You’ve probably dreamed many times about winning the lottery and imagined how your life would turn out if you became an instant millionaire. Picture this: Lotto numbers pop up on your TV screen, and each matches the digits on your ticket.
Slowly, your excitement builds, and a shadow of disbelief strike you. After a short moment of doubt, you realize you just hit the jackpot. What should you do next? Well, a lot.
Unfortunately, studies reveal that most lottery winners end up broke as a result of little to no knowledge on how to handle a jackpot.
Although every lottery player dreams of winning, not many are prepared to handle a positive outcome. Before rushing to claim your winning, several aspects must be addressed. Here, we highlight some of the most crucial things you should do to avoid losing after winning. Keep reading.
Protect your Ticket
Begin by protecting your lottery ticket. Make copies on both sides, store several digital copies, and secure your ticket at your local bank’s safe deposit box. Then, contact the lotto authorities and give yourself enough time to plan.
Most lotteries give winners between 6 months and one year to claim their prize. Once you have identified a team of expert advisors, have them look into the contract and the rules involved before signing the original ticket.
Get Financial and Legal Representation
Once you have verified your options for claiming your prize, get expert advice and representation. Lottery winnings require winners to secure a team of experts to help in determining the best ways to maximize earnings and stay safe.
It means seeking the help of an attorney, an investment advisor, and an accountant. All should have dealt with windfalls before. As revealed in most lottery winners stories, front-runners have in the past faced major challenges, especially with lawsuits and debtors.
Most were also reported to have challenges with how to handle money requests from both reputable and disreputable sources, how to offer donations to charities, and where to invest. Before settling, you must be familiar with the steps to take to identify a good attorney and a financial adviser.
Protect your Privacy
It is crucial that you keep your jackpot win private. It may be tempting to broadcast your win to the world, especially if you are about to become a multi-millionaire, but this only makes you a target. Keep your secret tied to a small circle of people you can trust if you must, such as your family, close friends, and your advisers.
Experts suggest that lottery winners should consider deleting all their social media accounts to avoid media trolling. Because a lot of people may want to contact you, begin thinking about how you want to be contacted.
They may reach out for handouts. Some state rules permit anonymity. Remember, broadcasting your win exposes you to a lack of privacy, threats, seething jealousy, and demeaning comments. You also risk jeopardizing the life of your family, especially your children.
Don’t Quit your Job
This is the most common mistake made by lottery winners. A lot of winners overestimate the level their multi-million jackpot can stretch. Take enough time to decide on how you want to spend the money.
There is financial planning to be addressed, and you will need to ensure that the numbers on the ticket were read right. While at work, keep the news of your good fortune quiet. Otherwise, your boss could begin looking for someone to replace you.
Do not go into a Spending Spree
Most lottery winners get too excited that their reasoning fades, causing them to get into an epic spending spree. Most of them get into an exotic lifestyle without checking their dwindling bank balance.
It is important that you first come into terms with the amount you have and plan on how best to capitalize on it. Although there is the stress of managing large amounts, a well-balanced winning can have positive effects on your life.
Winning the lottery could be a dream come true. Should you or someone you know ever win the lottery, these are some of the tips to consider.
