Winning the lottery and becoming the next lotto Zambia millionaire can change your life in many ways. However, coming along such huge sums of money can be a bit overwhelming. While on one hand the cash will give you this sense of financial freedom and fun, on the other you need to strategize a solid plan for your future.
That means finding the best potential investment ideas that can help to secure your newfound wealth. We know you’ve probably heard many stories of many people who won the lottery and filed for bankruptcy a couple of years later. Fortunately, if you invest right after becoming a lotto Zambia millionaire, you will have your finances on lock while still being able to enjoy your wealth. That said, let’s dive in and find out.
The one area that’s definitely worth exploring after you win the lottery is real estate. Your real estate allocation should be greater than the beach villa or chateau in France. Investing in real estate can provide you with a tax-efficient source of income as well as a potentially appealing long-term total return. It also acts as an inflation hedge, which is important because inflation can be a significant source of wealth destruction.
Commercial and residential assets (office buildings, hotels, warehouses, and so on) should also be included in your portfolio. More importantly, these investments should be diversified in terms of geography. That will give you access to some of the greatest opportunities and potential profits in the world. And since all this can be difficult to complete all on your own, you should consider hiring a firm with expertise in this field.
Yields in fixed income are relatively low. However, if you invest in fixed income after winning Lotto Zambia, you will have a steady income source to finance your new lavish lifestyle. Now that you have an army of house staff, lawyers and accountants, they all need pay at the end of the month. Fixed income will help you avoid situations where you will be pushed to sell and liquidate a commercial building you own to meet the payroll.
When it comes to investment, the primary goal should be to have a wide range of return streams. That said, ensure you allocate the money in multiple fixed income options like municipal bonds, corporate bonds, agency mortgages and treasuries. You can also invest in other bonds from emerging markets with higher yields to give you a gross return of precisely 3.5%.
Before you buy that fancy, sports car or do a complete wardrobe change, the first order of business should be paying off your debts. Make a list of all the money you owe from car loans, mortgage and credit card debts. Before anything else, make sure you call your lenders and send that final pay-off balance. Pay off every one of your creditors until you no longer owe anyone any more money.
Most people don’t realize how much owing money affects them. When you start by paying off the debts, you will have a fresh new start. That also means that the funds in your account are now all yours to spend. There is no better feeling than having a clean financial slate. If you have always been in debt, this may be a strange feeling at first, knowing you no longer have any debts to pay. Take time and enjoy this feeling as it will be such a great one.
An emergency fund is essentially money you set aside to help you cover any unexpected expenses that are not in your regular monthly budget. It’s quite incredible that you longer have any debt, so why not consider topping off your emergency fund? Your emergency fund avails you of highly liquid funds that you can access in case of an emergency.
Your emergency funds should have enough funds to take care of 3-6 months of your general expenses. Some of these unexpected expenses include your car breaking down or an unexpectedly high medical bill. When you set aside money to foot your unexpected expenses, it will go a long way into locking you out of debt.
Especially now that you have a higher net worth after becoming a Lotto Zambia millionaire, you should make sure the size of your emergency funds matches up to your increased spending. You might even consider consulting with a qualified financial advisor to advise you on the right amount to the cushion.
If you just became a Lotto Zambia millionaire, your retirement may start today. However, it’s still wise to set aside funds for your later years. If you are quite young, you’ll need to save even more. Spending your lottery winnings should be more of a marathon and not a sprint. Your retirement funds will cushion you down the road as you cross the retirement age threshold. Think of the money in your retirement account as a hedge against what the future may bring. The best part is that retirement funds are not easily accessible without paying the penalty. That allows your retirement savings to continue growing without being tampered with. The best part is that if you end up not needing your funds down the road, your financial advisor can help you plan on how to invest the amount you’ve accumulated over the years.
Did the lucky Zambian lotto results come in, and you just became a lotto Zambia millionaire in our country? Well, now you have a big decision to make in terms of how you’d like to invest, save and spend the lottery winnings. The financial decision you make right now will affect you for many years to come. So, it would be best if you don’t let your emotions push you to make financial decisions that you might regret later.
That is why before you make any move, you need to assemble a qualified team of professionals to help you make the right choices. Your priority should be building a solid foundation to support your long-term goals. That said, if you want to be a millionaire - buy the lotto Zambia tickets online now and keep your fingers crossed! Good luck!