What to Do Once You Win the Lottery
You’ve been diligently buying lottery tickets your whole life. Surely, you’ve spent some time thinking about what happens if you actually won. However much you spend your time thinking about buying your own plane, solving homelessness, or buying your extended family their own houses, there are some practical matters to consider once you’ve won those millions of dollars. In this article, you’ll learn about some of the things you need to do once you realize you’re a millionaire.
“Keep it Secret, Keep it Safe”
Gandalf’s wise words to Frodo also apply to winning lottery tickets. Once you’ve won, if you’re a normal human being, you’re going to be excited and want to spread the news. However, until you’ve figured out how you’re going to handle your newfound wealth, it would be best to keep the fact that you won a secret. After all, you don’t want reporters and other people swarming your house looking for a story or cash.
You also need to keep the winning ticket physically safe. Make sure you sign the original, make multiple copies of it, and then store the original in a safe place like a safety deposit box. Do not hand it over to a gas station attendant to verify if the numbers are correct. Keep physical control of the ticket at all times until it is safely secured in a bank or a safe.
Try Not to Ruin Your Life
As much as you’d think winning millions of dollars would solve all of your problems, this is not always the case. There are several tragic stories out there of people who won the lottery and then completely ruined their lives and sometimes the lives of those around them as well. The best way to avoid this is to hire a team that will help you manage the money. Three people you’ll need are a lawyer, a financial planner, and an accountant. This is especially true if you weren’t necessarily good at managing money before you won the lottery. Having millions of dollars to manage isn’t going to magically fix your money management problems. Those three people will help you plan what you are going to do with the money and keep others from making claims to your money on dubious grounds.
Decide How You Want to Receive the Money
Finally, to get the money at all, you’ll need to decide whether you want it all at once or in a series of payments over the course of decades. This is where your state and national tax rules come into play. This is also where you’ll need the advice of your financial planner and accountant to help you make the best decision, which is why it is essential to hire those individuals. Each method has its benefits, but you should consult the professionals to figure out what is right for you.
It’s fun to spend time thinking about all the different things you could spend money on if you won the lottery. If you every do find yourself in such a situation, then follow the advice above to make sure that you can make the most of your winnings, and congratulations!