Financial Advice For Lottery Winners
Firstly, Congratulations to all the lottery winners reading this article on “Financial Advice For Lottery Winners”. Isn’t winning a lottery a great feeling. I know you all must be on cloud nine right now and why not. The odds of winning a lottery are really low, so all you lottery winners are really lucky and truly deserving. I know you must still be in a state of shock, surprise and excitement. Some may have even started thinking of what they are going to do with this money, planning vacations, pampering yourself etc. But its important that you overcome all this and read this guide on “Financial Advice For Lottery Winners”. This will really prove useful and you will save yourself from trouble that most lottery winners face.
And for people like me who have not yet won a lottery, it does not hurt to read. I am very optimistic that one day I will be a lottery winner too. Read this guide, so that when you become a lottery winner you would know what to do. And also other readers and I would like to know from lottery winners and non-lottery winners what would they do if they win a state lottery. Please share it in the comments section. So here are some financial tips for lottery winners.
Financial Advice & Tips For Lottery Winners
- Keep Your Ticket Safe:It may seem like a silly advice. You may even say “Why on earth we won’t keep the ticket safe that’s gonna change our life.” But I would still ask you to keep your ticket safe because there have been many instances where lottery winners have lost their tickets. So keep your lottery ticket safe and don’t try anything fancy(Keeping your lottery tickers under clothes or in kitchen utensils). The traditional safe deposit box will work best.
- Don’t Quit Your Job Yet:This is the most common mistake that lottery winners make. As soon as they hear the news that they’ve won a lottery they quit their job. This is not a wise thing to do. There are terms and conditions with every lottery which as a lottery winner you have to fulfill and what if the lottery organisers find you not eligible. Also, many lottery organisers pay the lottery amount in annuity and after taxes the amount may not be as much. So till everything is cleared and you get the amount, don’t quit your job.
- Get a Trusted Accountant, Lawyer And Financial Advisor:My third financial advice for lottery winners would be to quickly get a trusted accountant, lawyer and financial advisor. They will help you understand the taxes, will help you understand the terms and conditions of lottery and will guide you on how to invest the money. The best way to find a trusted accountant, lawyer and financial advisor would be through referrals from friends and relatives. Also, it would be in your best interest to get rid of your tax debt.
- Decide On a Lumpsum or Annual Payments:Most of the time you have the option to get your lottery amount lumpsum or annually. So decide carefully and wisely. If you have no control on your spending, then getting your lottery winnings annually would be a wise move.
- Stay in Touch With Your Family And Friends:It is very important that you stay in touch with your family, friends and relatives after winning the lottery. You will be in a state of mixed emotion what to do or what not to do with the money. Your family and friends would be the best people to give you correct advice and save you from doing something drastic.
- Change Your Phone Number:Immediately change your phone number as soon as you win a lottery. Otherwise you will be flooded with calls from charities or from newspapers asking for interviews.
- Get Yourself a Private Bank Account:As soon as you win a lottery, get in touch with your bank and arrange for a private bank account which is confidential and more secure.
- Lastly, Don’t Get Carried Away:My final advice would be to not get carried away. There have been many instances when big lottery winners have gone bankrupt in a few years due to getting addicted to drugs, gambling etc. So don’t do it, stay cool, keep in touch with your family and friends and enjoy your new luxurious life.
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