What would you do if you won the lottery this very minute? Most people will go the route of starting a business, buying more than a few luxury items, perhaps a new mansion. Others will choose to travel, and others still, will hide it deep in a bank volt to accumulate interest. You’ve likely thought out an already clear plan of how to spend every dime of the jackpot winning. Unfortunately, as most past lottery winners have learned, things don’t always go according to the plan like in this post we did on lottery winners who blew their winnings. Additionally, even if you do stick to your initial ideas, there are a lot of unforeseen circumstances. For example, much of the world is in total or partial lockdown, or you’re practicing social distancing and isolation.
In the current state, when the Covid-19 virus has rampaged through every corner of the world, there are some things you can’t do, even with the loot from your lottery winnings. For example, the transportation and hospitality sectors are the worse hit from the pandemic. That means you can’t travel to most places, or even conduct much of business in the usual way. Does that mean you can’t enjoy your winnings after tremendously increasing your wealth status?
Well, no, even with the current limitations, there’s still a lot you can do after clearing the jackpot. Here’s what to do if you win the lottery during the current pandemic.
Put it in a savings account
The first idea of what you can do with the money from your lottery winnings is rather passive. However, while it may not send chills running down your spine, it is also one of the safest ways to not only safeguard, but to grow your winnings. Since there is still much you can’t do, instead of keeping all the money with you in the house, open a savings account and deposit some or most of the money. This takes the risk off your shoulders while guaranteeing you the profit from your money.
If you feel it’s too big a risk to throw all your money behind one bank, you can scout for a few credible financial institutions with lucrative interest rates and spread out the money.
Also, remember, even if you’re good with money, you may not be as objective as can be. Thus, there’s no harm in getting financial advice from an expert.
Scout for investment opportunities
Brad Duke is one of the most known lottery winners. After he won $220 million, he decided to invest in a few profitable opportunities, which over time, saw him more than quadruple the initial winning. Now, you might be wondering what investments he made, and if perhaps you mirror his actions, you can also get to the billionaire club. However, the moral of Brad’s story is to give you a general pathway into what you can do with the lottery winnings.
Simply mirroring his technique is no guarantee to creating even more wealth from the winnings. The best way to invest, especially during lockdown, is to evaluate the current operational businesses as well as those expected to rise during and after the pandemic.
For example, the legal cannabis industry has seen massive growth during the epidemic. While this is not an endorsement to invest in the industry, you can make further inquiries to see how you can invest and get maximum returns.
Buy the strong stock
The stock market has been off on a free fall since the outbreak of the novel coronavirus. Most stakeholders are looking to dump their stock before it can drop even further. While there’s a lot of uncertainty in the stock market, there’s also a lot of opportunities to grow your wealth. Of course, with stocks, you’ll have to give it ample time before you can start reaping from the profits. While some businesses have been crashing since the pandemic, others have been thriving and others still, are set to start an upward trend once the epidemic is over. This creates a perfect opportunity to buy stock while the prices are relatively low.
While there’s a lot potential in this venture, there’s also substantial risk. If you do decide to use your lottery money to buy stock, ensure you have a trusted professional to guide you on the companies to keep an eye on.
Bet on yourself
Like Brad Duke, Richard Lustig is another famed lottery winner. Richard made an unexpected move that many would have advised against. He used a portion of the winnings to buy more lottery tickets. To most, Richard had a higher chance of being struck by lightning than winning another jackpot. Defying the odds, Richard did just that, he won the lottery again, and again, and again, to a total of seven times. That’s right; he won the lottery over and again for a record seven times! When asked, he said he had cracked the code on winning the lottery. Since he did not divulge the secret code to winning over and again, you’ll have to take his word for it – or read his book available on Amazon here.
If you win the lottery, you can still reinvest some of the money to getting more tickets and increasing your chances of winning. Additionally, today, with the help of betting sites like Lottoland, you can bet online, without breaking the lockdown guidelines. Ultimately, after you win the lottery, it’s fair to say your life will completely turn upside down. You’ll also have a lot of voices telling you how to spend the money.
Remember, however, the final decision is yours, and you don’t have to listen to anyone – just like these winners who had alternative ways of spending lottery winnings!