What to Do if You Win the Lottery
If you have won the lottery, congratulations! This is a once in a lifetime opportunity. I’m willing to go out on a limb and say you never thought would happen to you. What aa exciting time for you and I bet you are planning this very second what to do with your winnings. The options are endless, depending on how much you won of course. Investing, gifts, paying off debt, houses, cars, traveling; it’s all running through your mind right now, I’m sure. There are so many things that you can do now that you never thought you would be able to, whether it’s personal goals or a bucket list or helping someone else achieve theirs; maybe both! However, there are a lot of things that you should know before even receiving your money. Procuring advisers would be a good idea so that they can let you know all the necessary steps and actions that need to take place. Before you get carried away, here are just a few of the things you should do first.
As soon as possible, sign your winning lottery ticket. Whoever holds the ticket is the winner so a picture or a video of yourself with the ticket as well as signing it can help to prove that you are the winner should something happen. People can go crazy about money and you don’t want someone to steal your ticket and your winnings.
- Decide how you want your money
You actually have a couple of options of how to get the money. Either take it out in a lump sum or you can receive payments over time or get an annuity settlement. You also have the option of selling lottery payments which will save you somewhere between 25 and 35% on taxes. Selling lottery payments can be a good option also because you will get that money sooner than you would a lump sum payout. It can take a very long time for everything to be in place to receive your money but selling lottery payments will allow you to get the money even before everything is finished processing.
- Get a legal team
You will need legal advice to make sure that you are making the best decisions. You’ll need business attorneys, tax attorneys and trust and estate attorneys to help you. A certified financial adviser would be beneficial to have on retainer especially one that has experience with clients receiving a lot of money suddenly.
- Outline a publicity plan
If you live in a state where you don’t have a choice to remain anonymous then you will want to have a plan in place for talking to journalists and TV reporters that will approach you. Decide beforehand what you want to share and what you don’t and also if you would rather talk yourself or have someone speak on your behalf.
- Watch yourself
This doesn’t really have to do with the money but more your own mental well being. Many times when people into a lot of money suddenly they can experience bouts of anxiety, panic and other negative emotions that they didn’t expect to encounter.
- Remember who you are
When you come into a lot of money your life can completely change. It’s almost impossible to keep things exactly the same after you have received millions of dollars. Before you receive your money think about the things about your life and who you are that you love. Making a physical list of who and what is important to you is a good idea because that is something you can look back on when things begin to change.
This is part of why selling lottery payments and getting cash for your settlement is a good idea because it will help you to space out your earnings and not let them overwhelm you. In any case, remember that what you have been given is a blessing and you should not feel guilty about enjoying it. Helping others with your good fortune is a way to stay grounded and still think about your loved ones and the world around you. Investing in charities or helping those in need will be very beneficial to your state of mind.