It's no secret that winning a jackpot prize is bound to change your life in one way or another; this has been a long-established fact. But whether your life changes for the better (or for the worse) following a huge win, is almost entirely up to you and how you cope with your sudden (and often overwhelming) wealth. While some jackpot winners practice a great deal of financial savvy and make educated investment decisions which will ensure a lasting legacy for their family members and loved ones, the sad truth is that the bulk of winners out there simply aren’t equipped to handle vast sums. If you haven’t worked hard for your millions, you feel less accountability when it comes to spending – and thus, reckless spending is a direct result.
This is why the LottoStar team deemed it important to impart a few valuable gems of wisdom regarding jackpot wins – especially taking into account the never-before-seen jackpot prizes on offer right here on the website; and as these lotto betting games are 100% legal in South Africa, as well as being licensed and regulated by the Mpumalanga Gambling Board; you can rest assured that as a South African betting enthusiast, your chances at taking home up to R160 million in winnings has never been more tangible or within reach!
Before entering into our selection of world-class lottery betting games, it would be worth your while to equip yourself with the necessary knowledge in order to properly cope with a jackpot win – after all, this information stands a great chance of being directly applicable to you!
KEEP YOUR WIN AS QUIET AS POSSIBLE
Yes, we’re well aware that following a huge financial windfall, it’s human nature to want others to immediately share in your joy and excitement – but bear in mind that telling all and sundry is a guaranteed ticket to future headaches and difficulties. Keep the news about your sudden wealth off social media platforms, and if you simply insist on telling those around you, try to ensure that you keep it to immediate family members – and swear them to secrecy if needs be!
The less amount of people who are aware of your financial situation, ultimately the better it will be for you and your financial planning. Remember: Word of mouth is an extremely powerful, yet vastly underrated tool. Before you know it, you’ll be inundated with request for financial assistance from estranged friends and long-lost relatives. In no way are we saying don’t offer any assistance to those who matter; but rather, practice restraint and confidentiality in order to avoid feeling overwhelmed or pressured into helping others out.
ASSEMBLE YOUR VERY OWN DREAM TEAM
And no, we’re not making a reference to sports on this one; your 'Dream Team' in this case would be a panel of experts who have been appointed by yourself to help you make informed and calculated financial decisions. It’s essential to immediately clear your name of all debt following a jackpot win in order to start off on a clean slate with your winnings; but even more importantly, you want to have a clearly-plotted course moving forward. A typical team would comprise of members who are certified specialists in their trade; and more often than not would include an attorney, an investment/financial planner, a chartered accountant, and if you so desire – an asset manager.
When assembling your Dream Team panel, your discretion is vital. When making your enquiries, try not to mention your winnings. As much as we would love to believe that the code of ethics is always followed down to the T, unfortunately one cannot discount the “human factor”; in particular, greed. The last thing you’d want to do, is to appoint a professional who ultimately ends up taking you for a (very expensive) ride without you even realizing it. It would also be prudent to not hire industry experts from the same firm – this is a strategic move which will ensure that everybody plays fair, and that there’s no potential foul play to be experienced.
The main point of your Dream Team will be to help you handle your finances, large purchases, and general estate – after all, you’ll want your winnings to ultimately work for you; generating a passive income off the interest from smart investment decisions. Thinking that there is no foreseeable way to burn through millions upon millions in a single lifetime is the worst thing you could do. It’s happened all too many times in the past – a quick Google search of jackpot winners’ stories will serve as confirmation of this.
DON'T MAKE RASH, SPUR-OF-THE-MOMENT DECISIONS
Just because you suddenly find yourself to be wealthier than you’ve ever been – even in your wildest dreams – generally speaking, this certainly does not give you permission to march on into your boss’s office and tell him exactly where to shove his job. As much as you might be longing to finally pull off a stunt like that, use your better judgement. Hand in your notice of resignation if you must, but don’t forget this little gem of a fact: Your winnings are going nowhere.
It’s not about to magically evaporate if you leave it in your bank account for too long, and neither are rats about to gnaw at it. So, take a few months – at least three – to get used to the idea of being wealthy. If it’s possible, spend time with those with existing wealth; it’s never hurt anybody to listen to a word from the wise. Find out more about the lifestyles they lead, the financial decisions they have made – after all, with a LottoStar.co.za win, you might well be thrust directly into their financial operating sphere; if not beyond it!
SPEND, YES - BUT ALL WITHIN REASON
There is a very fine line between being practical, and being downright excessive. Yes, you’re now officially a (very rich) multimillionaire – it doesn’t mean you need to burn through your winnings, though. An example, perhaps? Being practical could be finally being able to invest in that Range Rover Sport which you’ve always noticed standing on the showroom floor. Being excessive is buying a Range Rover Sport in five different colours; one for every day of the week – with the latest Lamborghini or Ferrari model (or even both) being the weekend car of choice.
If you feel the overwhelming desire to splurge or treat your loved ones to a dream holiday trip, by all means go for it – after all, you can afford it; but just practice some restraint in your spending habits. Think of it this way: You’ve survived thus far without the finer things in life, so while a “spoil session” might be in order, there’s no logical reason for it to become an everyday occurrence – very soon you may find yourself being unable to account for a few million, thanks to reckless and off-the-cuff spending sprees. Do (and spend) just enough to be able to live comfortably; if you’re single, there’s really no point in purchasing a 25-bedroomed mansion. Material possessions will come and go; that’s just a fact of life, so don’t invest too much of your financial capital into something which could rapidly decrease in value further down the line.
While you may have your Dream Team assembled and ready to assist with any major financial decisions you’d like to make, probably the most important point to bear in mind would be this: Keep a firm hand on your finances; stay in control of your winnings and financial situation at all times. Take the time to educate yourself on financial responsibility – the “Rich Dad, Poor Dad” book series would be an ideal starting platform.
While there are countless other facts and points to remember, these few suggestions should go a long way to ensuring your continued financial freedom for the rest of your days; instead of yours being another bitter and regretful tale about how quickly money can come and go.
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What are you waiting for? Bet online with LottoStar.co.za today; your registration will be the first step to the financial freedom which you have always longed for – happy gaming!