What To Do If You Win The Lottery

Whether they win 500 million or 1 million about 70 percent of lotto winners lose or spend all that money in five years or less.

How to answer what would you do if you won the lottery this seemingly innocuous and somewhat puzzling question is actually quite common in modern interviews. You have 2 new best friends. Then you can start thinking about family and friends. The key is to remember that like every interview question it is not innocuous it has a purpose and you need to answer it properly.

A common idea is to invest in real estate and earn through rental money. Avoid sudden lifestyle changes. Most people envision that winning the lottery will enable them to live out their lives in comfort while simultaneously generating passive income. Life after winning the lottery may not stay glamorous forever.

Pay off things that directly effect you first debt bills etc the common sense stuff. For the first six months after you win the lottery don t do anything drastic like quitting your job buying a home in europe trading up for a luxury car or. Give time to yourself. Be patient with yourself.

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The best thing that someone can do if they win the lottery is to first identify an attorney an accountant and a reputable financial adviser explains dock david treece financial analyst for. You call up the biggest most white collar law firm in the country just google highest paid law firm and tell them you want a lawyer to help with taxes and trusts. This may sound extreme but keep in mind that people will start searching for you online going through all photos friends where you work and personal details. What to do if you win the lottery rule 2.

If you win the lottery you may need help managing your new fortune. Do it one at a time so you can pace yourself. I get it you don t have a lawyer. Your lawyer and your financial advisor.

Here s what five experts including kevin o leary suze orman and mark cuban say to do if. You can do whatever you want you don t need to suddenly start doing things. It is critical to have a team of trusted advisors to help you manage an array of investment accounting tax and legal issues. Finally if you win the lottery.

You may also want to get off social media like shut down all your accounts if you win the lottery.