It’s your turn to win the Christmas Lottery! Tips from the Bank of Spain to avoid ruin

Winning a big prize in the Christmas Lottery can be a life-changer, but it is crucial to manage this new capital wisely to avoid future financial difficulties and not be the protagonist of news stories in which the life of a new lottery winner is told. . which has been ruined within a year. Here we offer you some key tips that the Bank of Spain collects to manage a lottery prize.

How much money do you win with Lottery prizes after the Treasury?

In the case of prizes greater than 40,000 euros, keep in mind that the actual amount you will receive will be less due to the taxes that you will have to pay to the Tax Agency. Prizes less than 40,000 euros are exempt from taxation.

Debt Settlement vs. investment

If you are considering paying off debt, compare the cost of the remaining debt with the potential returns on an investment. If you choose to invest, make sure you fully understand the risks and possible losses before making a decision. It is vital not to get carried away by the emotion of the moment.

Future spending on significant purchases

When purchasing expensive items like a car or home, consider the additional expenses that come with them, such as maintenance, insurance, supplies and taxes. These expenses vary depending on the asset purchased and its duration.

Cool head with whims

While it’s tempting to indulge in your new capital, treat this money as seriously as money earned through your work. This will help you avoid compromised financial situations in the future.