12 things Lotto win­ners should not do!

Financial Mirror (Cyprus) - - FRONT PAGE -

dis­counted amount in or­der to do so. Other lot­tery win­ners choose to re­ceive the an­nual an­nu­ity pay­ments. Get­ting tens of mil­lions of dol­lars at once prob­a­bly sounds bet­ter than get­ting a pay­check for the next 30 years or so. Now con­sider that close to 70% of lot­tery win­ners end up broke, many within a cou­ple or few years. Let’s say that you can choose to get $172 mln up front, or you can choose to re­ceive a pay­out of $300 mln slowly over the course of a life­time. Most peo­ple choose the lump sum rather than the an­nu­ity pay­ment, as it is in­stant em­pire-mak­ing money. Go see a rep­utable and vis­i­ble tax pro­fes­sional and a rep­utable in­vest­ment ad­vi­sor at a top money man­age­ment firm with a widely recog­nised com­pany name and a long cor­po­rate his­tory. This theme of “rep­utable and vis­i­ble” will echo through­out. Do this be­fore you make the de­ci­sion about a lump-sum or an­nu­ity op­tion.

Newspapers in English

Newspapers from Cyprus

© PressReader. All rights reserved.