Winning the lottery is probably something you’ve thought about before. You may have wondered what it would be like to win a large sum of money and what you would do with it.
But before getting to the fun stuff, there may be some decisions you need to make, the first being whether you would stay anonymous, only letting your close friends and family know of your win or tell the world. Other things to consider are whether you would want the money in one lump sum or to spread it out, and if you’d give money to friends and family, either as a gift or by leaving it in your will. If you were to give some of it away, the recipients might need to pay tax on it, so do keep this in mind.
You might even prefer to seek professional advice on what to do with the money, to ensure that it’s spent sensibly. You could speak to a security, legal, financial or investment advisor to see what you can do with your new-found cash.
So whether you win £25,000 from a weekly charity lottery or more on a national lottery, find out what you could do with the money below.
What to do if you win the lottery
There are various ways you can invest your money. For example, you can invest in shares, when you buy a stake in a company, or buy properties that you can either earn rent from or develop to sell on. If you have the knowledge, or know someone who does, you could even invest in collectables, such as antiques, artwork or watches. If you choose to do this, then make sure you seek professional advice and remember that the value of higher-risk investments can go down as well as up.
If you want somewhere to store your money more safely, you could open a savings account with a bank. A savings account can earn you interest on your money, but do be cautious, as tax might need to be paid on the interest that you earn as income tax.
Alternatively, you might consider an Individual Savings Account (ISA). This is a savings account where the interest isn’t taxed, however you’ll only be able to invest a certain amount of money in this way, for instance, up to £20,000 in a cash ISA.
Again, you should seek professional advice if you wish to save your money to see what your options are. The options may differ depending on your situation, such as whether you’re retired, and you don’t want to end up paying lots of money in interest or reducing your pension.
You probably don’t just want to save your money for a rainy day or put all of it into investments. Chances are, you want to have some fun too! There are so many things you could do with the winnings.
You could treat yourself to a brand new car that’s comfortable, practical, stylish and big enough to take friends or family members on a day trip. No matter whether you buy old or new, just make sure you enjoy it.
There may be some beautiful parts of the world that you’ve always wanted to visit but never quite found the money or the time. When restrictions allow it, you could take the whole family on an adventure to Disneyland or go on a relaxing couple’s break somewhere sandy and sunny. It could be just the thing you need to enjoy your lottery winnings while deciding what to do with the rest of it.
What would you do if you won a million pounds?
One million pounds is a hefty amount of money and deciding what to do with it could be tricky.
If you’ve always wanted a large family home with a bigger garden, large bedrooms and plenty of en-suite bathrooms, then now could be your time. When the time is right you could take this opportunity to move closer to your family or to an area that you’ve always wanted to live in. Your options are almost endless, so don’t be afraid to take the leap!
Rather than doing something drastic, winning this kind of money could simply mean you can retire early and use the money during your retirement. You don’t have to go crazy and spend it all in one go if you don’t want to!
Have you ever dreamt of winning the lottery?
If you’ve recently had a dream about winning the lottery, it could mean that you’re feeling lucky at the moment. If this is the case, it might be a good time to play the lottery, as you never know when you could be a winner!
Winning the lottery in a dream is also associated with feelings of freedom. Whether you have a new goal to complete or a new home to move into, it means you’re feeling content and enthusiastic at the prospect of something unfamiliar but exciting.
Play the Age UK Lottery today!
Every Friday you'll be in with a chance of becoming one of our 1,000 guaranteed winners!