Winning the lottery is one life-changing experience that only a few will ever get to experience. You must read this guide if you are lucky enough to be among the few people that win the lottery. You can also still read this even if you are daydreaming about winning the lottery.
Ironically, many lottery winners say that winning the lotto has ruined their lives. This is because of the stress of friends, families, and organizations requesting money. On the other hand, it is also challenging to manage a lot of money. Add the spotlight to the list, and you have more than enough to worry about. Hence you need to be prepared for the mental demands of becoming a millionaire overnight. This guide consists of everything some of the previous lottery winners wished they had known.
Tips On What to Do When You Win the Lottery
Once you hit that jackpot, your life has suddenly changed. All your financial problems are taken care of, but there are a few things you need to do to enjoy your money in peace. Below are our tips on what to do when you win the lottery.
Be Quiet About Winning
Although it is very tempting to want to share the news with friends and family, it is advisable to keep it to yourself. This is especially if you have yet to plan how you will handle the money. The first three people to know about this should be your lawyer, accountant, and financial adviser. Make sure that neither of them is a friend.
Secure Your Ticket
Losing a winning ticket might be one of the worst things to happen to you. Keep your ticket in the most secure place. You also must make at least two copies of the ticket. This is to give to your lawyer to go through the terms. Make sure no one else can access your original ticket, and make sure you have signed it.
Bank Wisely
Firstly, you need banks that charge reasonable fees. Then distribute your money across a number of banks and bank accounts. This is for insurance. If you put all your funds into a single bank and, for whatever reason, the bank becomes insolvent, you might lose a lot of money.
Keep a Low Profile
Stumbling upon a lot of money instantly might tempt even the most reserved person to showcase their instant load of money. It is, however, best to keep a low profile. Although some state lotteries might require that you appear in the media. Ask your lawyer for advice in terms of requesting to stay anonymous. Depending on the lottery and the state you’re in, you can also set up a trust to handle your funds and protect your identity.
Keep Your Day Job
If you can, you should keep your day job for at least a year after winning. Keeping a day job will keep you busy, and your life will have a sense of purpose. If you decide to quit though, you can just return to whatever passion you’ve always had. You might even go back to school.
Invest in the Future
Ask your financial adviser about the best possible investments. Also, invest some of your funds into what you are passionate about. This could be art or anything that you really like. Also, ensure that your pension funds are set aside and that they are growing.
Give to Charity
Giving is one of the most fulfilling acts. Ask your advisors about charity tax and give not only to cut off some tax obligations but for your own sense of purpose. There is obviously a cause that is closer to your heart than anything else. Donate to that cause; you can do this through a trust if you have one, or you could give anonymously.
John Ford has been writing online gambling content for over 18 years. Born and raised in the heart of the Short Pump, Virginia, John’s journey through the casino industry began on the casino floor itself. He started as a dealer in various games, including blackjack, poker, and baccarat, cultivating an understanding that only hands-on experience can provide. John’s passion for writing casino guides stems from his casino experience and his passion for helping fellow punters. His articles are more than reviews; they are narratives that guide both novices and seasoned players through the labyrinth of online casinos.
