Imagine you have your lottery ticket and ready to check results. You go online to check the draw against your numbers and quickly realise that you might have won. After rechecking the numbers against each other repeatedly, it finally begins to sink in. But what do you do next?
The obvious answer is to celebrate, but how and who with are all things you have to consider. To make sure you kick things off on the right foot, we’ve come up with a list of the five things you shouldn’t do straight after winning the lottery, below:
1. Going on a Night Out
We hate to be the party-pooper, but there are a couple of things you should consider before embarking on a wild night out.
Firstly, you should wait until your winning is verified by the company. But you don’t have this kind of problem playing with LottoSpring, because if you win the Jackpot we immediately inform you about that. However, it’s always better to insure yourself by checking your playing account, otherwise those drinks that you’re paying for might soon come back to haunt you.
Then there’s the question of whether or not the money are already transferred from your playing account to bank account. Taking your loved ones to a swanky restaurant and not being able to afford the bill might leave you rather red-faced.
It’s also worth giving some careful consideration as to how many people you initially tell about your win. The news will soon spread, so it’s better to have a bit of time to plan out what you want to do with your winnings before old friends start turning up on your doorstep.
2. Keeping Your Winning Ticket With You
After winning the lottery, there is a temptation to keep an eye on your winning ticket at all times.
Taking your ticket everywhere you go, however, risks the worst thing of all: losing it. A jean pocket may seem like the most logical place to keep it, but a quick rummage for your keys could result in the ticket taking flight.
But, the good news is that you never have this problem playing with LottoSpring, as your tickets are online so you can’t lose them.
Buy your ticket online through LottoSpring and save yourself the hassle in the first place.
3. Taking Advice From Friends and Family
We all love our friends, but when it comes to financial advice, it’s best to stick with the experts.
As soon as your winnings are in your bank account, invest in a small team of reputable financial and legal advisors that live around the local area. They’ll be able to offer you guidance on the best ways of investing your money with a long-term outlook.
Their wages will be covered by the interest that you earn on your winnings, so over time it will effectively become a free service.
4. Scraping Your Weekly Budget
Most of us have some sort of weekly financial planning in place. This may come in the form of a limit on how much you allow yourself to spend on a weekly food shop, or something smaller, such as choosing to take out cash instead of cards on a night out.
While living within your means can become tiresome at times, it does help you to develop an understanding of just how far you can stretch your pennies or cents.
As soon as you win the lottery, there is the obvious temptation to completely rebel from this rigid lifestyle. Swapping the surroundings of the reduced section at your local supermarket to that of a fine dining restaurant would certainly be the logical step for most lottery winners.
The problem is that this high-spending lifestyle can easily start to seep into all elements of your outlay. Whether it’s buying designer labels or upgrading your car, it won’t be long before your bank balance starts to decline.
By sticking to your weekly budget but increasing it by a modest amount, you’ll still be able to have your cake and eat it. You can live in comfort and enjoy the benefits of earning a healthy amount of interest on your lottery winnings.
5. Quitting Your Job
Besides friends and family, the most logical person to ring after winning the lottery would be your boss. The chances are that you’ be letting them know that you wouldn’t be in work tomorrow…or ever again.
There is one problem that commonly occurs from taking such a drastic action, however – the loss of routine. Yes, lying on a beach in the Bahamas can hit the spot for a couple of weeks, but it won’t be long before you start to get the itch to be doing something more meaningful with your time.
In that sense, we’re not saying keeping your job is the answer. If you hate it, quitting could be the best course of action for all concerned. What we are saying, however, is to take your time and think things through carefully. There’s been plenty of lottery winners in the past who have gone back to work, so don’t shoot yourself in the foot by ruining your relationship with your manager in one, gloating call.