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The 3 most stupid things to buy and do with your EuroMillions winnings

I feel like I cannot emphasize on this enough, so I will again tell you that being well off has more to do with the way you manage your money than with its quantity. Let’s say you have just won the next (huge) EuroMillions jackpot. Now what? Will you be prepared for what will come next? Do you have what it takes to properly manage your newly acquainted money given the fact that you have never managed such a huge amount of money before?

 

According to the National Endowment for Financial Education, about 70 percent of people who win a lottery or get a big windfall actually end up broke in a few years. If you don’t educate yourself on handling and managing money, the odds will not be in your favor even if you do bank the next EuroMillions jackpot…

To help you better prepare for this, we’ve gathered 3 of the most stupid things you can buy (or do) with your EuroMillions winnings:

1.     Buying a huge home

OK, I understand that this is perhaps the first thing that comes to your mind when you envision your lucky numbers being drawn at the next EuroMillions draw. I certainly don’t want you to spend the rest of your life as a millionaire in the same old house you lived in before you hit the EuroMillions jackpot.

What most lottery winners fail to think through, however, is that buying a huge home means committing to a lot of added costs like furnishing, maintenance, taxes, insurance, etc. When deciding on a property you want to buy with your lottery money, don’t look only at its asking price. To afford a home means to have all the money it will eat up year after year, long after you’ve put your signature on the buying papers. That applies to fancy boats and sports cars as well, in case you were wondering.

2.    Living off-limits

This one is beyond me. No matter how much millions you’ve won, they still have a number, right? They are a finite number. This means that living off-limits will eventually make your win dwindle to… nothing. Or worse (debt, that is).

Unfortunately, I see this every day. You get a promotion and you inevitably increase your spending to more than the promotion’s sum. You get a bonus and, bam, you immediately think of a way to spend it, no matter if you really need that massage chair or not. Or a new TV, for that matter.

With lottery wins, it’s even worse. People start spending like crazy as if the world would end if they don’t buy every ridiculous thing that comes in sight. The wisest thing to do? Make a plan. Stick to it. Set reasonable spending limits. If you don’t trust yourself around money, ask a financial advisor to put you on a monthly allowance. No, I am not kidding. If you have no experience with personal finance management, that’s perhaps the only way to make your lottery winnings last a lifetime.

3.    Making impulse decisions

Being a lottery winner certainly doesn’t mean losing your right mind. Yet many lottery winners do exactly this. What, with buying new homes and new cars to relatives whose names they can’t even remember?

Of course, getting your brother out of the renting circle and helping him get a home for his wife and children is another story. But making impulse decisions on a daily basis just because you have a few million in the bank will inevitably pave your way to poverty. I mean, when was the last time you read in the news a successful businessman bought all his cousins (on his mother’s side) a mansion AND a sports car each? 

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