Most people who win the jackpot lotto draw or who receive retirement money from their employers lose the money quickly. That’s sad and disappointing since that much money is best managed by growing or investing them. Here are several ways to take care of windfall profits:
Hire a professional financial advisor—Most Filipinos only know how to spend. The core problem is managing the funds. Like the old saying, “easy money, easy go”. Historically, jackpot winners buy houses, cars and luxury items and never think of hiring the services of a professional fund manager or hire someone who’s financial IQ is superior.
If you are not trained in war, you die quickly in battle. The same applies with personal finance. You could go bankrupt if you are not trained financially. As emotions rise, logic goes out the window. That explains why having much money not only increases confidence but also feeds your ego that leads to poor decision-making and results in a quick depletion of real or paper assets.
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