Most people have at least once in their lifetime thought that what would happen if they by chance win a big prize in prize bonds and what will they do with that money.
There are lots of incidents when people won big prize bonds but lost all their money and suffered their entire life.
Some other stories are the proofs that the winners have lost their family and friends, only people who’ve come closer to them are thieves or enemies. It is very important that you use the winning amount wisely.
In this article, we’ll guide you in some ways to ensure you don’t blow your Prize Bond money.
Make Sure You Keep It A Secret
The odds of winning a huge prize in the prize bond are near to zero. If by chance you are successful in winning a prize bond, then you should shut up for a while and don’t brag about your winnings.
It all depends on what prize you’ve won. If you’ve won the 3rd prize of a particular prize bond, then there won’t be an issue as there are approximately 3000 more winners.
If you’ve won 1st or 2nd prize, then you should avoid telling anyone so that you don’t face any risk of kidnappers or thieves.
Do All The Calculations First
There is a chance that you wouldn’t have seen this big amount of money together in your whole life. It is important to do the math before you decide what you want to do with this money.
For instance, you are deciding that you want a house, car, shares and you’re left with no money for your retirement or for the studies of your children. For this reason, everything should be as per your calculations.
Hire A Financial Advisor And Accountant
Accounting statements containing huge numbers and many difficult calculations are hard to handle for someone with zero accounting knowledge.
Till yesterday you wouldn’t even know that you’ll be rich with a lot of money. To make a complete plan about spending the money wisely, a financial advisor should be hired who’ll guide you before you spend a penny.
It’s Better To Invest First And Save For Future Than Spending All
The people who’re rich and have a lot of money don’t plan to spend their money, they plan to invest it in a profitable project to multiply that money in the future. If by chance you win a lottery, you should plan to invest it rather than spend.
This article has guided you with all the useful tips which will help you to become a rich person forever. These are the 4 crucial ways to ensure you don’t blow up your prize bond money.