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The 5 wisest things to buy and do with your EuroMillions winnings

After going into detail about the most stupid things you could possibly buy and do with your EuroMillions winnings, it’s time to take a look at the other side of the coin. Is there really a way to keep your lottery winnings and enjoy them throughout your whole life? Let’s find out!

1.    Admit you don’t know anything about money management

Chances are, if you count on the lottery to end your financial problems, you are not much into money management. Just admit it – both in front of yourself and in front of your family and friends. Oh, and don’t take any money management advice from friends or relatives unless their own bank accounts boast a sum bigger than you EuroMillions win. 

2.    Clear your debts

I know the idea of dropping everything and going on an exciting shopping spree sounds like fun but, let's face it, if the name of the game is financial freedom then it's time to sever those bonds that tie you down. Clear your debts, free yourself of those heavy financial burdens, credit cards - hah! - gone, loans? Bye bye forever! Mortgage? Nope, this is MY house, and the bank works for me now, not the other way around! Feels a lot better than a load of bags full of junk. 

3.    Make a plan

This is such a broad advice that I feel obliged to get into details here. Making a plan, setting goals, and finding a purpose in life are all important things to do whether you have won the EuroMillions jackpot or not. For lottery winners, though, this is essential. The clearer the plan you make, the easier it will be for you to stick with it and avoid aimlessly spending your lottery money.

4.    Find a financial advisor

Not any financial advisor will do the trick for you, though. Find one who has experience with more money than the sum that’s written on your EuroMillions cheque. If you don’t feel quite comfortable with the solutions and advice he gives you, get a second opinion. In fact, get as many opinions as you wish as long as you don’t make money decisions you are not capable of yourself.

5.    Get rid of the “monopoly money” mindset

Too many lottery winners fail to create a lasting wealth out of their lottery winnings simply because they don’t consider it real money. The phrase “monopoly money” summarizes this best. If you think your lottery money is worth less only because you didn’t earn it, this is detrimental for your newly-acquainted fortune.

Unfortunately, this mindset leads to nothing good. It will get you spend your lottery money way faster than you would spend your hard-earned money. You will more easily fall into the trap of helping (financially) practically anyone you have ever spoken to. And, even if you do decide to invest some of it, you will be reckless in your investments. Hint: not a good thing. You certainly don’t want to take part in any of the scenarios above, do you?

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