What to do When You Win

Maybe you have been playing the lotto for a long time. Maybe you have even won a few times by matching a few numbers here and there, but you have yet to win big. Whenever you win any amount of money, however, you should have a strategy in place for what to do with your winnings. The amount that you win will determine what that strategy should be.

For example, if you match a couple of numbers and win the smallest prize available, say $5, put that $5 back into the purchase of your next round of lotto tickets. You will probably want to do that for any amount up to $50 or even $100. Using these winnings in this way gives you a better chance at winning a larger prize. If you do end up losing what you have reinvested, remember that you are only losing the original dollar that you used to buy the original ticket.

Now, when the dollar amounts are higher, you may choose to do something a little different. If your win is not the big jackpot but still substantial – in the thousands – you may choose to reinvest some of those winnings in your lotto system. With the rest, it may be wise to invest some in things like mutual funds, stocks, etc. You can always keep some in the bank in a rainy day fund; this gives you the opportunity to enjoy your winnings the fun way by spending some on yourself.

If you win a large jackpot, you may want to think about hiring a financial advisor. Stories of people winning large jackpots only to find themselves bankrupt a short time later are all too common; avoid this fate by having a solid plan in place for your winnings.

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