You are going to be four times more likely to be hit by lightning than to win the lottery. All those advantages do not apparently apply to Romanian-Australian economist Stefan Mandel. Stefan won the lottery 14 times. Stefan’s initial 2 wins were in his native place, Romania, where he was trying to make enough money to help his family out of the then-communist country. Mandel’s salary was then just $ 88 per month
He shifted to Israel before abiding in Australia. He won the lottery there with an additional 12 times. Most of the winners just blow out their entire lottery money by spending it on big houses as well as Porsches, or gambling it away or even getting slammed with lawsuits. In order to avoid that, CFP Robert Pagliarini has once told the Business Insider that lottery winners should compile a ” financial triad” which will help them to plan for their financial tomorrow.
According to Pagliarini, the financial triad consists of an attorney, a financial adviser, and also a tax person. This financial dream team will help an individual to make smart financial decisions as well as surely help him/her to plan for the future. These will also help to shield you from the media as well as from the attack of money requests from others.
The primary way to handle an unexpected windfall such as winning the lottery is to keep calm & focus on long-term plans with the help of pragmatic financial planning.
Here’s the 6 Step Formula to How Mandel Managed to Make Good Cash off the Lottery
- You should calculate the total number of possible combinations. (For a lottery that requires you to pick six numbers between 1 and 40, that means 3,838,380 combinations.)
- You should find lotteries where the jackpot is 3 times or more the number of possible combinations.
- Raise enough cash to pay for each combination. (Mandel rounded up 2,524 investors for his push to win the Virginia lottery.)
- Print out millions of tickets with every combination. (This used to be legal. Now, you would have to buy the tickets right from the store.)
- Deliver the tickets at authorized lottery dealers.
- Win the cash. And don’t forget to pay your investors. (Mandel only pocketed $97,000 after a $1.3 million win in 1987
All the best!! May you also end up with a good amount of money off the lottery!!!