10 things you should do if you win the lottery

Winning the lottery sounds like a dream come true; with things the way they are this day and age in the aftermath of “the great recession,” having a few extra thousand or million dollars in your proverbial piggy bank would be a nice change of pace.

However, you must face the fact that that chances of actually winning a large lump sum of cold, hard cash is about as good as one in a billion … you must also take into consideration all those poor souls that piss through their yearly earnings, or their grandma’s allotment of will money on those little green and pink tickets that could potentially make them millionaires. And then there’s little old you.

I’m not trying to deter you from achieving your big break; I’m just stating the facts. However, if you do get your 15 minutes of fame, here’s a list of 10 things you could potentially do with your big earnings … you know, after big brother takes his cut of your loot.

1 Pay off those nasty bills

Yes, I know you have lingering student loans that aren’t paid for in full or that % APR that’s rising on your car payments each month. Whatever kind of junky bill you have in your “in-box” by the front door, you have to get rid of it! Send checks out a little higher than your monthly balance; this way, your next month’s bill will be lower and your credit score will increasingly get better with time … imagine that!

2 Open a savings account

If you don’t have one already, now would be a good time to open one up. You may also want to shop around for the bank that offers the best money back interest rate in your area; this means more money for you in the long-run. You don’t want to be “that person” who wins the lotto and then pisses away their winnings within a few months. You’re an adult … act like it.

3 Municipal bonds

Two words, one hyphen … tax-free. It is said that these kinds of bonds are a safe way to be awarded interest off of your original lump sum that was first invested. See a trend here? Invest, invest, invest!

4 Give back

Even if you live under a rock, you have to have heard about the travesty that has hit the people in Haiti. Mother Nature has her reasons for doing what she does, and it’s quite devastating at times. With that being said, take this opportunity while you’re ahead of the game to donate some of your lottery winnings to those who really need their day brightened. Whether it’s $100.00 or $1,000.00, your generosity counts. You may want to try CARE.org or RedCross.org.

5 Fixer-uppers

You may have put the needs of your kingdom (i.e. your home) on the back-burner because of a frustrating income, but now that you came into some cash, get that grout and those paint brushes ready! Survey the rooms of your apartment or house and make a check-list of what areas need the most work. Hell, make a weekend out of it … get some buddies of yours over for some cold beers and get your asses to work. Be sure to help them out when they need some fixing-up to do, too.

6 Give back … again

Once you have given back to the people of Haiti, give back to another charitable cause. How about to the people of New Orleans; a good majority of those jazz-lovin’ folk still don’t have a proper roof over their heads … and it’s been HOW many years later since Katrina hit? Or get involved with a local charity. Or if you’re really ambitious, start one of your own in your neighborhood. Do this with the kindness of your heart, not for achieve some kind of celebrity.

7 Put it away

You have some disposable income now, so make it last. If you have children, put a nice hunk of cash away into a college fund for them. They will appreciate this when the time comes to pay off student loans. If you are single or newly married, put some money into your retirement or emergency fund. You’ll be happy you did this!

8 Recycle

If you are a small business owner, putting money into your business can only help you out in the long-run; you know the age-old saying, “you have to spend money to make money.” Take a portion of your earnings and put it back into your business. The luck of the draw bowed in your favor, so don’t look a gift horse in the mouth. At the very least, give your employees a little bonus … a happy employee is a hard-working employee.

9 Family

Be the good child in your family and help a relative out. If you have an elderly parent or a family member that is struggling a bit, generously give some of your proceeds to them. Whether it be a small loan for household appliances or just cutting a check for the hell of it, you’ll be doing a good thing in the long-run.

10 Paradise

I’ve given you nine tips on how to responsibly take care of your lottery winnings, now it’s time for a little splurge. Have you been thinking about traveling to Europe but never took the plunge because of financial restrictions? Now’s your chance! Book your trip smartly and still stay a bit frugal because you want the money to last more than a New York minute.

If you’ve won the lottery, congratulations! Please just be as smart as you can with whatever amount of money you come into. Most importantly, just enjoy it…and feel free to send a charitable donation our way.

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