MANILA, Philippines- A 70-year-old food market vendor from San Juan City in Metro Manila has turned his P60 bet into P27,592,968 after becoming the lone winner in the 6/42 Lotto draw last October 22.
The lotto jackpot winner, whose identity was not revealed for security reasons, has been trying his luck in lotto since 1996. Twenty years later, the market vendor has more than enough money for the needs of his spouse and four children, future needs, and investment in business. He claimed his winnings on October 24 at the Philippine Charity Sweepstakes (PCSO) main office in Mandaluyong City.
PCSO General Manager Alexander Balutan advised the winner to use his cash prize wisely and to keep his winning as a secret as many relatives would certainly ask for money.
What should you do if you won the lottery?
For most people, getting rich overnight gives them the right to have an immediate change of lifestyle. Rather than using their prize wisely, many lottery winners end up losing everything after spending the money like there’s no tomorrow. Take for instance the case of a lotto winner who spent his P14-million prize in just three months and ended up with almost half a million in debt.
Here are some tips from registered financial planner Jake Lingan.
1. Keep a low profile for security and safety reasons.
Keep it as a secret and avoid making lifestyle changes that are too obvious.
2. Hire trusted a financial planner, an accountant and a lawyer.
You need trustworthy and competent consultants for investment recommendations, financial decisions as well as legal- and tax-related consultations. You must also educate yourself so you won’t rely on them all the time.
3. Avoid spending money for instant gratification.
Planning on buying that fancy sports car you’ve been dreaming about? Instead of focusing on expensive things that will only give you temporary satisfaction, opt for sustainable investments that will allow you to earn income.
4. Diversify your investments properly.
Never ever place your investment in just one basket. You need to diversify it properly to reduce the risk.
5. Make sustainable donations.
Rather than giving “one-time, big-time” donations, try investing it for sustainability. That way, you could help the charity of your choice not just for a year, but possibly for a lifetime.
6. Get an insurance.
Life is uncertain. Even if you haven’t hit the jackpot, there’s a need for you to have an insurance to cover for the financial damage in case of sickness, disability or death.