There are millions of gamblers that play the lottery on a daily basis. Of course, they keep playing with the hopes of winning the big jackpot one day. They might think of that money as an investment in their future. Dreams of winning enough money to retire early and buy luxury items keep them playing faithfully. When they least expect it, they actually hit the jackpot and win millions. Even splitting the mega-millions jackpot leaves them enough money to live on well into the future. What should they do after winning millions? Read on for the real answers.
Take A Deep Breath
The first thing the lottery winner should do is take a deep breath and settle down. Sign the back of their winning ticket. Take a close candid photograph holding the winning ticket. Store the winning ticket in a safe place. Wait a few days or weeks before turning in the winning ticket. Realize that their world is about to change. Next, wait and gain their composure. Start thinking about the next step to take. Once, the initial winning excitement is over, think about finding a financial adviser or lawyer to handle the winnings. In addition, remain anonymous or keep a low profile.
Keep A Low Profile
Everybody is curious about the lottery winner. They will hunt down the winner and scheme to get close to them, ask for interviews, or pitch an investment scheme to them. Family and friends might demand a cut of the winnings. This places a lot of stress on the winner. Instead, keep a low profile. Do not share information about winning the lottery on social media sites or with people outside of the family. Only share this information with a spouse or keep it completely private. It might also help to change phone numbers and close all social media accounts.
It’s very risky for the lottery winner to try and handle sudden riches alone. Many lottery winners lose money in risky ventures or lavish spending. It’s important for the lottery winner to hire a financial expert, lawyer, accountant, and estate planner to handle all the financial details. Never make the mistake of asking friends or a relative because they took accounting courses. Invest in a certified professional with experience handling lottery winnings or investing money, before turning in the lottery ticket. They will advise the lottery winner on the best way to collect their winnings. For example, collecting the money in a lump sum or annuity payments. Certainly, it’s worth taking the time to find good advisers and get a team together to handle finances.
Live for The Present
Of course, it’s important for the lottery winner to invest wisely for their future. The wise lottery winner will learn methods to live on their interest or income instead of their principal. It’s also important to live in the present. Live life to the fullest. Share winnings with close family members the right way by letting a lawyer set up trust funds or investments for family members. This takes a lot of stress off the lottery winner and allows them to really enjoy the present and look forward to the future.