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How to Manage Your Lottery Winnings
Winning a lottery jackpot is a dream come true for most of us, but for some, that dream has turned into a nightmare. There are plenty of horror stories out there about squandered millions and fractured relationships following on from a big lottery windfall. With that in mind, we will investigate the best way to manage your lottery winnings and avoid those pitfalls.
Michael Carroll and the Lost Millions
Search for the phrase ‘Michael Carroll lottery winner’ online and a sad tale of waste and want unfolds before your eyes. When Michael bought the ticket that would change his life in 2002 he used his last £4 to do so, little imagining what would lie ahead. An incredible £9.7 million landed in his bank account, a sum of money light years away from what the former binman was used to. Unfortunately, that seemingly bottomless well of cash was frittered away until he was down to his last million within 3 years. A wild partying lifestyle had reduced his fortune, and that final million would not last long either.
Recent reports suggest that today Michael Carroll makes a crust by hauling logs and coal for a tenner an hour – a far cry from the extravagant lifestyle he so briefly enjoyed.
So, how can you avoid a similar fate?
For one thing, Michael could have avoided the endless stream of scammers and hangers on had he chosen to remain anonymous after hitting the jackpot. Irish Lotto winners always have this option, and most choose not to advertise their new-found riches to the world.
We have some more top tips for what to do if you win big on the lottery.
What to Do When You Win the Lottery
1. As soon as you find out about your lottery win, make sure to sign your name to the ticket and take a photo of it too. The last thing you need is to be worried about somebody getting their hands on your ticket and putting in a false claim.
2. Hire a qualified financial advisor before telling anybody about your win. Managing millions is no job for a novice or for somebody whose savings never amount to more than a small pile. Getting qualified advice will enable you to put your money to work, hopefully guaranteeing a future free of financial stresses.
3. Don’t rush to quit your job. While it may be the case that you can now afford to live without working, you should work out your options with your advisors first. As the saying goes: ‘Act in haste, repent at leisure’!
4. Change your phone number and social media accounts. Even if you take the option to remain anonymous, it is only a matter of time before details will emerge. When that happens, expect to hear from long-lost ‘friends’ and cousins twice removed, looking for a piece of the pie. At least having new contact details will protect you from some of those requests.
5. Set limits on your spending. Splurging on luxury cars and dream vacations may be tempting, but it is a quick way to reduce your bank balance. A couple of million pounds won’t stretch as far as you may imagine, so it is important to be realistic about what you can and cannot afford if you want a comfortable future.
The odds of winning a lotto jackpot may seem to be tiny but remember that every day somebody somewhere is cashing in a lottery cheque worth millions. If your lucky day arrives then make sure you don’t join the sorry list of lottery losers who blew it all!