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Top Tips on How to Spend Your Lotto Winnings

It could happen, against all the odds, you could be that person who wins the big lotto jackpot. Of course your very first reaction would probably be to go out and start buying everything that you have ever wanted in your life. Although this is fun and wild dream, it really should remain a dream because it's more important that you know how to spend those lotto winnings then blowing it all as soon as you get the money.

One of the smartest things you can do, especially if the winnings are huge, is to hire yourself a financial adviser immediately after you have learned that you are the big winner. You are going to need someone that is paid for doing his job and not on commission because the one that gets paid by the hour is going to be the one that is going to give you the wisest financial advice and will be looking out for you and your decision making.

Take some of the money and make some smaller purchases in the beginning. Even though a brand new car might be one of your dreams, you should wait on making those bigger purchases. This is going to give you plenty of time to shop around and decide what kind of care you want. You will also be able to make sure that you convince yourself to stick in a certain price range. You don't want to pay a fortune for a car that maybe in the end isn't really the practical choice for your way of life.

Make sure to try and pay cash for the things you do buy and never ever buy more than you can truly afford. If you go hog wild with your winnings they will dry up quickly and you may even have to end up returning things.

Take some of the money you won and make investments or put away in a savings account. This is to ensure that you won't end up with nothing left. This is where your financial adviser will come in handy. They should be able to help you find good investments that are low risk but will earn you some money over the long term.

You don't have to be totally devoid of buying something you really want. Allow yourself to buy what might be called a guilty pleasure item. But make sure it's just one single item that you splurge on. Even though it is very wise to spend the money slowly and wisely, you still do deserve to buy at least one expensive luxury item. It could be some expensive jewelry, a vacation or some nice furniture item.

Another smart thing to do is to try and pay off all of your debts. There's nothing better than being completely debt free. When you are debt free, you are freeing up a lot of money from your income that will no longer have to be given to others. So if it's big enough, get rid of your mortgage if you have one, pay off your car and especially, pay off your credit cards.

Unless you won an extremely large amount, you may not want to quit your job right away. Let the idea of all this money sink in first and then work out all the numbers to see if quitting your job really is something you can afford to do.

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