Taking Charge of Your Australian Lottery Win
People spend most of their life trying their luck in lottery games all over the world. The sad part is that when they finally hit the jackpot, they do not know what to do with it! Therefore, whenever you buy a lottery ticket, especially for the Division One prize, you need to have a clear idea of what you will do if you win the game.
There are two ways to make a plan for your lottery win. You can either learn from mistakes that existing lottery winners have made in their past or talk to an expert. Either way helps you in building a solid ground for your game plan.
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Here are some stories from all over Australia that help you understand how people spend their lottery wins:
The young lad who followed his fathers advise
A young man from Sydney was trying desperately to live his father’s dream by purchasing tickets for the last three years to win a jackpot. His father’s last wish before dying was to play the lottery with his selected set of numbers and if the prize was won, it should be used to help his family.
The boy finally got lucky and won a jackpot prize in one of the most famous lottery games in the country. The bumper cash prize was worth $8 Million dollars. While giving an interview to reporters, the winner stated that his father was a righteous man and did all the right things to support his family. The prize won will be used as per the father’s wish and the winner will help his family members to regain their financial strength with the bounty.
The man who got a second chance to win the lottery
Bill was a regular truck driver on the roads of Australia and used to live in his travel trailer. One fine day while he was on the road, he met a dangerous road accident that nearly took his life. While doctors were trying to save his life, one of the drugs triggered a severe allergic reaction in his body which stopped his heart from beating for nearly 14 minutes.
After doing everything they could, the medical staff helped save his life by getting his heart going again. Unfortunately, he went straight into a coma and laid in bed for 12 more days. He woke up one day without any signs of a brain injury. Bill considered himself quite fortunate and tried his luck yet again by purchasing a lottery ticket. He won $17000 which he used to buy a new vehicle.
During all this, he proposed to his girlfriend who agreed to marry him. With so much happening in his life, Bill became an instant star. If that was not enough, he scratched another ticket in front of the camera and won a quarter of a million dollars.
The syndicate that made a fortune from all over the world
Australian lotteries are famous all over the world. They not only offer some of the biggest earnings in the jackpot, but also are a great form of entertainment. A 22-member team from all over the world got together to form a syndicate in an Australian lottery. They bought a group ticket to the lottery which meant that if anyone from the group wins, the prize money will be distributed equally among all members.
The world-wide syndicate won $25,000 in prize money and enjoyed a great game of lottery as well. The best part about forming a syndicate is that you form a lifelong friendship that you can cherish for long.
What lottery organizers suggest you do with your winnings?
Lottery organizers all over the world suggest that you keep the news to your self and spend some time to digest and plan about how you are going to spend and invest your newly found wealth. Their goal is to help you preserve your earnings so that you can cash them out even after your retirement age. Here are some useful pieces of advice from lottery companies to their current and future winners:
Make a choice between one-time or installment payment – Lottery organizers facilitate their winning candidates by offering them monthly distributions as well. Therefore, it is up to you whether you take the lump sum payment or figure out a yearly payment plan with the lottery company. A payment plan will restrict you from spending too much too soon and can help you in preparing a yearly budget as well.
Talk to a wealth manager – It is not necessary that you do exactly what your wealth manager says, however, taking advise and using it for your own good is not a bad idea. Therefore, it is quite helpful to reach out to your bank manager and ask for advice about how you can invest your large earnings. Banks usually have multiple investment opportunities for their clients including term deposits and paying off any current liabilities.
Invest – The best part about hitting a jackpot is that you have enough wealth to live a luxurious life while investing in many asset classes including gold and real estate. By investing in gold, you can preserve your wealth for generations. You can pass on expensive jewelry to your loved ones that they can use for their own kids.
Real estate, on the other hand, is a great way to earn passive income on a monthly basis. Some lottery winners buy property and give it up for rent for managing their monthly expenses.
Giving to charity – Look up for charities that are close to your heart and make some financial contributions to their work. This will give you mental satisfaction that you are helping people who are in real need. Always make sure that you choose a charity after doing a good amount of research, there are scammers who will reach out to you for money as soon as they find out that you are a wealthy individual.
Winning a lottery is once in a lifetime opportunity. The odds of winning a jackpot in Australia can go up to 1 in 8 million. Therefore, if you won a bumper prize in the Australian lottery, make sure to use it well!