Attention all would-be millionaires! Now is the time to test the theory that money cannot buy you happiness! Just in case that golden ticket drops into your lap you need to be prepared. Spending lots of money is a skill and you need to take some advice so that you are ready when the time comes. Whether you take out loans or win the lottery there are some right and wrong ways to deal with lump sums of cash.
The Best Ways to Spend a Fortune!
Suddenly having a huge amount of money can be a bit of a shock. Your life as you know it has ended. You will now be able to afford anything you want. But what do you really want? The key when coming into money is not to panic. Ease yourself into your new lifestyle one step at a time.
The first piece of advice given to those that win lottery jackpots is not to make any major life changes straight away. A million pounds may sound like a lot but it could quickly disappear with a few foolish purchases. Take a step back and reassess your new situation. Take the time to sort out what you really want to do with your money before you get your chequebook out.
Consider Your Health
One great way to spend a fortune is to sort out your health issues. Health is everything when it comes to happiness and so you should start with number one. Have you had any health niggles over the years that you could never afford to sort out before? It could be anything from poor dental hygiene through to painful bunions.
You may have always been unhappy with your looks and have yearned for years to have some minor plastic surgery to remove unsightly moles or straighten out a wonky nose. Plastic surgery is not about physical health but mental well-being and confidence. Paying for some minor surgery with loans or sudden windfalls could dramatically increase your confidence and in turn your quality of life. Make sure you don’t rush into it though and get a proper consultation first.
One great way to spend loans or sudden lottery wins is to go travelling. Take the opportunity to get some life experiences you would never have been able to afford before. You may have always wanted to go skiing in the Alps or diving at the Great Barrier Reef. There are so many wonderful places to visit you can really put your money to work to broaden your horizons.
Why not make your money work even harder for you. You could maximise your loans or lottery wins by investing in other ventures. Get some expert advice and take the time to look around at the many investment opportunities available. You may even have your own entrepreneurial ideas about how to invest your money by starting up a new business.
Bad Ways to Spend a Fortune
There are also some very bad ways to spend loans and other lump sums of cash you have sitting in the bank. This can quickly eat into your stash and leave you with nothing to show from your fortune and include:
- Expensive Properties – the first thing many people want to do with a big lottery win is buy a fancy house. However the bigger the house is the more the running costs will be. You can easily spend a million pounds on a house in the UK and have very little left over for the high cost utility bills and running expenses.
- Cars – nothing depreciates in value like a brand new sports car. Tempting though it may be to splash your cash on a fancy motor this isn’t the best use of your money. Instead why not hire a top brand sports car from a specialist company. You can hand the car back when you get bored and there are no depreciation costs to worry about.
- Parties and Fast Living – you may think that all millionaires spend their time going to parties and living the high life. In reality a large percentage of the millionaires in the UK are workaholics who spend hours working hard and running businesses. Going to expensive parties and dining out in posh restaurants all the time will soon eat into loans and lump sums and you will have nothing to show for it at the end of the day!
William Bancs is a would-be millionaire and always on the look-out for the next golden opportunity. He makes the most of financial products like loans to boost his cash flow and broaden his horizons.