10 things to do when you WIN the lottery
According to Forbes, from the moment you claim your lottery prize, you will be descended upon by vultures who want a hefty helping of your winnings. And if you haven’t had smart money habits up until now, you could easily turn out to be your own worst enemy by quickly squandering the fortune. So when you do win the lottery, make sure you have a strategy ready .Here are some tips to follow.
1. Remain anonymous if the rules permit it. Yes, it’s very nice to have your photo taken and your name all over the newspaper. However, you could end up receiving a lot of unwanted phone calls from relatives you didn’t even know existed.
2. See a tax professional before you cash the winning lotto ticket. Not every lottery game is tax-free. It makes sense to understand how much you can actually take home, doesn’t it?
3. Avoid sudden lifestyle changes. It’s so easy to adopt the luxury lifestyle and before you know it, more than half of the winnings are gone! Take some time to research the things you wish to buy and allocate your budget for each of them.
4. Pay off all your debts. There is no better feeling than being debt-free!
5. Assemble a team of legal and financial advisers. It can be confusing when all of a sudden everyone wants to give you their advice on how to invest your money. It’s best to find a team of professionals who can provide you with the best advice suitable to your specific needs.
6. Invest wisely. Don’t rush into any investment opportunity no matter how attractive it sounds. Better safe than sorry. Even keep the money in the safe while you go over the investment plan is a wise thing to do.
7. Live within a budget. It’s an art to be disciplined enough not to over spend your winnings. Otherwise, you’ll be watching your lottery winnings dwindle way too fast.
8. Take steps to protect assets. People who are worth a lot of money need to guard against losing assets to creditors. This includes everyone from disgruntled spouses and ex-spouses to people who win lawsuits against you.
9. Plan charitable gifts. You could offset this additional income from your lottery winnings with a charitable deduction. Make sure you check the rules with your advisers.
10. Review your estate plan. If your winnings have made you suddenly wealthy, this may be the first time you need to review your plan. Make sure you check the rules with your advisers.
Once you have your plan of attack ready, all you need is a winning entry! What are you waiting for? Grab an entry today! lotteryoffice.com