A lottery is a ₹50,000-crore industry in India, with millions of people from across the country participating in lotto games every single day.
Each of these people is hopeful that sooner or later they will get lucky and can win the jackpot. To make this dream a reality, they can pay a nominal amount for tickets starting from only ₹2/- to participate. These tickets give them a chance to win lakhs and crores of rupees, while the cost invested is only a few rupees, which usually doesn’t burn a hole in the pocket.
In our country itself, everyday people win lotto prizes, some also win the jackpot, but then these winners are often confused about what to do with their winnings. Mainly as they have never had so much money at their disposal before, the ecstatic feeling may become confusing if the winner can’t decide what to do.
To help out, here are five things that you must do if you win the lottery:
- Travel the world
Almost every person wishes to explore the world and to experience exquisite destinations. Everyone wants to take a break from our daily routine of hustle and devote some valuable time to relax usually away from home, and vacation with friends or loved ones. If you are someone that enjoys travel, then your new found wealth can assist you in fulfilling this dream. You can explore all the beautiful and majestic sights that the world has to offer and can also experience different cultures, people, cuisines, arts and nature. If the travel is well-planned, it won’t create a financial drain on your pockets.
- Finance your own business
It is highly likely that you have always had that one passion in life that you would love to develop into a tangible profession or business. Many of us have wanted to start our own projects/business, but because of financial restrictions and capital inflow, we would hold back. But now with your winnings, you can fund your entrepreneurial dreams! This would be the ideal way to spend your money as it will be a business born out of your passion, which will help generate revenue in the future.
- Start with a clean slate
You must have made a lot of personal sacrifices and investments to get to where you are today. This could be in the form of down payments for that housing loan which you needed. It could also be the large amounts of money that have gone into financing your/family’s education or paying the medical bills. No matter what the reason for the investment, there must have been that one expense that has created a dent in your savings. Winning the lottery provides you with a chance to start over and to take care of all of your financial responsibilities. You should use your winnings to pay off all your previous debts and loans. Make sure that you settle all the financial dues that you owe the banks, family members or co-workers. After all, not everyone gets the chance to start over, and you should make the most of this golden opportunity that has been provided to you.
- Invest in the future
A common mistake that a lot of people make when they win the lottery is that they boldly start spending money, without thinking about the future. They start buying a lot of extremely expensive things that are of no use, instead of smartly investing the money into beneficial avenues. You should hire an accountant or a financial adviser who will help you figure out how to invest your money so that you can gain greater returns on the invested amount. The money that you have won can be used to set up a college fund that will give your kids the best educational experience at top-notch universities, or it can also be put into funds for your health care or retirement. The financial advisor that you will hire will help you figure out the best way to multiply your money, after looking at your current savings and plans for the future.
- Give back to society
Winning the lottery has given you a lot of surplus money, which might leave you confused about what exactly to do with all of it. One of the best things that you can do with this money is to put it into something that will benefit society. Numerous charities and organizations support noble causes in health care, poverty, city development, education and preserving the environment. Donating a portion of your money to any of these charities will help humanity as a whole and will give you the satisfaction of having spent your money wisely. Another great cause that you can invest your money in is medical research. These research invest time and resources into finding the underlying cause behind diseases, and they also try to find new and improved ways to cure existing diseases. Your funds can also be put into improving the lives of many little children by donating money to orphanages and foster homes.
If you win the lottery, you should be sure to invest your money in the above ways and not squander it. Another thing that you should do is keep participating in the lottery. After all, there is no such rule that you can only win once.