Since inception in 2000, the South African lottery has made the lives of numerous people much better. Most of us have probably asked family and friends what they would do if they ever won the lottery. For most people, winning the lottery would get them out of debt and would help them improve their lives and the lives of their family members. Others aim to use their winnings for charitable causes.
The biggest lottery winner in South Africa is a person who was able to answer these questions after winning a whopping R91 million.
The 43-year-old mother of two teenagers, presumably based in or near Cape Town, was the lucky recipient of the windfall.
First thoughts were that the money was won by a real charity case but it was later revealed that the winner was a middle class woman who ran her own business with her husband.
The couple who wanted to remain anonymous decided not to even tell their children of the windfall. They planned to buy a new house and a car for one of the children at the time.
Tips for handling Lotto winnings:
Put your money in some kind of savings account
If you were the biggest lottery winner in South Africa, the last thing you’d want is to lose all your winnings by spending recklessly. Rather save your money in an account while you decide on an investment plan going forward.
Give yourself time to come up with a solid plan for how you are going to invest your money.
Take at least 6 months to decide on a plan going forward.
Get professional advice from a certified financial advisor.
An advisor will counsel you financially on how to maximise on your winnings.
Don’t quit your day job.
Keep your life as normal as possible and keep working while you decide on how you want to invest.
Pay your debts off.
If you have any credit card debt or loans, pay them off.