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Big Luck in the Maryland Lottery? How to Spend the Winnings!

| November 08, 2021, 08:00 AM

Maryland has certainly seen its two doses of big luck as a retired utility worker proved that the odds of winning the lottery aren’t insurmountable and that you can do it twice if you’re persistent enough. The man won the Maryland Lottery $2,000,000 Richer scratch-off two times.

He decided to spend his first winnings on retiring and taking his family on vacation. Now, he’s thinking about home improvements and another family vacation. So, what would you do with the money? There are so many opportunities.

The Arc of Central Maryland

An Opportunity to Invest

Winning a large amount of money is always a good opportunity to invest. This is possibly the smartest way to go. It’s always a good idea to keep the money coming in and stay on a budget that’s affordable. If we spend more than we earn, we’ll go through our winnings in no time.

That’s why it’s good to think about different investment opportunities such as:

  • Real estate: One of the key reasons to invest in real estate is cash flow. Another reason is the appreciation of real estate. The value might increase over time when it comes to real estate, and we can earn a good amount when we sell.
  • Cryptocurrency: When you get well-informed on the matter, it might be a great idea to invest in cryptocurrency. Make sure that you are investing in one that seems most reliable, or you can diversify your portfolio which is a safer bet.
  • Business: Investing in a business turns a profit. A good idea is to invest in something related to the food or delivery business. Imagine having your restaurant chain in Maryland. It’s not impossible if you have the skills and the initial investment funds.

Give to Charity

We’re not saying that you should give everything to charity, but you can give some of your winnings to improve the lives of others. This way, you don’t give away your entire winnings, but you do reward yourself in terms of fulfillment.

You can opt for combining the two ideas. Invest part of the winnings into something that gives you a steady passive income, and donate another part of the winnings to charity. Better yet, invest in something that earns you an active income and be charitable with that.

Liquified Creative Annapolis

Go On Vacation

If you’re not all that into investing and giving to charity, you can always go on vacation and deposit the money into your bank account. Think about exotic places, think about a place that you haven’t been to. Dubai, perhaps.

Imagine traveling to Dubai, renting an apartment in a five-star hotel, and going all out for a few weeks. Just enjoy everything this place has to offer. You can even rent a Lamborghini and drive around just to experience the luxury.

Buy a New Home

When big luck hits there are countless possibilities. One of them is buying a new home. This is probably the first thing that comes to mind when you’re living in a smaller place with your entire family.

Imagine moving from a 1200 square foot home to a 2500 square foot house (or larger) anywhere in Maryland. Plus, this is a way for you to invest as well. If you’d like to move somewhere sometime in the future, you can usually count on real estate appreciation.

Imaginative Home Improvements

Like our lucky Maryland $2,000,000 Richer lottery winner, you can always think about home improvements.

Think about it, you can finally add a media room, install a hot tub, or build a swimming pool in your backyard. Or, you can go with something modest like a bar and game room in the basement.

Conclusion

When we win big, like our lucky Maryland lottery winner, we can dream big, and we should. So, will you invest, go to Dubai, buy a new home, or do something else?

Category: Local News, NEWS

About the Author - Stephanie Maris

Stefanie is a local blogger and social media content marketer from Maryland and most recently a wife and a mother. She has an unhealthy obsession with puns, sarcasm and caffeinated beverages.

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