Tuesday, May 21, 2013

Lotto winner spends 14million prize in 3 months

There have been several sad stories of lottery winners who basically squandered their lotto prizes in less than a year.  Some end up even poorer than before.  Not only have they lost their money but also their families.   If you are a wise person, you do not spend your money immediately but instead find ways to invest it.  

Set up a business.  A business can provide you money security.  If you do not know how to set up a business, get a franchise instead.  The franchise would usually teach you how to run the business, the accounting and other business matters.

Another form of investment you can take is real estate.  Buy a piece of land in a good location and then build a building.  Rent out this building so you can get income every month.  Some buy a condo unit and rent it out.

Also be aware how you spend your money.  Hire an accountant and even a lawyer.  Seek their advise.  Just make sure that your accountant and lawyer are trustworthy.

Winning the lottery is once in a lifetime event.  Do not waste that opportunity by having nightly parties, mall shopping and spending spree.  Maintain a simple lifestyle.  Once your business starts growing, then that would be the time you spend more.


No comments: