If you have ever won the lottery, you know it can be a life-changing experience. But it is important to keep your winnings in check and manage them responsibly so that you can use them wisely.
Singapore is a very popular place to play the lottery, with many different games available. From 4-D to Toto, and even the elusive Big Sweep, you’ll find that there’s something for everyone here.
But you need to be careful of some common misconceptions and pitfalls that can ruin your winnings. Here are some things to look out for:
Become a Smart Gambler
You need to be aware of your financial goals, and make sure you have a plan in place to make your winnings last. That means setting up an endowment plan or investing in a robo-advisor to help you build wealth over time.
Don’t Let the Inflation Trap Eat into Your Lottery Winnings
It is very common for people to think that winning a lottery or inheriting a large windfall will instantly solve all of their money problems. But surprisingly, as much as 70% of people who come into sudden wealth lose it all.
The National Endowment for Financial Education recommends that you should have a financial plan in place to help you deal with sudden wealth. This is particularly true if you win the lottery or inherit a large amount of money.