’90’s. They pooled their money together and actually won the jackpot. Naturally they became celebrities at our bank. No, I had not worked there at the time of their winning. Besides, they worked at a different branch. All of them left the bank since they didn’t need to work any more, except one. This person stayed on, but she never spoke to anyone again. I guess too many people were asking her the burning question “what’s it like winning the lottery?” or maybe even asking her for money. Talk about extremely weird. There is a diner right by my house and the owner won $55 million from the Lotto. He is still running the diner to this day. It is always packed and their food is out of this world at Mama’s Kitchen in Tampa, Florida.