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What to do with a large cash (lottery prize)?!

Published: Friday, January 6, 2017

Because today anyone can win up to R20 million in Powerball Jackpot, (it's guaranteed), we write about what follows in disposing of such a great sum of money. Often such a large amount causes stress and confusion, which in effect ends in extravagance spendings, legal and financial (sic!) problems. Play African Powerball responsibly tonight. Spend only as much money you can lose (we talked about playing responsibly here more).

What to do with lottery money?

First - calm down. You do not have to make any big decisions quickly, do not proceed hastily, do not throw away your work. Do not squander money for a big party before you get the money in hand (in one of Ithuba's offices). Otherwise, you may lose the meaning of life. You will have the money, but no work you liked, after all, quarreling friends and family making you laugh. Just many new buddies which want to party with you because you pay bills at the bar.. Give yourself a few days, cool down and think. Big money from lottery may cause many problems you are not aware of.

If you do not have knowledge of the finances, like the majority of South Africans and other world nations (not taught due to easier crowd control), hire a professional who can advise you on your new possibilities. Alternatively take a lot of time learning with no mainstream media, rather books and courses. There is no problem to win millions (really?), the trick is to stay with them for life.

Do not get the reward too fast from lottery headquarter, plan this carefully. Do not get crazy with expenses because the money despite popular belief does not make you happy, rather exhausted. Fast depletion of your prize in the short time certainly will not help. It improves the mood for a moment. What will happen next? Think about it.

Spent some of the money on charity. Once you have established an action plan to your finances, the dedication of small part to charity will not be a damage to the state of possession and may help many people who have never heard of such money. Be smart with expenses, help other people.

How do people spend their Lotto winnings?

Players taking surveys very often point the same needs. Answers included financing college for children or buying homes. Almost every player said the money would be helpful to pay off debts. Less important but still valuable were the plans for the financial future of the family. Everyone agreed most money would go for daily needs.

In the history of worlds lotteries, some crazy players are known who blow it all buying expensive and stupid things. Let's say the water park. Or taking all of your winnings and going to the casino. You can also lose your money donating politicians or investing in drug dealing. Quite common is never ending shopping spree. Another "brilliant" idea is to keep playing Lotto and lose it all again.