Every week Canadians have the chance to win millions of dollars from various lotteries, often with as much as $50 million up for grabs from a single jackpot. However, imagine if you did win, would you really know what to do with the cash? Well here are some pointers for the fortunate few.
First of all it is worth considering depositing the cash into a high-interest savings account. While at presents interest rates are quite low, even a rate of 1% on millions can generate more than enough cash to live on.
Those interested in making sure that the money lasts for future generations should be very careful how they invest it. The ideal would be to put it into dividend paying businesses. These companies pay shareholders a set amount every quarter or year. With the correct investment advice, it is possible to generate many more millions this way.
Most winners will want to move to their dream house. While it is not advisable to go crazy and spend $20 million on a house, there is no problem with paying $2 million. Just be sure to pay in cash and avoid being stuck in a mortgage where you would have to pay interest to the bank.