You would be shocked to find out that most people who end up winning the lottery typically end up broke. And I mean flat broke – like they need to go to the corner loan store to take out a 1000 payday loan type of broke. On average, it only takes a few years for them to burn through the millions they have made, leaving them in a worse financial situation than before.
So is winning the lottery a curse or a blessing? Obviously, you would naturally think that winning the lotto is the best luck one could have. However, it is only the best luck if you are smart with the money after you win. With that in mind, here are a few tips that will help you to be able to enjoy your winnings for the rest of your life – and even leave a lot of it for the kids and grandkids after you pass on.
Find a Good Financial Advisor
This can be difficult, but not impossible. You need to interview several and find one who is conservative and who understands your needs as a resent lotto winner. You also need to find one who is NOT a salesmen, but is someone who just likes to sit in front of a Bloomberg screen and research market stuff all day long. No, he or she may not be the easiest person to talk to, but they will be the best. Try using the Private Banking Group at Merrill Lynch, or the Ultra High Net Worth groups at Morgan Stanley – they are teams of professionals who only work with those who have lots and lots of money, and they have the resources to pay people to watch and research the market like they should.
In the end, this is probably the easiest way to keep you from falling into the ranks of bankrupt, broke, and unhappy. Yes, you will have to save and not spend like a madman, but it’s worth it, trust me. To learn more about why you don’t want to have to take out small loans, but want to save your money, read here: ez1000loans.com.
