South Carolina- Yesterday, a new millionaire claimed his $400 million power ball jackpot. The unknown winner said that he will invest the money on business and the rest will be kept on their bank account for a time deposit. "We would like to spend the money wisely, because a one day millionaire is not the ideal thing to do", the unknown lottery winner said.
Economist Richard Ford agreed on what the lottery winner have said about being a one day millionaire, "indeed it is unwise to not have a list on what to buy with your millions", he said. He added that history will tell that those "one day millionaire" always ended up with no cents left on their pocket, "it's like going back to rag from riches", he added.
Therefore the question here is that, what is the ideal thing to do for lottery winner to maintain financial stability? According to research, there are six things that every lottery winner must do in order to prevent a worse life after winning.
Tip 1: Have a normal life, just like before you become a millionaire. It includes not quitting your jobs, and be socially active without anyone knows that you have a very healthy bank account.
Tip 2: Keep your lottery winner identity a secret. Through this way, it's you and your significant others will have to deal with your millions, without obligating yourself to share it on others.
Tip 3: Hire an Accountant. When you have an accountant, you can monitor your expenses and your remaining bank account balance. Of course, hire someone that can be trusted.
Tip 4: Organize your list of expenses: Getting your financial statement and other real estate in order will help you have an effective plan on how to share your money from charitable works down to other expenses.
Tip 5: Have a financial planner. When you have a "trusted financial planner with you", your chance that you will spend your money well is high.
Tip 6: Assemble a power house financial team. The purpose of hiring trusted financial experts is to help you establish an effective strategy on how to spend your monetary fund's well.
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