Winning the lottery may seem like a dream come true, but it can also turn into a financial nightmare if not handled wisely. It’s no coincidence that many winners end up bankrupt within a few years. According to the National Endowment for Financial Education(NEFE), 70% of jackpot winners lose their fortune in less than five years.
If you’ve recently won a lottery jackpot or are thinking about the future, it’s key to know how to protect and grow your money. Here, QuéOnnda.com shares with you the secrets that the smartest winners have followed to secure their wealth for the long term.
1. Do not make impulsive decisions
The first mistake many lottery winners make is to spend without thinking.
Before buying luxury cars or giant homes, consult a financial advisor.
The rule of thumb is to wait at least six months before making any large expenditures.
Tip: Deposit the money in a safe account and give yourself time to plan your financial strategy.
2. Hire a team of experts
One consultant is not enough. You need a team made up of:
A financial planner to manage investments.
A lawyer to protect your assets.
An accountant to minimize taxes and comply with regulations.
This equipment will help you avoid fraud and bad financial decisions.
3. Diversify your investments
Don’t put all your money in one bet. Experts recommend distributing your lottery prize in:
Real Estate: Purchase properties that generate passive income.
Stocks and bonds: Invest in a balanced portfolio for long-term growth.
Owned businesses or franchises: If you have a business idea, invest wisely.
It is no coincidence that many winners end up bankrupt within a few years
QueOnnda.com
4. Don’t tell everyone
Winners who go public with their lottery winnings often fall victim to scammers, opportunistic family members and false investments.
If possible, claim your prize anonymously (several states allow this option).
Tip: Keep a low profile and avoid drastic changes in your lifestyle right away.
5. Think about the future
Buzzy
The IRS taxes lottery prizes.
To avoid surprises, set aside at least 40% of the total to pay federal and state taxes.
It also considers
Create an emergency fund with money available in case of unforeseen events.
Invest in retirement plans to ensure a worry-free future.
Conclusion: Protect your wealth with intelligence
Easy money can also disappear quickly if not managed well.
Plan, surround yourself with experts and avoid impulsive decisions.
If you take the right steps, your fortune will not only last, but grow over time.
