Betting on Lotto is very popular here in our country. While scrolling on YouTube, I stumbled across a video about people who won the lotto but eventually lost all their fortune quickly through mismanagement or ignorance.
I cannot post the video as it is in our native language, but one of the examples is one guy who loses his millions because of overspending. He realizes all that he wants: luxury cars, houses, and jewelry and spends it on casinos, thinking he can make more money.
Another one is setting up a business that he does not know how to manage, he spends millions on this business venture but eventually folds up, and he loses all his fortune because of mismanagement.
Another winner is he entrusted his winnings to his relatives to claim because he did not know how to read and write and had no valid ID; he only got 20% of his total winnings because his relatives told him because of a deduction in the form of taxes.
With all these examples, do you think it is important for gamblers to have a do list in case they win a huge amount, and what are the first steps they should take?
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One thing that would be most important to people who do win big, which is about as likely as being hit by lightning, is best financial practice and how all the core elements of the financial world work. This will allow you to hopefully put a large chunk of your winnings to work and effectively give you a salary, plus grow your overall wealth, year after year. There should definitely be a period of sharing and splurging at the beginning, so it really depends how much we are talking about and how far it can stretch in the places you want to be. If you are talking about a million dollars, it can go very far in certain parts of Asia but will not last you all that long in somewhere like San Francisco - so be prepared to move to maximize it too.