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Best way to invest lottery winnings
Change a loved ones life I've always maintained that if I won the lottery, I would gather up about 10 of my friends and family and hand them checks that will change their lives.
The risks in retirement are neutralized." (c) BartekSzewczyk /.
Invest in stocks (index funds).It might help to consult a confidant when you feel the urge to shop.Many lottery winners let the money go to their heads, and it ends up causing them more problems than it was worth.Pick the one place you've always wanted to go, turn off your phone, hop on a plane (first-class, of course and chill.Ramhold makes a decent case for forgoing the lump sum, however.You may think you have more money than you could ever blow through, poker tournaments buffalo ny but lottery winners end up bankrupt regularly because they had no structure when the dollar signs filled their eyes.Rent a property first in the area you were thinking of buying.Should you ever win the lottery, your biggest financial concern will almost certainly be how to preserve the money.That means you have to come up with a strategy for investing the money and probably in creative ways, given the amount of money that youll be receiving.But it can quickly diminish your wealth.See how you like it before investing all of your money.If you purchase gold bullion or coins through an IRA, you will not be permitted to take physical possession of the metal.After the initial elation, its pretty obvious that sort of windfall would bring enormous complications into you life, and even some risks.The reason why this combination works so well is that gold can explode in value as weve seen clearly on the past 15 years and youll want to shield it from income tax if that happens.Here is some advice from top financial advisers on how to invest your lottery win.There are plenty of people who specialize in financial management for people with money that dont know how to properly budget their resources.