Where to invest £1 million if you win the lotteryBy Angelica Malin
We all have come across the hypothetical question of “where to invest if I win £1 million in the lottery?” but with the advent of online lotteries, you never know if this dream will come true.
So besides going crazy about the huge jackpot, partying out, travelling to your favourite places, buying lavish jewellery and outfits, winning £1 million can really give you financial security for life. So, it’s important to know how to invest wisely if you win the jackpot. In this article, we’re going to give you a few ideas full of wisdom that can help you invest £1 million for a sound financial future.
Think before going public
So, the first thing you want to consider is either go public or remain anonymous. Both cases have their pros and cons, so it’s up to you what you decide for yourself.
As far as privacy is concerned, you’ll be flooded with press chasing, public begging and disturbance generally. The intensity of these things obviously depends upon the prize you’ve won.
On the other hand, it’s not easy to keep such a huge amount a secret, especially from friends and family. So be careful about your choice of being honest and open, or shady and private.
So the wisest thing to do after winning £1 million in the lottery is to secure a roof over the head. Instead of dealing with mortgages, you may consider buying your own house. But remember not to spend the whole win on buying a house!
So before buying an expensive mansion, you need to look at the lifestyle you’re having now, the lifestyle you always wanted to have, and the home where you wish to spend your older years. Think about the location – a remote mansion looks great from a distance, but in practice, you’ll have to travel miles to get milk or snacks – these things add up in no time.
Also, you need to consider the running expense of a big house as they come with higher bills. Therefore, you need to consider that in your future spending too. Sure, big houses can be sold if you run out of money, and investing in properties is a wise move. Yet, you need to look at the location you’re planning to buy a house. Maybe try considering upcoming areas as they start with lesser pricing. So, you can sell them with a good profit in the future.
Stock and shares
Many people have indeed multiplied their money on the stock market. However, this is also a little risky investment. By using the right knowledge and understanding of the stock and shares, it’s possible to convert your millions into billions, like Warren Buffet (among the most successful investors in stocks and shares).
The tried and tested way to counterbalance the instability of the market. The government-issued bonds are considered to be less risky than shares and stocks. Not only this, they’re much safer when there’s a prediction of the stock market dipping down. So, if you’re a savvy saver and want to avoid any risk of losing your winning any soon, bond investment is right for you.
Investing in real-estate
If you’re looking to expand your winnings, real-estate can be a good choice. The advantages of investing in real estate are:
- Collection of well-chosen assets
- Impressive returns
- Predictable and regular cash flow
- Tax benefits
Launch your business
Got an aspiring business idea but lacking the finances? Now, after winning the jackpot, you can pitch your business idea and hire a team of professionals to triple or quadruple your winnings. But before that, do some research about it as investing in such a way is the riskiest thing to do of them all.
Starting a business is like playing a lottery, with 50% of the startups fail within the first five years. But since you actually won the lottery, these numbers won’t shy you away now.
Let’s be honest, investing money always comes with a risk, so never invest the amount that you cannot afford to lose. Above and beyond, investing £1 million winnings can lend you a comfortable, lavish future that you’ve always dreamt if you invest your money wisely.