Betting platforms and other competitions have made it possible for people to get huge amounts of money unexpectedly. The problem is that the euphoria of the win takes over them and they waste the entire money on irrelevant things. They only receive sense when the money is almost finished.
If you are reading this and you have been in that position before then read up so you don’t repeat the same mistake.
1. Keep your mouth shut.
Keep the news of your win to yourself. This will buy you time to get your acts together. Get the money into your account and leave it there. I know when you hit it big, you will get over the moon and back and you’ll want to share the amazing news. Try your possible best to keep it to yourself. Don’t even hint it. This is to avoid being billed back to penury. If you’re married, you and your wife should zip it.
2. Pay all your previous debts.
You’ve collected the money now and it’s in your account. After a week, pay off all your old debts and don’t incur new ones. Pay the exact amount you’re owing, don’t leave any change for anyone. It is just a way to not let the cat out of the bag. You really don’t need that attention. Just continue your life like nothing happened.
3. Don’t quit your job.
For the next six months continue working at your job. Do not quit your job. Do not change your attitude at work. Continue like nothing happened. Sitting idly and doing nothing is a sure way to finish your money. You’ll even find out that you now enjoy your job better due to financial security.
4. Let it sit for six months.
Leave the money in your account for six complete months. This is to give you enough time to think of what you want to do with the money. Also, the euphoria would have left you and you would have gotten used to the idea of being rich. You’ll have lost some of that impulsive attitude you had when you heard the news. You’ll be very rational in your dealings now.
5. Get comfortable.
You can make yourself comfortable but not rich comfortable. This is the mistake most of them make. They hit 5 million and quickly pack to a very rich neighborhood where everything is expensive and squander the entire money on rent. They end up at square one pretty soon. If you live in a fairly good neighborhood that is safe then just get comfortable. I mean if you don’t have a fridge buy one. Pimp your house to be reasonably comfortable not extravagant. Get yourself a better phone not the costliest, a better apartment in a moderate neighborhood not expensive apartment in rich neighborhoods but if your present apartment is ok then just pimp it rather than move out, get all the amenities (refrigerator, generator, living room seats, TV sets, microwave, bed etc) needed to make life better for you without going overboard. You can purchase two plots of land in a developing area and just fence it round with a gate. Do not get a car.
6. Do not invest in your friends or lend them money.
If you let the cat out of the bag immediately you win, everyone will feel entitled to part of the money and they’ll resent you if you don’t give them. You have to understand that life isn’t fair and everyone is looking out for themselves including your friends. Keep it away from them till you have multiple streams of income from it. You’ll be in a better position to help then. Do not lend anyone money from it. Do not gift people money from it. Be stable yourself before you start dragging your friends to the top before you fall while helping someone up on shaky feet.
7. Focus on your health.
Since you’re rich now, you want to enjoy this money for a long time. Go for a comprehensive medical check-up. Start eating right and exercising. Take the entire family for medical check-up if you’re married.
8. Use the 10% rule.
Use 10% of your huge winning to start a new business and save the rest. No matter how small the business is, nurture it till it multiplies your money. This should be at the end of the six months wait. Nurturing the business gives you first hand experience in the business making you a good entrepreneur. Also, in case the business fails you still have money to start again. If it succeeds you can expand after three months of running it. This will give you time to study all the dynamics of the business.
9. Protect your kids from the money.
Don’t start preaching wealth into your children’s ears. It might ruin their lives by making them less serious with their lives and more dependent on you in the future. Get them all they need but not all they want. Teach them to be grateful and kind to others around them. Start a trust fund for them and make sure they are unaware. You can do this by growing your business high enough to be able to buy lands in their names and then erecting residential structures you put for rent. The money obtained this way can then be accumulating in the account you open for them. You can choose to release it to them on their wedding day or 30th birthday or any time of their choosing. This way you’ve successfully made your next generation rich.
10. Do not cheat on your partner or break up with them.
When some people get rich, they suddenly realize that their partner that have been there through thick and thin is no longer their taste. This is mostly due to the amount of attention they now receive due to wealth. Almost 100% of them regret their actions later on when everything is gone and they realize those people were in their life for the money. If you’re married that’s even worse. You’ll lose your wife and still be paying for your children. When the money is gone, you realize you only dug a hole for yourself because now you’ll be more in debt than the first time because your family no longer live with you and any contribution your wife usually make goes to her and the children plus you will now be alone and still be paying for your children’s welfare.
A word is enough for the wise.