Posted By: Lebo
Have you been dreaming about winning record-breaking jackpots in the lottery? Join the club of a million other daydreamers. The odds could be in your favour, and you could be the lucky ONE! But be warned and keep in mind the following:
Be mindful of your winnings.
It’s not unusual for younger lottery winners to fall into this trap of impulsively blowing their winnings. When 19-year-old Jonathan from America won $35.3 Million (which is over R552 Billion in South Africa), he lost nearly $500,000 because he decided to create a comedy sketch series.
Keep your word.
Don’t make promises you can’t keep. Tonda Lynn Dickerson and her colleagues each received lottery tickets as gifts from a restaurant patron. They all made promises to share the money if anyone held the winning ticket. Tonda held the $10 Million (which is over R156 Million in South Africa) and didn’t share. She was sued by her colleagues and the court ruled in her favour. In the end, she had to pay $1.1 Million (which is over R17 Million in South Africa) in gift tax.
Put your money in a safe place.
Don’t make the mistake of carrying cash around like Powerball lottery jackpot winner, Jack Whittaker. At first, things were going well, he made considerable donations to various charities and causes. A twisted chain of events happened; robbers stole $545,000 (which is over R8 Million in South Africa) from his car. He wishes he’d torn up the winning ticket.
Rather choose the option of receiving your winnings in instalments.
Almost 70% of lottery winners end up worse off than before they had won the jackpot. Take the time to look for a trusted and qualified financial advisor to help you navigate this new world of millions.
Pay off all your debts first.
Do not put yourself in the position of doom and gloom by stopping to pay your debts. In fact, you should be able to pay all of them off and only take on good debt.
Keep your lifestyle the same.
By all means, try to avoid the trap of becoming a high roller who pays for EVERYTHING or who lives beyond their means because of newfound financial status.
Get your lucky numbers ready to place a bet on any of our major or instant lotteries to stand a chance to win payouts of over R800 Million. Don’t miss the chance to make your dreams come true.