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What To Do With Your Winnings So You Dont Go Broke
It's been proven time and time again that the majority lottery or other gambling cash prize winners will be broke within a few years of winning. What a very depressing statistic.
Many lottery or other gambling systems are created to win when the player loses. The odds are in the favor of "the house." Sad but true.
However, the WeeklyWinning.com lottery system was designed to win because you, the player, wins. With a member-driven system that has increasing jackpots, guaranteed winners, unlimited chances to win and no limits? the odds are stacked in your favor.
With all the work to develop such a player-focused lottery system, we want to go the extra mile and make sure when you do win - no matter what the amount - you have a plan that will help you not return to your same financial situation prior to winning.
I call it the 10/20/70 plan.
The great thing is this plan can be used for your winnings at WeeklyWinning.com or any money you receive including lotteries, other cash prizes, tax returns? even your paycheck. It's a universal system that's been used by the wealthiest people to protect their financial future and now you can use it also.
Practice this system with your "winnings" and then try to migrate it into your "regular" paycheck. I promise you an exciting financial future once you do.
Let's allocate it in the following ways:
1) 10% to Charity
Before you spend a dime, you should take 10% "off the top" and give it to charity.
Charity is the act of giving back to the community. Contributing 10% is a good amount to strive for. You can certainly decide to go larger or smaller -- it's your plan.
This act of giving should be taught early in life. But it's never too late. Take a tour of a place where people are truly helpless so you can learn to feel compassion. Once you understand what some are going through daily, you won't have any trouble parting with a dime out of your dollar.
The reason I said you should start practicing with any extra money you have is because you should practice while the amounts are small: It's pretty easy to take a dime out of a dollar. But it's considerably harder to give away ten thousand out of one hundred thousand.
I know you say, "Oh, if I had a hundred thousand I'd have no trouble giving ten thousand." I'm not so sure. Ten thousand is a lot of money. Start practicing with a little so you'll develop the habit before the big money comes your way.
2) 20% to Save/Invest
With the next 20% you're going to create wealth. How? Well, there are lots of ways to create wealth with this 20%.
Let your imagination roam.
? Evaluate the skills you've developed at work or through your hobbies and consider how you can convert them into a profitable business. ? Learn to buy a product at wholesale and sell it for retail. Ebay makes it very easy to do this. ? You can purchase a piece of property and improve it.? Hire a financial planner and invest in stocks (make sure the financial planner is wealthy - don't take financial advice from someone more poor than you). ? Speak with your banker and find a tax-free retirement program and you can accumulate a princely sum over the years through compounding interest.
Poor people spend their money and save what's left. Rich people save their money and spend what's left.
3) 70% for Lifestyle
When considering how to spend this 70% you should divide it between necessities and luxuries. Use some of it to catch up bills, pay off credit accounts, etc. Use it to get ahead.
But, and I stress this wholeheartedly; make sure you use some of it to splurge. I'm serious. Be practical with some of it first but then just be totally, completely illogical with some of it.
Do something fun. Do something you've wanted to do but didn't have the money to do. Buy yourself something you've been depriving yourself from having because it "wasn't in your budget."
There is a psychological reason for this.
Think about it. When you "Win" money your brain starts thinking "Yeah, I can blow it on?[whatever comes to your mind]!" That's a typical reaction.
What if you then give some away to charity, invest some and pay the bills with the rest and your brain gets no "fun" satisfaction whatsoever. What do you think it's going to do?
Right - it's going to start regretting your decisions to use the 10/20/70 plan and it's going to want to go back to the 100% plan where you totally splurge and wind up deeper in debt than before winning the money.
Do you want to have fun with your money and know that you're protecting your financial future or do you want to continue to fall further behind and deeper in financial ruin?
It's up to you. But I hope when you win at WeeklyWinning.com, or wherever, that you choose to use this 10/20/70 plan and truly stack the odds in your favor for a happy financial future.
WeeklyWinning.com is so simple, so powerful, and so profitable for the players? it just makes sense. We look forward to making you a winner.
Scott Britner blended his background in programming and analysis with a little creativity and a lot of focus on the customer to develop the unique WeeklyWinning.com system. If you want to benefit from Increasing Jackpots, Guaranteed Weekly Winners, Instant Winner Bonuses, and No Limits... then check out http://www.WeeklyWinning.com?aid=ea127
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