Winning the lottery, or gaining an inheritance and coming into a substantial amount of money can be exciting – and while it may be tempting to treat yourself to lots of expensive items at the outset, it may be a wiser choice to consider how you can make the most of your newfound funds both now and in the future.
After all, making a wise investment helps you ensure that you can reap the rewards for the rest of your life – and can help you pursue interests and goals you may not have otherwise been able to enjoy.
Investing in property
Investing in property can be a great financial decision – and by becoming a landlord, you can set yourself up for rental yields that provide you with a consistent and regular income.
A property investment may mean different things to different people – you may, for example, want to purchase a holiday home that you rent out when you are not using it personally, or you might instead choose to buy a home or apartment with the goal of letting it out to long-term tenants.
A good way to start is to speak to a real estate agent and a financial adviser – they will be able to help you determine which options are best for you and what rental yields you can expect to achieve. They may also be able to offer assistance and support in terms of the long-term management of your rental property, which frees you up to focus on other things.
Making a business investment
Perhaps there’s an idea you have always wanted to take to the market, or you are keen to support a friend or a family member who has developed an excellent product or service. Alternatively, you might want to back a local innovator or help to grow a business that you love.
A lottery win or coming into an inheritance offers the perfect opportunity to help you flex your entrepreneurial muscles, but it is important to approach your involvement as you would any other investment – that is, you will want to ensure you do careful research and consider all your options.
If you’re brand new to this type of investing, you may find that a mentor can provide you with useful insight into what you should be aware of before you commit your money, and can also help you as you continue your journey through the investment process.
It is also important to be aware that you may be subject to specific tax implications as an investor, so you may wish to speak to someone about your obligations so you are not caught by surprise.
Pursuing your interests
Perhaps you have always wanted to study a particular subject or pursue a specific goal, such as starting your own business or taking time off to travel.
You may wish to invest some of your Lottery win or inheritance in education that could boost your long-term earning power, or you might instead wish to pursue a business-related hobby, such as setting up a bakery or a shop where you sell artwork or crafts online.
A National Lottery win can give you the freedom to reach for your goals - and with a bit of careful planning, you can ensure you are set up for a lifetime of financial liberty.