10 Things To Do When You Win The Lottery

Daydreaming about winning a Powerball lottery is easy, but when you hit your luck, you won’t know the next step eventually. So much money and no plans? We are here to help you out with 10 things you need to do when you win the lottery you have wished for forever!

1. Sign your Ticket!

 Losing a ticket is not an impossible thing to happen. If you want to show yourself as a credible owner of the lottery ticket and claim it, you need to take extra measures and not leave a loophole behind. First, make sure as soon as the ticket gets in your hand, sign the back of it. In this way, even if you lose it, someone else cannot claim the money. Secondly, find a safe place to store it: a storage box or a locker in the back where no one can reach it.

2. Take your Maximum Time

All you need to do is check the end date of cashing on the lottery ticket. If the date is not mentioned, call your local lottery, and ask them about the last date. Then, start your planning and cash it only when the deadline is near so you have maximum time to do your complete planning of where you will invest or spend the lottery money. Some of the lotteries have a few days deadline, whereas others, like jackpot, have longer. Just know yours and get started!

3. Options of Anonymity

Getting famous is one thing, but privacy concerns are an essential factor when you become the owner of a lot of money. For example, when you win a lottery, you need to find out options for anonymity to be saved from interviews and organizations convincing you to invest in them. A few of the trusts are ready to help you to avail yourself of the money under their name. 

4. Have Control Over Paparazzi

Money makes you a celebrity! When you win a significant amount of money, people start to follow you. And not just ordinary people, but organizations and interviews from various channels make your happiness a liability; better take a few steps beforehand so you stay safe! Stay low-key considering your phone numbers and social media accounts on halt, or setting a new one would do the job.

5. You would need Some Help!

Owning a considerable amount of money may seem easy, but it becomes a real fuss when it comes to managing it. To help yourself with the headache, you need to hire a professional team that consists of a financial advisor, a lawyer, and an accountant. A financial advisor suggests where to spend or invest your money, an accountant to keep a look at your transactions, and a lawyer to save you from lawsuits and frauds.

6. Think before you claim the Money

You will have to choose one of the two options. Either get the lump sum amount of the complete lottery ticket or an amount annually. It’s totally up to you which one to choose depends on your expenses and your plans. Consulting a financial advisor will be a good idea.

7. Spread your Wealth

You have become a wealthy person overnight for which you never thought or prepared for. The standard bank account of an individual allows a limited amount of money for every state. Transferring a significant amount will raise a hundred questions by the bank as well as the government. The solution is to spread the money to different accounts to stay safe.

8. You don’t need to quit your job

If you win the lottery, it doesn’t necessarily mean that you have to quit the job, at least not until the cash is in your hand. Even when you receive the amount, keep a side hobby, or start a small venture, you always have wanted to. It will keep you busy, and an extra source of income wouldn’t hurt.

9. Do Charities

Winning a giant lottery may change your lifestyle, but considering the lives of the poor and their needs will make you humble and kind. Setting an amount for them for every year will bring you peace.

10. Look for other things too

Once you get a lottery, you may be involved so much in it that your world will start to revolve around it. However, money is not everything. Exercise, healthy food, and keeping yourself busy will only bring mental peace. Prioritize, then work on it! 

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About FinanceGAB

Ajeet Sharma is a financial blogger and I am blogging since 2017. Financegab is a personal blog dedicated to personal finance. The main aim of this blog to help people to make well-informed financial decisions.
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