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Winning a lottery can take one from zero to hundred. If you are to win a lottery, what is the worst thing that you can do? Personally, I would say announcing it on social media is one.
What is the worst thing to do if you won a lottery?
- Thread starter Henrywrites
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Announcing the news on social media isn't that bad but it will be the worst thing to do. It's better to put the money to work before broadcasting it.
Ravenfreak
VPL Veteran
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Spending all your money on super expensive items you know you can't afford once you waste your money. For example, buying luxury cars. The taxes on those cars is ridiculous. Also announcing to everyone on social media is bad, and not getting an accountant that can help you manage the money.
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The worst thing you can do if you win the lottery is to blow all the money in one place instead of saving it.
For example, if you buy an expensive house that costs millions of dollars, you might find that when the lottery money is gone, you can’t afford the taxes to keep living there.
Another mistake is taking all the money in a lump sum payment instead of spreading it out over multiple payments. In the long run, this can be better, as you’ll end up paying less in taxes.
For example, if you buy an expensive house that costs millions of dollars, you might find that when the lottery money is gone, you can’t afford the taxes to keep living there.
Another mistake is taking all the money in a lump sum payment instead of spreading it out over multiple payments. In the long run, this can be better, as you’ll end up paying less in taxes.
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Keeping on playing when you have just had a very big win. This will end up in having you lose all the money and even more. The best thing to do when you have won big is lock up and out, go home and enjoy your win.
Catsmother
Well-known member
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Worse thing would for me is if it was in the news. I would want it very private. I never understand why people put it out there. I know we're all different but that's just me 🙂
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Yep! Being able to win a big amount of money from betting, gambling and lottery isn't easy. It's a complete madness for one of waste him wins in a crazy way.
Shortie
VPL Elite Member
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I would have to say that announcing it on social media and telling too many people about your win is the worst thing you could do after a lottery win.
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It would be a very big and stupid mistake for someone to do this kind of a thing by announcing such a win publicly on social media.
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Revealing that you won it really. Then using that money to buy more lottery tickets.
lens
VPL Top Contributor
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that's a great point, but buying more lottery tickets with your winnings is just making it look like you can beat the odds twice. It would be unwise not to save any of the money for the future.
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It's essential to keep the win private and take time to plan, and you can even seek professional advice on managing your winnings.
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The worst thing you can do if you win the lottery is to opt out of taking the lump sum, even though it's taxed. Money is more valuable today than it is tomorrow, so inflation will catch up eventually if you choose to be paid out monthly.
If you ever win, take the lump sum and invest it into solid assets that will give you a monthly or quarterly return on investments. Reinvest 20-30% of that and draw the rest as you would a check, if needed, or reinvest what isn't needed. Your money will eventually grow, quite possibly to to full amount won.
Though, the second worst thing to do is manage your own money with investments if you don't know what you're doing. It would be better to get a lawyer and seek negotiations with a family office to run an account and send you dividend payments each month with the strategy you come up with. The lawyer is a must because you could lose everything with a family office. They'll check over the agreement to see how you can draw your money out without taking a huge loss, or whether you can at all.
If you ever win, take the lump sum and invest it into solid assets that will give you a monthly or quarterly return on investments. Reinvest 20-30% of that and draw the rest as you would a check, if needed, or reinvest what isn't needed. Your money will eventually grow, quite possibly to to full amount won.
Though, the second worst thing to do is manage your own money with investments if you don't know what you're doing. It would be better to get a lawyer and seek negotiations with a family office to run an account and send you dividend payments each month with the strategy you come up with. The lawyer is a must because you could lose everything with a family office. They'll check over the agreement to see how you can draw your money out without taking a huge loss, or whether you can at all.
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I might reveal it to my mother because that woman can manage the account of the whole country without messing it up.
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Once you do that, you have invited a lot of people to help and squander the money. They will be all over you until the money is gone.
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Hell yeah! They will never disappoint in coming to help you waste the money. Some people only know how to eat other's money. They will show you many crazy ways to squander the cash.
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Those set of people only know how to end things and not make one. They are the worst set of people to have in your circle. They will run you down.
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You are right about not spending every proceeds won in a lottery on expensive items. One can use such money to go into business or learn a skill as that is far more better than just trying to spend it extravagantly.
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If you don't have anything else you want to use the money for, invest it in something like Real Estate and leave it 5 years or more. It's going to triple up over time.
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I used to tell anybody that care to listen that buying car especially the one you ain't using for transportation is not investment rather it will take the little money you have.
Announcing the news in social media is another means of failing even though they are happy with you but their hearts are bitter.
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They all tend to lose more after winning as they continue to play. A friend of mine won a Forex trade of $10k yesterday. I had to tell him to stop trading and withdrawal all his earning.
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Floyd Mayweather needs to see your post because he's crazy about cars. I wonder how he intends to keep making use of all of the cars in his garage.
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😂I think he was buying them and will continue to buy them to beautify his garage and also there's no place or gadgets he can invest his money on except cars. And by the way, he's a rich man.
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