You pick your numbers every week, never really expecting anything to happen. But, what if your family did actually win the lottery one time?! What if your numbers finally come up, and you become multimillionaires overnight? It would be a life-changing experience for anyone, and the dramatic change can often be overwhelming. Sometimes, it’s nice to sit back and dream about a time like this, wondering what you would do if your family won the lottery.
Clear your debts
Surely this is the first thing you’d do, right? As soon as the money rolls in, you’re on the phone to your credit card company, mortgage lender, and anyone else you owe money to. You’ll pay off all your debts right away, leaving you with no financial obligations to think about. If you have any lingering student loans – or kids old enough to have them – you can get rid of these too. A very small percentage of people live a debt-free life, and you can be one of them!
Pay for education
Speaking of student loans, you could use your lottery money to help pay for your children’s education. If they want to go to college, you can now pay all their fees upfront with no issues. It’ll let them focus on studying, rather than worrying about the financial implications of going to college for a few years.
There’s absolutely nothing wrong with treating yourself when you win the lottery. Now’s the time to buy things that you always dreamed of, but never had the money to afford. Things like WatchBox’s Rolex Submariner collection spring to mind – get your hands on a shiny new watch that will last for years and be a constant reminder of your good fortune. Or, buy your dream car and dream house. There are so many ways to treat yourself, and you deserve it!
Donate to charity
You’ve got a lot of money now – almost too much to make sense of. So, why don’t you give some back to those in need? Donating to charities or relief funds is always a good idea. Now, you have enough money to feel like you’re making a genuine impact. Find a cause – or causes – that you believe in, and donate to them.
Yes, we’ll end with a more serious one! Winning the lottery can mean you’re set for life, but only if you’re smart with your winnings. Doing all of the above shouldn’t eat into your money that much, but it will if you keep on spending it. So, it makes sense to set some of the winnings aside for investments. This way, you ensure that you continue to get more money and have some saved away. It also just makes sense to keep most of your lottery winnings in investments or savings accounts, rather than leaving it all in a standard bank account.
Wishful thinking? Yes, but somebody has to win the lottery, right?! There’s nothing wrong with imagining a time where you hit the jackpot, so feel free to comment below with suggestions for what you’d do if your family won the lottery.