Don’t make these silly mistakes with your lottery winnings
Everyone dreams of winning a big lottery jackpot. It’s a chance to gain financial independence and live your life exactly how you want.
At The Lottery Office, we like to think that a big lottery win would put a smile on anyone’s face, however, throughout history some big winners have made bad decisions and ended up losing everything.
If you want to stay smiling and enjoy your lottery win, avoid these 4 silly mistakes:
Making bad investments
Winning a lottery jackpot can be overwhelming. All of a sudden you have millions of dollars in your bank account and endless ways to spend it.
People you know (and don’t know) will start approaching you with ways to invest your winnings and it’s easy to get carried away with their big ideas.
Always consult a professional before investing your money and ensure you trust the people you are dealing with
We say, don’t rush into any investments. You should always consult a professional before investing your money and ensure you trust the people you are dealing with. It only takes one bad investment to see you go from high-flyer to bankruptcy.
In 2007 Sherif Girgis won AUD$30 million, but after a few ill-judged investments, lost it all.
Girgis lost his big win on a pub, an unprofitable nightclub and an 80ft luxury catamaran. Mr Girgis blamed his bad decisions on his business advisor.
Telling the world about your win
It’s understandable that some lottery players are so excited about their big win that they have to announce it to the world. Unfortunately, this can lead to big trouble.
There are people who will do whatever they can do get their hands on your money, and this can lead to lawsuits, defamation cases, robbery and even murder.
That is what happened in the tragic case of big winner Abraham Shakespeare, who was swindled out of his money by a stranger who ended up going to jail for his murder!
When you win lottery with The Lottery Office, there’s no need to go public with your win, you can remain anonymous and spend your winnings in privacy.
Sabotaging relationships with family and friends
Some lottery winners get too big for their boots, sabotaging their close relationships and letting their money come between family and friends.
Winning a lottery jackpot doesn’t give you the right to forget your family and friends. Whether you’re rich or poor, your family and friends will always play an important role in your life.
Some winners get greedy after a big lottery win and let it affects those closest to them. One Canadian woman sued her nephew after refusing to split the AUD$1.23 million dollar prize. While both were eventually awarded half of the prize money, they lost a valuable relationship that will never be the same again.
Forgetting your debt
You’d think it would be impossible to be in debt after a huge lottery win, but it isn’t!
Some past winners have been so excited about spending their winnings that they forget to pay off their existing debts or spent more money than they had.. It’s not long before these debts catch up to them and creditors start knocking on their door.
Curtis Sharp found this out the hard way. After spending frivolously on luxury items he couldn’t afford even after his big win, it wasn’t long before Curtis was living back on the pension with no money in the bank.
We always recommend our winners consult professionals and pay off their debts first!
Spend your winnings in wacky ways
While it’s ok to splurge a little after a big lottery win, if you want your money to last you need to make good decisions to protect your new financial security.
Some lottery winners lost all sense and spent their prize money in wacky ways.
Michael Carroll turned every rev head’s dream into reality, building a backyard racetrack in the garden of his new Norfolk villa. 19 year old Michael, who was quickly renamed The Lottery Lout by his neighbours, squandered his almost AUD$17 million lottery win on race cars, drugs, alcohol, parties, and prostitutes. After burning through his money, Michael Carroll started working for a cookie factory in the North of Scotland and now works 7 days a week as a coal miner.
Now that you know what NOT to do, play now for a chance to win from the draws of the biggest international lotteries in the world.
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Taxes. An unavoidable part of life. All winnings with us are free from Aussie and NZ taxes, but what about the prize money we collect from overseas? Is it all tax-free?
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