Some Very Interesting Things to Do if You Win the Lottery

Every week, various lotteries are played all over Canada. Some people play online while others go for the traditional route of purchasing tickets. Regardless, it is a fact that millions of dollars are up for grabs. Yes, Canadian jackpots might not be as high as those in the Mega Millions lottery in the US, but they are still substantial and usually cross the $50 million mark. Obviously, everyone wants to win that kind of money, but it is easier said than done. Most people believe that you have to be really lucky to win the lottery. While this is true to some extent, it should also be remembered that your numbers can make a difference.

Therefore, it is possible for you to increase your chances of winning the jackpot by using good strategies when you are choosing your lottery numbers. You can take advantage of past statistics available that indicate what numbers are most likely to appear and you can also use some of the secrets revealed by other winners who used them to play. We all dream of winning the lottery, but have you ever thought about what you would do if you did manage to win? Some people say they would travel the world whereas other lottery winners are more interested in buying homes, cars or just splurging. Even though it might be difficult to fathom, even millions can run out easily.

So, if your numbers are actually drawn and you do end up winning a lottery in Canada, there are some things you should do and they are listed right here:

Ensure it is not a scam

If you have used a reliable and trustworthy website, you have probably won the lottery, but if you don’t know the platform you have used, then you need to verify it. These days, online lottery scams have become utterly common and you don’t want to be a victim. These fraudsters copy names of originals and create such good websites that it can be difficult to distinguish. One red alert of a scam is that they will ask you to make a payment before claiming your reward and this is a definite no-no. Next, they will ask you to provide your bank account details over phone or email. Websites doing so are scams and you need to be careful.

Decide how you want to claim your prize

You have the option of claiming your lottery winnings as a one time-payment or in installments over the years. In the former, the amount is reduced to some extent, but you get all the money together whereas the latter gives you a greater amount but it is broken down in small payments. A lump sum payment is usually claimed by most winners who prefer to do their investing on their own.

Open a high interest savings account

You usually have a year to claim your winnings, but it can still take you a while to decide what you want to do with the money you will get. Once you have received the cheque, it is a good idea to place it in a high interest savings account. Even if the interest rate is low, the fact is that just one percent on millions of dollars can still generate more cash than what you make after years of working. Yes, you have to pay tax as well, but still you will be left with plenty more.

Purchase stocks that pay dividends

Imagine what kind of a life you and your family would live if the lottery money could last for generations. Wouldn’t that be amazing? Yes, it is really possible, but only if you are wise in making investments. Consider buying stocks of a company that pays dividends. There are plenty of companies out there that give shareholders a notable amount every year or even every quarter. Average Canadians usually invest in such stocks as a way to generate reliable income when they are retired. For a lottery winner, this is an excellent way to make millions off your millions. However, bear in mind that you should invest in businesses with low-risk like banks. They can give a stable annual yield and the chances of them filing for bankruptcy are minuscule.

Use cash to buy your dream house

A lottery winner will obviously want to give their living conditions an upgrade and there is no reason you shouldn’t unless you are already living somewhere luxurious. There is no need to go crazy, but if you do want to get a $20 million home, it is best done in cash. Getting a mortgage means you will have to pay your winnings as interest or to the bank and you will have to pay a substantial penalty if you ever break a mortgage. If you fork over the whole amount in cash, you don’t have to worry about mortgage at all.

Establish a donor-advised fund

Instead of just writing out cheques to your preferred charities, you can establish a donor-advised fund by going to the bank. It will still give you the freedom to give to whatever charities or causes you want, but it will also enable the financial institution to increase your money by investing it. This way, you can ensure that you will always have money to give to those in need. A charitable foundation can also be set up, but it requires a lot of work on your part for establishing and then managing. With a donor-advised fund, the bank will deal with everything.

Spend, but stay in control

You have just won the lottery. After spending so much time playing lottery games, you have finally succeeding in winning the jackpot. Of course you would want to spend some cash and you have the right to do so. Splurge a little bit and buy something good for yourself. But, remember don’t go overboard and consult a financial professional to manage your money.

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