Who would you give money to if you won the lottery?

When it comes to winning the lottery, you can find yourself suddenly in possession of a staggering amount of money – and at this point, you might be wondering whether you could do something to help people in need. But who should you give money to if you were so lucky as to find yourself winning the lottery? Today, we’ll be considering who you might want to donate money to if you won the lottery to help you find the ideal options for your newfound wealth!

Who Should You Give Money To After Winning the Lottery?

Imagine you were lucky enough to win the lottery, and you found yourself coming into sudden ownership of millions of pounds or euros. No more worrying about budgeting – the possibilities are immense!

What would you do then? It’s always fun to imagine what we might do with large sums of money, and to this end, today we’ll be considering who you could give money to if you were so lucky as to win.

How Much Money Should I Donate?

If you recently won the lottery, you’d quite likely find yourself with a few million pounds at least in your bank account. To this end, it can be tricky to work out how much you should give away.

Of course, if you’ve won the lottery, there’s absolutely no requirement to give away any of the money you won if you don’t want to! However, if you have won the lottery and there are good causes or individuals who might be in need of support, then you could consider donating some of your winnings to this good cause.

But how much should you donate? Well, this is something that’s entirely up to you! To this end, then, we recommend you consider the things you would like to buy with your lottery winnings. Once you have worked out what you would like and how much this would likely cost, you may then be able to consider how much of the remaining money you could donate to a good cause.

Indeed, it’s worth considering that even a small donation of your winnings can make a massive difference for a good cause! For example, if you won $5 million and decided to donate just 0.5% of your total winnings, you’d still be giving out $25,000 to an excellent cause or someone who needs it.

Who You Could Donate To

Friends and Family Members

One of the most obvious choices for who you could give money to after you won the lottery would  be to donate a portion of your winnings to friends and family members. Indeed, friends and family can often benefit greatly from a donation of some of your lottery winnings.

Moreover, when you donate a portion of your winnings to friends and family members, it’s also possible that you could transform their life and you’ll be able to further strengthen your relationship!

However, suppose you are considering donating a portion of your winnings to friends and family members. In that case, you should be aware that you could end up having to choose between your close friends and family about who to donate to. Or otherwise, you could donate a more substantial sum of money across a larger number of people – but this could use up potentially more of your winnings than you would have liked to give away.

Charities

If you don’t want to donate to friends and family members, then another option you could consider is donating to charity. Indeed, there are a huge number of charities, and these support a wide variety of different causes. To this end, it’s worth considering how you could potentially support a cause that means a lot to you personally by donating a portion of your lottery winnings.

Schools

As a final option, if you have plenty of money spare with a lottery win, why not consider donating or investing some of your lottery winnings in a local school? After all, if you want to make a direct impact on the future of your community, then donating some of your winnings to local schools could be a good way to ensure that the facilities are upgraded. This can also help ensure that your community’s children are getting a good education.

Final Thoughts

If you have been wondering who you could donate to if you won the lottery, then you may want to consider our list above. Indeed, we’ve listed some of the ideas you could choose if you want to make a difference with your lottery winnings.

What would you do if you won the lottery? Who would you give money to, if anyone, if you were to win the lottery? How would you decide? How much would you be willing to part with from your winnings, if any? Let us know in the comments below!

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Lynn Beattie

Aka Mrs MummyPenny

Personal Finance Expert

I write about personal finance made simple, lifestyle choices that will save you time and money, as well as products and services that offer great value.

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