It is an open secret that many lottery winners ended up spending all their winnings in a span of days or weeks (some reached a couple of months and a handful reached some years). The main reason for this tragic ending is the winner’s inability to manage his/her winning properly. In order to avoid such a scenario, it would be really helpful if lottery players would already devise a game plan in their minds as to how they are going to spend their winnings way before they actually win. This way, they will be more goal-oriented and they will have better chances to succeed handling their money the right way. There are already a lot of published materials which are designed to help players come up with a good game plan. The following things are extracted from some of these materials:
1. Getting Ready for the Spot Light
No matter how much you would avoid getting the attention, lottery winners are doomed to get so much of it, not just from people wanting to ask for their share of the winnings but also from the state’s IRS and police force. If you have had a history of being fraudulent in some of your transactions with IRS, then you must start cleaning after your mess. Once you win, IRS will dig every bit of financial information about you and they will surely know what it is that you have been hiding in the past. The local police will also be alerted because of your sudden fortune. They would assume that your money will attract the attention of thieves and other unlawful individuals so they would routinely check on you. Different television stations will also want to hear from you, you also need to grace newspaper and radio interviews.
2. Choose between getting your prize in a lump sum amount or through structured settlement pay-outs.
Almost every time, agencies that sponsor lottery games would give the winner two options in claiming his/her prize; either the winner would want to get portions of the winnings every specific period or get the overall amount all the once. Both methods have their own advantages and disadvantages, but it is still better if the winner will choose to get his/her prize in full all at the same time (assuming that he/she can handle his/her finances properly). The winner can always deposit the winnings to a bank and get dividends. Moreover, the winner can also use the money to invest on a high-earning business.
3. Clear the Mind
It is a wise move to get away from the spot light for a couple of days or weeks, if needed. Of course, after the win, you will definitely feel like everything is surreal, which might work against you. use the opportunity to get away from work and to the attention dragged by your win. As much as possible, do not think about the winnings and focus more on yourself and in the decisions that you want to do. You need to carefully plan out everything if you don’t want to end up regretting.
4. Contact Information
It is natural for anyone who knows you to contact you through your phone number; the winner should know that hundreds or thousands of people will try to contact you to ask about your winnings. This can make your life very troublesome. It is wise if you change your phone number so that you will be able to lessen the external distractions which might affect your decisions as to how you are going to spend your money.
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