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What Tips can you give for not going Bankrupt, after winning £$Millions in the L

  1. Lady_E profile image75
    Lady_Eposted 6 years ago

    What Tips can you give for not going Bankrupt, after winning £$Millions in the Lottery?

    Many win Millions and go Bankrupt in 2 to 3 years. How could this be avoided? You might be the next to win.

  2. profile image0
    Linda Myshrallposted 6 years ago

    I wish I had some practical experience with winning millions by playing the lottery ;-)   Interesting concept.

  3. sam209 profile image80
    sam209posted 6 years ago

    I guess this is easier said than done, but don't splurge. reckless buying binges is one way of going bankrupt!

  4. msorensson profile image70
    msorenssonposted 6 years ago

    Yes, this is a common occurrence. It is to put simply there are opposing goals in the subconscious. 

    For example a person can create millions, in business, and then lose it all, for an underlying reason that some time in the past,  one important person in his or her life was not treated fairly by someone wealthy.

    In that person's subconscious there is the underlying dislike/disdain for the wealthy because "most wealthy people are unjust" as the running program, and since it is buried deep, he or she will do actions to lose the wealth because he or she does not want to be unjust.

    Until such a reason is unmasked, acknowledged and run off, then that person will create wealth and lose it again.

    Because those reasons are not on the surface, they need to be dug out and exposed in the daylight. That is the hard part. Unmasking.

    Note that there is no correlation between being just and being rich, but until one realizes that the goals will oppose each other.

    The same prinicples can be applied to those who come to wealth by winning the lottery.

    For the ones who win the lottery, I would do as was published by those people who were ready to handle such a windfall.

  5. profile image0
    rorshak sobchakposted 6 years ago

    This would be tough for me. I would buy so many cars I would probably have to sell the house. big_smile

  6. lostdogrwd profile image61
    lostdogrwdposted 6 years ago

    easy, finance mortgages. you should never go broke after you do that with a great monthly income until you die

  7. bmukherjii profile image58
    bmukherjiiposted 6 years ago

    Just deposit the money at some nationalized banks

  8. donnaisabella profile image79
    donnaisabellaposted 6 years ago

    Lady_E, I would say be prepared before hand and know what you really want out of life. If I won a million dollars, I would invest a lot of it where I invested some of what I was given after I was separated a few years back and it keeps growing. If it was in millions, I would ask a reputable investor or investment company/consultant for help. I am not scared of researching and reading thoroughly just to get the best of what I want.

  9. Insane Mundane profile image61
    Insane Mundaneposted 6 years ago

    Wow!  I couldn't imagine going broke after winning millions of dollars, but some people have problems managing money, obviously!  Anyway, if you do have this problem, I'd say that it is a safe bet to invest in some Real Estate properties (land, houses, etc.) and put a good bit of it in a CD (certificate of deposit) at your local bank, along with opening up a couple savings accounts at different banks, albeit CDs and savings accounts are not drawing a very impressive amount of interest these days.
    Other than that, just give the rest of your money to me; I'll take care of it for ya!  wink

  10. profile image0
    KittyKposted 6 years ago

    This occurs in most instances to the people who win a lottery.  I feel it would be very important to have a personal banker and financial planner who can assist with investing the winnings to ensure that the money will go to work for the individuals.  It is always wise to make a list of the things you need and those you want because the lists are very different from one another.  Keep working if you are not near retirement age as being "grounded" will help to keep thing normal.  People should never forget that they need to protect their monies and not be wasteful as this only occurs once in a lifetime, so do spending unnecessarily will only lead to failure of the "pot"...

  11. stayabovewater profile image75
    stayabovewaterposted 6 years ago

    If you want to bankrupt then you will go bankrupt if you don't then you won't. Just have to remember that you may have won a large sum of money once but you don't make that amount each year like wealthy individuals do.