Irish lotteries are one of the easiest ones to play. You can buy printed lottery tickets from one of the 4000 stores anywhere in the country. For people who are afraid to get out there in the cold or shovel snow from their driveway before they run to the local shop, lottery organizers host the game online as well. With a few clicks of a button, you can select your lucky numbers and purchase a copy of your e-ticket. Once the draw takes place, you can look up your tickets online as well.
People from all walks of life take part in the Irish lotteries. From daily wage earners to high-income professionals, everyone enjoys the game in Ireland. In the recent past, nearly €100 Million have been distributed each year by game organizers to the general public. These prize distributions help in uplifting society in many different ways. While the organizers earn through selling thousands of lottery tickets, the government earns on the taxes that are taken out from the lottery win. Lastly, many lottery winners want to play their own role in the society by sharing some of their wins with NGOs as well.
How a Postman from Kinsale Changed his Life with a Lottery Win
Pat Broderick was earning nearly €500 per week before his life changed completely after winning an Irish lottery. He often used to play the weekly game by selecting numbers based on the ages of his family. In 2011, he became the sole winner of a multimillion-dollar jackpot prize in an Irish Lotto. On the day the lottery results were announced, Pat was busy bowling in one of his local alleys. One of his mates mentioned the three numbers on the draw and the middle-aged postman exclaimed that these are my numbers.
News of his win spread across the city like wildfire and nearly 30 people got on the bus to celebrate his win at the lottery organizer’s headquarters in Dublin. While on the bus, the Broderick family decided on how they would spend the €7 Million jackpot that they were about to secure in a little while. After gaining his lottery earnings, Pat decided to take up all of his professional leaves from the job and took retirement at the age of 47. However, he was quite mature at that time and knew exactly what he wanted to do with his time and money after retirement.
One of the most important things that Pat did after winning the jackpot was to seek financial advice about how to preserve his newly found wealth. What he did next paved a clean and smooth road for him for his old days. To lower down his monthly expense, Pat paid-off his mortgage and any bills due that he was struggling with. Next, he used a major chunk of his earnings to start up his own business. This helped him in generating a monthly income of his own and provided him with a path to keep working all his life.
Since Pat did not have to run around different streets of his town to deliver mail, he decided to take up new hobbies for himself. He started playing golf and made new friends who were ‘rich’ enough to become part of his social circle. Besides that, he took up road bowling and shooting in the wild to make the best use of his leisure time. He also managed to improve his house by building an extra room for himself and creating an extension of his garage. The way this small-town postman was able to change his life and make the best use of available resources is a great example of why ‘wisdom does not always wear a suit’.
Pat still believes that if you are not in! you cannot win! Hence, he still takes part in weekly lotteries trying yet again to further enhance his multi-million-dollar lifestyle.
What Should You do with Your Lottery Win?
Lottery organizers have realized over time that not all jackpot prize winners are sensible enough to preserve their newly found wealth for a long period of time. This is especially true for young winners who gain access to a lot of cash at a very young age. Since they are careless with their spending, they not only lose their money too quickly but also end up losing friends and family due to their reckless behavior.
Hence many lottery organizers these days provide options to their winners to either take all their winnings at once or acquire them in multiple installments over a period of time. Here are some useful tips for lottery winners who are looking for advice on how they should go about spending their newly found wealth:
One of the most common advice that you will get from any wealth manager after winning a lottery is to build up your asset base. What this means is that you should convert your cash into valuable properties, stocks or bonds. This will not only preserve your wealth over a long period of time but will also allow you to generate monthly income on a regular basis even after your retirement.
One of the first things that you should do with a lottery win is to pay-off your existing loans. Whether you have any outstanding student debts or any mortgage that you have hard time paying-off, you should take care of your dues as soon as you can. This will help in reducing your monthly interest expense. It will also stop your interest from accruing any further.
Take a break
Winning a jackpot is a once in a lifetime chance for you to take some time off from your busy work schedule and your daily routine. If possible, you should book a luxurious cruise trip or a business class ticket to the destination of your choice and make the most out of your journey. Just make sure that you have specified a budget for your trip and then stick to it.
Anyone who is willing to take part in one of the most popular Irish lotteries should have a rough idea on how they will spend their win in case they are awarded the jackpot prize. Pat was not only lucky to win a multi-million-dollar lottery, but he was also quite fortunate to spend it wisely.
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