3 Things You Have to Do After You Win the Lottery

Lottery payments

If you ever somehow defy the odds and win the lottery, there are some important things you need to do. Your days may be worry free of money problems from there on out, but you’ll still have to take care of a couple matters first. Here are just a few things you’d have to do if you win.

Think Really Hard About What You Want to Do With Your Winnings. - After you win, you can receive your new fortune either as a lottery lump sum payout, as a lottery annuity settlement. The lump sum is exactly what it sounds like. It’s all the winnings, right then, right there. The annuity option pays out yearly lottery payments for decades. If you plan to pay off exorbitant loans, purchase a home, or invest in a business, you may want to get the lump sum. However, if you have no plans of making a large purchase, it may be wise to choose the annuity option, as less is usually taken out in taxes.

Remain Anonymous. - If your state allows it, you’d be wise to remain anonymous. Once people find out about your sudden windfall, they’re going to start asking for favors, handouts, loans, and more. Helping out friends and family is not a bad thing, but it’s easy to give out too much. Plus, financial advisers, and investors may come looking to help you use your money, but in reality, many are only be looking to use you. Worst of all, someone may think about burglarizing your home if they find out you’ve won the lottery. Remaining anonymous is just safer.

Budget Your Spending, Even If You’re Now a Millionaire. - Spending your entire fortune is a lot easier than you might think it is. Just do a quick Google search of past lottery winners, and you’ll be sure to come across a whole mess of people who lost everything as a result of their reckless spending. Rather than letting that happen, it’s best to keep living on a budget.

These are just a few of the things you would be wise to do should you ever get that stroke of amazing luck to win the lottery. If you have any questions, feel free to share in the comments.

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Laura

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