What Would You Spend a Lotto Win on?

When you buy a lotto ticket, how much do you think about the possibility of winning? You’re probably not alone if you start daydreaming about how you’d spend a lotto jackpot.

Today, the prizes stretch into millions, and to be honest, if you won, you’d probably be better off starting by spending a tiny percentage of it on a money management consultation with a financial planner. Many people who win the lottery end up losing control of the amounts, and it’s surprising how many stories you read about people who have won the lottery and then lost it all. But, of course, the people who are sensible with their win, and invest the majority of it wisely, don’t generally make the news! 

In a survey by the UK lottery organisers Camelot a couple of years ago, it was revealed that many of the people who have been made millionaires through a lottery win have similar ideas when it comes to spending the cash.

More than 3,000 millionaire winners were asked how they’d spent the money and top of the list for many people was a new home. This was followed by luxury trips or holidays. At the moment, you might be enjoying watching the World Cup on the TV at home, but actually going to the World Cup might require a fortune. The cost of a trip to Brazil this June and July would be a drop in the ocean for a lotto winner though.

Beyond the luxury items like fantastic holidays and new cars, a lot of the lotto winners surveyed actually showed their selflessness; giving money to charities, helping relatives and friends set up businesses. For most people, the priorities following a lotto win would probably be similar – make sure that your family members have no money worries and treat yourself to a few luxuries. Then you could put that money to work for the rest of your life so that you don’t have to!

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