Winning the lottery can be one of the greatest experiences you’ll ever have, especially if you win a huge amount of money. However, what can not be so great is dealing with the confusion of what to do with your money once you’ve won it. Instead of making a hasty decision like spending it all on impulse buying, here are a few ideas of what you can do to make your money last as long as possible.
Sell Your Lottery Payments to a Financial Company
One of the best things you can do before you do any spending at all is to sell your payments to a lottery annuity buyer like Settle4Cash, Peachtree or RSLFunding. This is probably one of the safest and best ways to go about lottery transactions. Sometimes, you can also seek advice from these same companies on what to do with the legal aspects of your lottery money such as paying taxes or hiring an attorney. You can also bounce around their web page to check out any fees or extra payments you may have to make for using their services.
Adopt Self Discipline and Avoid Impulse Spending
Almost every American dreams of winning the lottery somehow at some point in their life. However, most people dream of this money because they have a huge heap of debt on their shoulders or their dying for a vacation. Regardless of the reason, the worst feeling would be to have won all of that money and see it gone in a matter of weeks, if not days or hours.
While it is totally your decision to do what makes you happy, it is best to try to spend the money as wisely and carefully as you can. Is it really worth it to cash out on designer clothes? Or purchase a car or house you can’t really afford? Try to weigh the options and think about either investing your money or using a portion of it to take a few courses (to learn valuable and profitable skills) or put it into a profitable side hobby.
Start a Small Business from Home
Starting a small business isn’t as scary as it sounds, especially when you have the coin! If you decided to use the money to take a couple of courses, try using these skills to contribute to a small business of your choice. Starting a blog, for example, usually takes about less than $100 to get started. If you’re good at drawing, crafting, or making handmade products, starting an Etsy shop or online shop could cost about the same amounts.
If you do go about this decision, make sure that you’re doing the proper amount of research online so that you are making sure you’re starting a business that is actually profitable. It wouldn’t be smart to start a business selling used socks, no matter how passionate you are about it! Also, don’t pay for any courses that are selling the dream. Pay for courses to learn as long as they are being taught by professionals that can prove and backup their statements.
Now that you’ve gotten an idea of what to do with your lottery money, weigh the options and decide on a smart way to spend the funds. Even though these recommendations are to keep you disciplined and wise, don’t be afraid to use a portion of it to have fun!