So many of us think what a wonderful thing it would be to win a few (or several) million dollars. When it does happen, many people are not prepared to manage it. This is why initially you should – Tell No One! Not your kids, not your spouse, not your family.
Take a beat and PLAN!
There are immediate personal issues that can develop when suddenly having a lot of money. You will become very popular. The phone will ring and it will be your long-lost 4th cousin, twice removed on your great-aunt Tilda’s side. People from all over that you hardly know, will have their hand out expecting their share.
If you think your generosity of metering out a portion of the cash to family and friends is going to make them happy for long, think again.
It won’t matter how much you give them, it won’t be enough, and they’ll be back! It’s not a negative comment on them, this is just human nature so prepare for it.
Where to Put Your Winnings
There is a lot of advice from so-called financial advisors saying they are the ones that can help you manage the BIG winnings. Do your due diligence. Evidently, just about any Tom, Dick, and Mary can call themselves a “Financial Advisor”.
It seems there are no specific degrees or courses required for a person to hang out their shingle and legally take all your money. If you’re looking for someone who has a legislated responsibility to your money – you need a “Fiduciary”.
However, before you can even think about where to put your money, think about how you want the world to respond to your new found wealth.
Before you start telling everyone you have the winning ticket, remember, they will look at you like you have “found” money. They may feel that you are obligated to share it with them. If you don’t they may tell you that “you aren’t being fair” and they will be like that towards you until you go broke again.
Alternatively, you could separate yourself from ALL your family and friends, or consider the following:
Take a minute and ask yourself if people will be more prone to ask for money from someone who just WON $5 Million, or someone who’s EARNED $5 Million. The fact is – The guy who lives in the big rich house and owns a business, is much more respected than someone who just won their money.
Planning Your Future as a Respected Wealthy Person
What if, you tell no one about the winning ticket, lock it away in a safe, and start planning your new future? How would that look?
You will need to find out all the relevant details like;
– how long do you have to cash the ticket
– can you be anonymous, etc.
Now you know how much time you need to plan and prepare.
- Step 1.Start a business. The reason for starting a business is so you will have an excuse for suddenly having new money.
Step 2. Begin to disentangle yourself from the freeloaders you don’t want in your new life.
Your new business can be in any niche you like. You don’t need to worry about cashing in the winning ticket just yet. An online business or service business can be started with very little money. In a few months when people notice you have a fancy house or expensive car, they will now think your business is doing well. If anyone tries to hit you up for a loan you can just say your money is tied up in capital, inventory, or whatever excuse fits your business model.
Friends and relatives won’t act so entitled to your money if they think you worked for it.
How to Pick up Your Winning Money Anonymously
How to get your money without everyone finding out is a big issue if you want to keep it hush hush.
You can disguise yourself for the winners photo. Some suggestions are to dress as an opposite gender, wear a wig, glasses, beard, older, or younger.
Change your name. Move to a different town, city, province/state. Family or friends don’t need to know this. Get yourself a secret second residence while you are building the business enough to thwart suspicion.
If you are married and planning on ending it, you may want to consult a lawyer very early on. Planning your divorce with an attorney, long before you tell your partner, can save you money and a tonne of headaches.