Winning the lottery changes your life completely. It can be for the better, or it can even be for the worst. Whether for good or bad depends on what you do before claiming the winning ticket, and what you do afterwards. You would be surprised to find out that many lottery winners end up getting themselves into deeper debt. Here are some things to do before and after winning the lottery.
Stay Quiet
The adrenaline you feel after your numbers get called can have you bouncing off the walls. You may be driven to tell all your friends and family as soon as you find out to share the news, but you must refrain from this instinct. To maintain your sanity, stay calm. Don’t share the news with anyone. News travels fast and before you know it, you’ll have an uncle you’ve never met come knocking on your door.
Check State Law for Winner Publicity
Check your state law to see if you can stay anonymous. Each state varies, for example Delaware, Kansas, Maryland, North Dakota, Ohio and South Carolina allow their winners to stay anonymous, while Arizona allows anonymity for 90 days. Georgia allows winners to stay anonymous if their winning is more than $250,000. Staying anonymous is crucial to keeping yourself as safe as possible. Once you’re publicly named as a winner, you may become a target for extortion to blackmail.
Put Together a Team
You’ll need to acquire an attorney, accountant, and financial planner. Once you are a winner, you may get frivolous lawsuits from people you would have never heard from if you hadn’t won. Your lawyer will ensure your defense for any lawsuits that may come your way. Employ your accountant to help you with your taxes. Once you invest your money, you’ll want to have an accountant on your side to help you through the ins and outs of taxes. Your financial planner will help you budget and invest your money wisely. The key to being a successful lottery winner is smart planning.
Pay Off All Debts
Before you secure the money, pay off as much debt as you can. This way, you will lessen the likelihood of a debt collector taking drastic actions once they know you have the money. Once you receive your winnings, be sure to pay off all debt. The gift of winning the lottery is the ability to put yourself in a better financial situation. Do this by zeroing out all forms of debt. Work with your team to ensure you don’t get into more debt.
Improve Yourself
Put in the work to learn all you can about money. Before you start spending your earnings, learn how money works by taking classes or reading the plethora of books out there, such as Rich Dad Poor Dad: What the Rich Teach Their Kids about Money That the Poor and Middle Class Do Not!
With these tips, you are equipping yourself with the best tools to make the best decisions. Don’t let the best thing to happen to you would be the worst. With bad investments, and impulsive actions, you may make yourself quick targets from malicious individuals.
Comments
47 responses to “What To Do If You Win The Lottery”
I would buy assets that’s gonna pay off my house and expensive cars and invest in real estate
I’m kind of glad I have not won the lottery yet. It probably be spent by now and I wouldn’t have the life I have today. I will take this insight with me just in case it did happen if I was that lucky. Thank you!
Its very important tohave your priorities right when you hit the lottery. Pay off all your debts,get a financial accountant to help you save money and help others. There are more but just be very careful and learn how to budget because it can go fast.
Yes that all sounds like the right things to do I would follow that path because I would like a small business and I would like to enjoy what’s left of my life secure and safe
I love this website
Live my best life , because i deserve it. Help my Grandchildren all 26 of them..
Pay off debts and open a savings account .
I would buy a house
Winning the lottery really is a life changer but you best believe my first donation will be for all those sick children and there families at St.Jude because all those kids want is to be healthy and happy children
I would make sure my daughter and granddaughters and my son have a home to live in and a car that’s reliable and help out the rest of my family and friends
This information is very helpful. If I were to win the lottery or a large win from a contest, these tips will be beneficial to me.
Thank you for this valuable information.
Pay off all my bills travel, charity, homeless shelter
05/19/2019
If I win, I will take care of my kids, pay my debts. Find a lawyer and an accountant that advise me on what comes next. But first I would go in a room try to convince myself that it was real, jump up and down. And tell, and scream that I won, I won I won!!!
If i won i would open transitional homes for people that are less unfortunate like my sound for women and men that are struggling with addiction trying to get their life back on track with resources.
Buy a home a car speed to do something better for the future
I would give to the deariest person in my life my mother.she would handle it like a pro
I would love to buy me a home and a new car and take a vacation to visit family
That was good information and if and when I hit the lottery I will be sure to take your advice
I Appreciate this guidance from this website,it is Very Helpful and Entertaining.
Basically pay tithes then do all the things I just read.
Thank you for this knowledge I’ll do my best in keeping a level head I’ll tell my wife to keep quiet as well
I would leave the country maybe
Leave the country
This is very interesting information something too really think about
I would really love to buy homes to help my children and grandchildren and to help homeless people and sick children.
I would pay off debt. Fix my credit score and invest in something that I can leave to my daughter and grandson. I want them to be okay after I am gone.
I would get me a house and pay it off.. Pay bills off.. Use it extremely wisely..
Pay my bills
Well I’ll pay off my defts buy a house car open a truck driving schools buy homes for all seven of my children open up shelter for the homeless and build appointment for women and children I don’t won’t to be selfish help with college funds that’s my dreams if I win the lottery
If it so happen that I won the lottery,first of all I have debt that I surely will pay off.The money to put my self thru college,will be no problem.Finanical freedom is something that i crave I also will help people.
I would take it slow and decide what needed paid off and how much should be put away for another rainy day.
When I win I’m going to retire and buy myself a home and a new car or truck and I’m going to take care of my family and that information he is so very helpful because I am going to do exactly that give me a team of people that’s in my best interest cuz I want us to be worth it for a long time I might have a long life and finally be able to enjoy it thank you
I would pay my tithes in church to continue my blessings , then pay off all debt take a trip to figure out where I go from here. I know I will open a homeless shelter, continue my blanket ministry to. I’m excited just speaking on some of my dreams if I were financially able
Yes, thank you very much on the advice. Certainly pay any and every depth that I may have. Then live a happy, joyful life.
If, and when I do win. I’d take your advice seriously, thank you
I would be really happy for the rest of my life and my kids. .
I would pay off everything..then live a little..
Invest in some ground breaking medical technology. Invest in undeveloped land and some rental properties
Large donation to my church, my own home and I would continue my education.
I would be really happy
Pay off my Bill’s buy a house
This was very good information…I would have
ended up just like those other winner’s. But now I know how to handle winning.
Thanks
I would buy a tiny house and set some money aside . To never have to worry about being homeless and hungry. Then I would help others, so some could feel secure as well.
To buy a home and pay my debits.
I would pay off bills, fix necessary items at my home I need a new garage door, need landscaping for back yard pay off car and purchase a 2 car garage for back yard and a new truck 2017 GMC Sierra and take my spouse on a trip to las vegas
Personal financial management is indeed one of the most challenging and yes difficult things a person can do in one’s life successfuly.
It demands the utmost in personal integrity, and the ability to comprehend and function in an area of life that is not serious common place for many individuals.
I am one of those.
However I am doing what I can each week to educate myself with knowledge in this area of study, but to live it daily, successfully will be the ultimate challenge!
I hope to someday feel the thrill & excitement of winning a large lottery!
WOW!!!
I will get a great time with my family and having peace of mind