We have all heard of sad but true to life stories about lottery betters who went from rags to riches, then to rags again. The common denominator of all these winners is the fact that they were not able to handle their winnings properly. This is quite understandable though since majority of the betters do not really have enough money to live a comfortable life — this is even the primary reason why they played the lottery in the first place. And now that they’ve got the money, they are clueless as to how such an amount of money should be handled. This article will teach lottery winners to stay rich years after they have won the lottery.
Actions Necessary Immediately After Winning the Lottery:
1. Keep the News Private. It is important that you keep quiet about your winning, at least before you really get hold of the money. You don’t have anyone prying on your privacy, don’t you? Or have someone interested of stealing away your precious winning ticket? It will also be very embarrassing if you claim to have won the lottery and end up unable to claim the prize because of certain reasons.
2. Give importance to details. Read all instructions on how you can claim your prize smoothly. You will be required to present pertinent documents to prove your identity, so better secure these documents first before heading to get your cash. It will also be helpful if you will sign your winning ticket (but don’t do this if the instructions tell you to keep the ticket free from any markings). If you can’t sign the ticket, just photo copy it, or maybe take a picture of your holding the ticket — make sure that the winning combination is clearly captured. You can use these files to prove the veracity of your claim just in case something goes wrong.
3. Talk to a lawyer. When it comes to money, you’d better seek the help of someone who knows a lot about the legalities within the state where you are currently living. Your lawyer will be able to provide you with legal security in keeping your money and your transactions safe from deceits.
Possible Legal Issues that You Might Encounter:
1. You have the right to protect your identity from the public. Thus, if your name is published by the lottery company or the media, you have every right to sue whoever is behind the plot.
2. Next, if you really want to have a smooth transaction, immediately consider the taxes incurred by your winning. Ask you lawyer to do this for you, just be sure that your lawyer is trustworthy. The taxes will be different if you choose to receive your winnings as a lump sum or as a yearly annuity. You can also ask you lawyer which of the two options is better for you; but if you want a more sound advice, I suggest that you hire a financial adviser who can really guide you through the process.
3. If the ticket is jointly purchased, it is important that you immediately establish a partnership with the person who you purchased it with. This is save you from a lot of troubles in the future.
What to Do After Claiming the Money?
1. Authorize your attorney to collect the money for you. This will ensure that you keep your identity safe.
2. Hire a financial advisor or a good accountant to help you with what you should do with your money. They may offer you suggestions as to how you can maximize the potential of the money that you have.
3. Allocate money for your spending. Properly managing your money does not mean depriving you of enjoying your winnings. Just allocate a modest amount for your spending spree. But the rest of your winnings, stock it up for business and for savings.
4. You can save your money in a bank and then get annual payments for the interest that it has earned. This way, you will get enough money to sustain your lifestyle, but at the same time, your money is left untouched in the bank.
5. Do not quit your job immediately. There are perks to having a stable job. You might have to quit it someday, after your business has grown big time. But as of the moment, it is better that you keep it.
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