We’ve all heard about how Powerball winners spend their winnings and how that spending changes their lives. Of course there’s no shortage of negative stories where the money of Powerball winners is blown all too soon with very little to show for it. “It’ll never happen to me” you may have said.
If you do win millions and millions of dollars, you’ll be wiser, right?
Well, in case you’re wondering what experts suggest you do with your winnings if you one day become a Powerball winner, here’s some really good advice from financial advisors. It stands to reason that following this advice will put you in good standing with your bank account and ensure the perpetuity of your winnings. Besides, you’ll want to leave something behind for your children and grandchildren, won’t you?
Invest in stock & bonds
So you’ve just hit the jackpot with your set of lucky Powerball winning numbers. One of the first pieces of advice you will receive from a financial advisor is to invest in long term stocks and bonds. This is excellent advice. Take a large portion of your winnings and divide it up into smaller sections. Then invest each section into a stock that has a high percentage of yielding a return. Leave this money where it is and don’t touch it. Even if you don’t get a massive return, at least you know if somewhere where it can’t get spent—working for you.
Invest in high end property
The first action many Powerball winners take is to purchase a new home for themselves. But why stop there? Property is often a good investment. With millions to spare, purchase another two or three houses and rent them out. This will yield a steady flow of income; something you and your children will appreciate later on.
Start a business
Use your US Powerball winnings to create and develop your dream business. You may thing that working is no longer a necessity for you, but creating a business will ensure a long term money generator. As the owner or founder of a new business, you can appoint someone else to manage it for you. But learn about the ins and outs of a business to make sure you don’t get swindled.
Invest in someone else’s business
This is a tricky one, and we’re probably quite bold for adding it to this list. But how do you think companies like Microsoft, Facebook and eBay got started? That’s right, through the insight and generosity of investors. If you can find a winning business idea, investing in it could give you a massive return in the mid-to long term future.
There’s actually a culture in popular US states such as California and New York where investors are sought after for massive business ventures. If you have more money than you know what to do with, why not invest it in a screenplay, a movie, a software venture or an up-and-coming musician? A wise investment will yield an ongoing return well into yours and your children’s old age.
So if you play the lottery and win, remember to consult an advisor about how best to invest your money. These advisors are often recommended to Powerball winners immediately after they’ve been handed their check. Several wise investments will ensure that you don’t make the same mistakes some other lottery winners have made.
