I wrote a blog some months back about Avoiding the Curse Associated with Winning a Lottery which also ran in my column in the Punch Newspaper. In the blog I gave tips about what to do with lottery money should you be lucky to win one. Here are some more tips I found from one of my favourite Personal Finance Blog;
Eliminate Your Debts
Use your windfall responsibly and leave yourself with a clean slate, debt-wise. Credit card bills, back taxes, loans, and your mortgage debts should be prioritized first.
By eliminating the burdens of your existing debts, you are freeing up cash for your future. You are using your cash in a responsible way and solidifying your overall financial foundation. If there is not enough cash to meet all of your debt demands, make a plan to at least tackle any bills that are past due or charging you the highest interest rates or penalty fees.
Invest in Your Future
Monies remaining after your debts have been dealt with should be allocated towards your future no matter how old you are. Investment strategies should be explored and money can be used to fund your retirement portfolio. If your current retirement savings is at its beginning stages, consider paying a professional financial advisor for initial advice and guidance rather than risking your cash with faulty investments not relative to your financial situation.
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