Ever have days where you just wish you could call your boss, tell them to stuff their job, and live a life of luxury on a tropical island instead? Even if you happen to enjoy your work, you’d almost certainly not turn down an offer of a few million quid in your bank account, would you? It’s nice to relax and imagine what we’d do if we were to win the EuroMillions and scoop the ever-elusive jackpot, but we bet many of you don’t consider the things you should NOT do if you win the jackpot. As horrific and tragic as this sounds, there have been many lottery winners worldwide, who have won millions, and sadly blown the lot and landed themselves in even more financial trouble than they were in before they won. We don’t want this to happen to you, so here are several mistakes to avoid if you win the EuroMillions.
Getting silly with your money
A select few people out there are so wealthy that they can pretty-much buy whatever they want, without having to worry about their money running out. If you happen to win the EuroMillions however, you still need to be careful with your money, even if it is a rollover jackpot. Winning £20 Million would be life-changing, but if you’re not careful with your spending, it can still run out. A luxury mansion here, a sportscar there, a yacht here, donations to friends and family members there can eat away at that £20 Million in no time. Be smart with your money, look at what you can afford and don’t blow it!
Bragging in public
If you win the jackpot, by all means tell your close friends and family members, but don’t brag and don’t milk it. There have been cases where people have won big, have jumped on social media, the TV, and the media itself, to milk the attention and let’s just say that the general public haven’t taken kindly to this. Winners have been the victims of vandalism, of online abuse, of criminals, and they have even found themselves targeted in public. Be gracious about your win, don’t brag, and don’t tell more people than you have to.
Not making wise financial decisions
People will tell you that the smart thing to do with your money is to invest it, to keep it safe and to help it grow and build interest. We’re not here to tell you what to do with your money because it is your money. What we will say is that each financial decision that you make should be a wise one. Don’t buy overly expensive things just because you can, don’t waste your money, and don’t risk it or gamble it. Play it safe, and be sensible, and always treat your money with the respect that it deserves.
Not hiring a financial advisor
If you are fortunate enough to win the EuroMillions, one of the first purchases you should make is hiring a financial advisor. These are experts that get paid to tell people how to keep their money safe, how to build their money, and how to set themselves up for life without ever having to worry about money again. The good ones don’t come cheap, but as you’ll almost certainly now be a millionaire, it’s a small price to pay.