Just imagine that you have won the lottery. You are now $10 million richer than before. Most people have absolutely no idea what to do with the money they win through an online lottery. You are probably going to be in the same boat. Yes, you can buy a house and a car, but what to do with the rest? Unless you are a finance expert or an accountant, you are clueless as to how to handle such a huge sum. A large number of lottery winners end up penniless because they don’t make investments in the right portfolios for extending the life of their winnings and building their wealth.
When it comes to lottery winnings, there are different ways you can invest your money and you can choose the ones you are most comfortable with. Some investment opportunities are discussed below:
Investing in property
It sounds fun to spend your money on things such as a new watch, car or fancy clothes, but bear in mind that the value of these items will only depreciate over time. This doesn’t mean you cannot go on a shopping spree with your winnings; of course, you are entitled to be a bit rash. However, save enough that you can invest in property because this is one asset that will increase in value over time. The value of a house can increase significantly, especially when you purchase it with cash and don’t have to pay interest.
Investing in companies
A number of lottery winners have established their own foundations or companies. Some have bought their own sports clubs or made investments in local businesses to aid the community. What have you always dreamed about? You can start your own clothing label or a bookstore. Just because you are a millionaire doesn’t mean that you have to stay at home all day doing nothing. Keeping busy is important because if you get bored, you will end up spending all your money and that’s the last thing you want.
Invest in equities
Why not make investments in the stock exchange market? Yes, it is highly volatile and there is plenty of risk involved, but you can spend some time in learning the ins and outs. This is much better than just blowing away all your money. You can spread your bets and diversify your portfolio in things that will retain their value in the long term.
Investing in gas or oil
Gas and oil are commodities that only rise in value over time. As they are available in very limited quantities and are expected to run out eventually, they are highly valuable and investing in them is a very sound decision. You can invest in an upstart dealing in this sector as there are numerous springing up these days. Just make sure you do your research before putting in your money.
You can also ask the financial advisors for other recommendations to ensure that your winnings are being put to good use.
Investing in Bitcoin or Cryptocurrencies
The Bitcoin boom of last year has kind of slowed down but still, people who invested in Bitcoin during 2016 for example have still seen an profit of %500, and people who invested even earlier have become millionaires. You can invest in cryptocurrencies through exchanges such as Primeholders or Coinbase and hold onto those Bitcoins while they continue to increase in value.