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4 Smart Things to Do if You Win the Lottery

Be First!
by February 22, 2018 Real Estate

Who hasn’t dreamed of winning the lottery at some point in their lives? That over-the-top cash prize is so intriguing, you’ve probably purchased a ticket or two at a gas station or grocery store. And we don’t blame you. I mean, you can’t win without buying a ticket, right?

Even so, the probability of winning is slim to none. According to Lottery USA, the odds of winning the Mega Millions jackpot are 1 in 302.6 million. But somebody has to win, right? Why can’t it be you?

But tread lightly, friend. If you do happen to win the lottery, you don’t want to end up like Sharon Tirabassi – a single mother who won more than $10 million, only to end up living paycheck-to-paycheck a decade later.

Instead of blowing your winnings, why not make a few smart investments? Here are a few things you could do with that burning wad of cash.  

Go Back to School

Have you ever heard the statement, “Knowledge is power”? If not, heed this advice now.

What’s more? You don’t have to live near a college or move to go. You can search for accredited online and continuing education degree programs that offer the program of study you’re interested in. Chances are, you’ll find an excellent program for a great price, so you don’t have to leave home and you can spend your millions on other fun things.

Visit Hawaii

You’ve always dreamed of doing it; why not make it a reality now? Hawaii is among the top 10 dream vacations for people in the United States. However, it’s also one of the most expensive places to travel, even if you live in San Diego. Use your millions to pull out all the stops at an exclusive resort in one of the most beautiful Pacific Island destinations in the world.

While you’re visiting, there’s a lot to see and experience. Try hiking to the crater of a volcano or taking an inland tour. You’ll also want to spend some time on the beaches. Use this opportunity take surf lessons in Waikiki, home to some of the best waves in the world. There’s also scuba diving, snorkeling, parasailing, and a variety of other exciting water recreation opportunities worth trying.

Buy a Better Car

You can finally stop fixing that old junker and head to the car dealership for a new car. You can probably purchase pretty much any car you want with your new winnings, but that doesn’t mean you should. Be smart about it, and purchase a car that makes economic sense.

For example, you can probably afford a Hummer, but do you want to deal with the terrible gas mileage and high maintenance costs after you’ve run out of your winnings? Additionally, try to avoid brand-new cars. New cars are cool, but if you buy a car that’s just one year old, you can save thousands on your purchase for a vehicle that’s just as nice.

Invest in Real Estate

Beginning investors love real estate because it’s easy to get into and it provides excellent returns. There are tons of options, too. You could buy a fix-and-flip property, a rental, or wholesale.

You might have the money to purchase a property outright, but consider taking advantage of conventional mortgage loans. These help you build your credit and allow you to leverage someone else’s money so that you can spend yours elsewhere. Use the leftover funds to make repairs and add value to your property.

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