Tuesday, March 21, 2017

Rich people types - Lottery winner

The easiest way for an average person to get rich is to win a lottery. It is also one of the most improbable ways. Odds that you win a million dollars are so low, that it makes no sense to take it seriously. It is based on luck and lottery luck can’t be repeated.

It is all right to try your luck with a small amount of money, but don’t really expect to win. It can be fun and thrilling to watch the lottery draw, but take it more like a ticket to the cinema than a realistic way to get rich. Unless you have an insider at the draw that will draw your ticket, there is no way to control the outcome of a lottery.

If you can’t control and influence it, it is usually just a waste of your time. Proven ways to get rich are those, where you have control over the outcome of your actions. If you won a big amount of money, learn how to invest it slowly after you are sure of what are you doing. Before you know what to do with the money, it can take a year or two to find an investment where you will not lose all your money quickly.

Good advice is to keep your mouth shut and split the money in parts. Keep only as much money as you have spent for last 12 months and put the rest into an account where you can’t take it and spend it easily. Live your life without huge changes before you decide which investment is suitable for you.

Start the process of learning how to manage money, start budgeting and saving. Don’t spend much more money than you did last year before you won. It is O.K. to spend more, but spending more than 150% of the amount you spent the year before you won is risky.

Your biggest concern must be not to lose that money in risky investments and not to attract people who will ‘help’ you with your money. You don’t have to spend your money now or the next year. Take your time and don’t invest just because somebody is pushing you.

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