Winning a Prize Bond: What to do with your Prize Money

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We all dream about a day when we have won a lottery and have become a millionaire overnight. The day when finally we can buy anything we desire & our lifestyle will be evolved in blink of an eye. However, this is all good as far as dreams are concerned. No matter how big a reserve you have, it will run out some day, unless you use your money to generate more funds!

 

The question is that if you get lucky enough to win a prize bond, why would you be worrying about anything? The only thing you will be concerned about is investing the money in right way. The rule of thumb here is 30-30-40. Use 30% to do all the things you always wanted to do, Save 30% for rainy days and put 40% in a place that will generate you more money. However, the decision will depend on many factors including your monetary debts, current financial needs, risk appetite, responsibilities etc. Here are a few recommendations for how you can use your prize amount in a sensible manner, go through them:

Put your money in a Savings Account

If you are not ready to re-invest your money or feel that you will not get this lucky again, the best things you can do is put aside your money in a savings account and forget about it. While you think about what to do with that money, your amount can cash some more milk.

For the most lucrative saving account options go to our banking section by clicking here.

Buy More Prize Bonds

Your interests in prize bond investments will even multiply if you end up winning one. With the prize amount you receive, it is always recommended to use some money in buying more prize bonds. The higher the number of prize bonds you own, the more chances you have of winning one. The lucky draws work on probability & you can increase your prospect for winning by either buying number of bonds or investing in higher amounts. Plus, what have you got to lose?

Get Some Foreign Exchange

With the dollar rates hiking again and Yuan being approved as a foreign currency for transaction in Pakistan, forex is a very safe option to protect your pool of money from getting devalued.

To invest, save & use your prize amount properly, you should carry out sufficient research from various sources to become an expert at handling budgets.

Unconventional Business Opportunities

The world has evolved, there are now many different investment opportunities that are there that you can explore if you have the right amount. You can invest a car in a ride-hailing business Eg. Careem, Uber etc. You can invest in a company’s ICO (Initial Coin Offering). The options are never ending.

Read the following article for more ideas:

5 Unconventional Places to Invest your money