A MONEY expert has shared his clever tips on how to actually stay rich after winning the lottery.

TikToker Rahul has posted a video advising his followers on what they should do after scooping a big prize.


The money expert has shared his tips on staying rich after winning the lotteryCredit: TikTok/moneywithrahul
He explains investing all the money at once carries a higher risk


He explains investing all the money at once carries a higher riskCredit: TikTok/moneywithrahul
By spreading the payments over 30 years you have a steady income


By spreading the payments over 30 years you have a steady incomeCredit: TikTok/moneywithrahul

He got the idea of sharing his helpful tips after an article reported a “winner of $1.28 billion lottery gets $433.7 million after tax.”

Rahul explained that when someone wins the lottery there are two options on how to collect the cash.

He said: “Here’s what you should do if you won the lottery: You get two options, a lump sum payment or to spread the payments across 30 years, each payment being 5 per cent larger than the previous one.

He continues noting that if you select the first option you will end up losing a big sum of money on taxes.

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Investing: know the risks

INVESTING is a risky business.

It’s not a guaranteed way to make money. You cash can always go up as well as down.

Make sure you know the risks and can afford to lose the money.

Before investing you should check the Financial Conduct Authority’s register and check its list of firms to avoid.

Additionally, he says investing it all at once carries a higher risk.

“But if you take the annuity option, you’ll have a consistent flow of income for 30 years, ” he added.

“Seventy per cent of this you can use to invest and 30 per cent of this you can use to live, enjoy and travel.

“And that’s the thing; it’s not about becoming rich and showing off, it’s about staying rich.”

TikTokers had a lot to comment with many questioning what would happen if you select the second option and the lottery company goes bankrupt.

One asked: “what happen is the lottery company goes bankrupt after few years?

Someone said:” no this is the correct thing to do 1 if you’re old age 50 or over take the lump sum 2 if you’re young take the annutiy option 18-49″

Another one wondered: “theres fax after winning lottery?”

Someone commented: “All depends on your age. 35 y.o. & younger – take it over 30 years. Older take lump sum & put into a Trust.”

Another money expert revealed the six things you must do before launching a side hustle.

There are five common insurance mistakes to avoid and you’ll save £900 a year.

Another expert has revealed how much money you could be entitled to if your flight is cancelled or oversold.

Aliki Kraterou

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