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  • Updated: Nov 11, 2020

What A Lotto Millionaire Can Do With His Winnings

What A Lotto Millionaire Can Do With His Winnings

Have you ever heard the saying that lottery money doesn’t last? This is one of the numerous lies that people that don’t play the lotto peddle around town. There are lots of people who have experienced a 180-degree turnaround in their lives because of the lottery. The lottery has made many millionaires even among those that are least expected to be one. From winning the lottery, many have gone on to become successful in other fields of life from the proceeds they made from the lottery. A lottery is one life-changing game and thanks to God many have begun to see the goodness in it hence the constant rise in the number of daily players of the lottery game.

We all know that good financial knowledge, skills and discipline are the key things that are required to make money grow. If you lack most or all of these, your money can continue declining in value till it gets finished. One thing every good lotto player should have been financial prowess. This will help you sustain and even increase the money you make from the game when they win. It can also help you achieve your lifelong goals. At this stage of life, you should be near a financial advisor or a good investor who can give you good advice on how to use your lottery winnings.
 

If you will win the lottery...

There are lots of things you can do with your winnings as a lotto millionaire. Before we look at them, it’s important you note some things as a lotto millionaire most especially if you just won recently. It’s better to be silent about it. Many things can result when the word gets out that you have won a million in the lottery. You would have family members and friends who would always come around to ask for help, those who will ask you to invest in one scheme or another, some dangerous ones can even go as far as wanting to scam you or planning your kidnap. While it’s important to help family and friends, it's better you sit down, plan, and execute those plans in a manner that won’t pose threat to your safety and freedom. 

Another thing you should try to avoid is sudden and excessive spending. Some people after winning the lottery jackpot rush straight to the nightclub, throw parties, buy expensive clothing and jewelry, and indulge in other frivolities. Even though it’s OK to celebrate, there should be moderation to everything bearing in mind that you have goals you aim to achieve with your lottery winnings. There are lots of ways that you as a lottery millionaire can put that money you won to work.

Maybe you just won and don’t know where and how to channel your money. This piece will teach you the right steps to take when you will win the newest Nigerian lottery - LottoNigeria.com

1. INVEST IN A BUSINESS

This is one good thing that lotto millionaires can do with their winnings. There are so many lucrative businesses one can start in Nigeria with as little as a million naira. Although capital is not the sole determinant of the success of a business. If a person has the idea, technical know-how, and motivation to run a business but lacks the capital, such a person may not even start in the first place. The capital is what your lotto winnings give to you and with it, you can start a business and grow it to whatever level you want.

There are so many businesses you can do. Supermarkets and supply chain, importation, restaurants and fast foods, fashion design, printing and publishing, and bakery and confectionaries just to mention a few.

Agriculture is also a booming industry and the demand for its products is increasing by the day. It’s also a good place to channel your lotto winnings to.

2. TRAVEL ABROAD

So many people have nursed this ambition for years and the lottery has just presented them with the opportunity they need. If you are among those that want to relocate to another country or just want to see the world, you can do so with your lottery winnings. You stand more chances to get visas, travel permits, and other necessary documents if you have your money. You can also consider this option as a lottery millionaire and start a new life in the US, UK, France, China, or other developed countries.

3. BUY A NEW HOUSE

The problems associated with living in a rented apartment or having none at all has driven lots of people to play the lotto. There is no greater peace of mind and rest than living in your own house without the fear of harassment and disgrace from the original house owner(s), quit notice, or unfavorable rules and conditions. If you hit the jackpot, you can buy your own house and live the rest of your life in peace.

Purchasing a house is also a good investment. The Real Estate industry is a very lucrative one and the value of properties can increase ten folds just in a space of 3 years. If you can invest in a property and allow its value to grow with time before selling, you would have far more money than the initial amount you won in the lottery.

4. OFFER SHORT AND LONG TERM LOANS

This is very lucrative but many people don’t know about it. While thinking about what to do with your lottery winnings, you can loan them out to contractors and businessmen who are short of
cash.

You can get as much as 20% return monthly depending on the amount involved.

Before going into this, you must ensure airtight security. Run a background check on the person you wish to loan to and check his creditworthiness. Check out the referees he gave if they know him and if he truly owns that collateral he claims. Also, confirm the postdated cheque to avoid fraud and scam. 

5. FURTHER ACADEMICS

You could use the lottery millions you won to further your education to whatever level you wish to. You can run your Bachelor's, Master’s, or Ph.D. Programs abroad or invest in gathering technical knowledge that can be useful in life.

6. CLEAR OFF DEBTS

Leftover student loans, a second mortgage, credit cards, auto loans, personal loans — it doesn’t matter. If your major home’s mortgage has an interest rate of lower value, or you decide to upgrade to a better house with a bigger mortgage, keep paying it. The richer you are, the higher your income tax, and the more you stand to save by itemizing your tax deductions, including mortgage interest (a big deductible expense for most taxpayers who itemize).

Perhaps you have lots of loans hanging on your neck, now is the best time to clear them off. It may be mortgages, student loans, bank loans you borrowed to do business, or those you took from the cooperation to build your house. Your winnings from the lottery can help you avoid bankruptcy which will but smear your image and reputation.

7. SAVE UP FOR A BETTER RETIREMENT

Perhaps you are a career person and love what you do; you can channel your lottery millions into saving for a better future for you and your family after your retirement. Set up a retirement savings account and save your lottery winnings there. Leave it for the remaining years you have in service and when you retire, you would have something big to fall back on. This way you don’t have to depend on the government or any other person for your needs.

Now that you know what you can do with your lottery millions, you have no excuse not to be successful in life. Perhaps you are yet to win your millions in the lottery, find out about how people do so with Lotto Nigeria.

If you want to join the exclusive lotto millionaires club – don't hesitate and buy your first lottery ticket.

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