The Philippine Charity Statistics Office or known as PCSO is a controlled operation and owned by the Philippine government which is supervised by the Office of the Philippine President. The main goal of this institution is to raise funds and provide financial support for medical services and support, health programs and even national character charities.
Since 1833, lotteries are existent for fundraising to different projects for the Filipinos. In 1995, the PCSO has launched its first online lottery in the country called Lotto. This automated gaming has the same system as Australia, Europe, and the United States. With Lotto 6/42, you need to select 6 numbers (from 1 to 42). The numbers will be drawn regardless of the sequencing on their draw date.
The fact that you won a lottery with a big amount of money could make you think not to worry about earning a living anymore. Definitely, it’s wrong.
In some studies, many lottery winners have ended up unhappy and broke. Some of their bad money habits lead them to a more terrible financial situation instead of living in a stable life. To keep yourself from being like them, these tips will guide you on how to manage your winnings carefully and make the most of your money.
#1. Calm Down and Take a Deep Breath before Claiming Your Money
The moment you learned that you won a lottery, you will be in a state of ecstasy. But the truth is that you will be stressed and worried about some things upon claiming the grand prize. You will want to get your money, but not too fast.
The best thing to do is to relax, breathe in and out, and take responsibility for your decisions. Try to process your winnings before claiming them. Having an instant big amount of money will surely boost your stress. Thus, you will be making poor decisions.
In most circumstances, lottery winners do not have experience in handling such amount of cash. So, it is important that you learn how to compose yourself. Take things easy and consult with the right and trustworthy people.
#2. Stay in Low Profile
The great joy of being a lottery winner is not that easy to contain. However, you need to keep a low profile for your safety and security. Share the good news to selected family members and trusted individuals. Never post it on any social networking sites as you will be the next target of thieves and other individuals who have malicious intentions.
Upon receiving your prize, you should not make your lifestyle changes too obvious. Expect that your friends and relatives will be asking for you to share your blessings. But, your utmost concern should be your safety.
#3. Hire Competent Consultants
Before winning the lottery, you manage your monthly income. But now that you have a huge net worth, it will be a new game in which you want some strategic players to be a part of your team.
The next thing to do is to hire an accountant, a lawyer, and a financial adviser. Make sure you pay a good amount to them and check on their credibility and competence in their respective roles. Your consultants should be focused on your own interest while they stay unbiased in their recommendations and pieces of advice.
Your financial planner provides options for possible investments. He should help you sustain your wealth. On the other hand, your lawyer and accountant take charge of the tax regulations and legal concerns that must be met for each financial step you take. When consulting with these professionals, you must educate yourself and do not rely on them completely.
#4. Go Debt-Free
Now that you got the money on hand, you should invest in paying off your debts. No matter how big they can be, learn to remember whom you are indebted to. This is actually one of the initial investments you should make before anything else.
If you do not have remaining balances and debts, either on a mortgage or a credit card, you will be able to manage your money well. Furthermore, you can walk with confidence wherever you go.
#5. Stay Anonymous
As mentioned earlier, it is really hard to sustain your happiness upon winning a large sum of money. But, think about it carefully. As soon as you announce everybody that you won a lottery, every person you meet will be knocking on your door to ask for handouts.
If you do not want to get bothered by this scenario, try your best to make gradual changes in your lifestyle and stay anonymous.
#6. Help Out Your Loved Ones
You have changed your life and financial status. After taking actions on your finances, you should not forget to share your blessings. It can be with your relatives and close friends. This is your chance to change their life as well. You can help them invest in small business and let them manage it for their future.
#7. Invest in Insurance Contracts
Protect and preserve your assets. The key is to purchase insurance – accident, critical illness, medical, disability, and life. Such contracts can mitigate financial trouble caused by any uncertainties in life. Of course, these insurance contracts won’t be enough. You must apply some preventive measures and one is to live a healthy lifestyle.
#8. Donate to Some Local Charities
As part of sharing this big blessing, you may consider donating to a few charities or local organizations. Think of how you can spend your money in your own community.
#9. Invest in Sustainable Income
With the help of your financial consultants, you can produce sustainable profits rather than buying expensive things that generate liabilities and expenses only.
#10. Treat Yourself But Do Not Go Overboard
You can shop for things you want to buy as a way of pampering yourself for this big luck. However, you must consult with your confidant if you feel like shopping. This person should remind you not to do anything as you desire and buy everything you want.
With a huge amount of money you won from PCSO, you need to learn how to manage it well. By considering these tips, you and your family heirs will live a good life in many years. Right now, you should think about doing smart habits in handling your money. Then, this lottery money you won will be profitable more than you ever thought.