7 Things to Do if You Win the Lottery

Winning-the-LotteryWinning the lottery is a fantasy that inspires people to purchase millions of dollars worth of lottery tickets every single day. The thought of getting out of an unhappy job, of buying a dream home or a dream car.

But have you ever thought about what you would do if you really did win the lottery? Would you be prepared for instant fortune and the responsibility that would come with it?

Players very often become winners, so a few tips about winning the lottery might come in handy for you.

What Comes After You Win the Lottery?

  1. First of all, treat every ticket like it is a winner by signing the back of it to ensure that no one can claim your jackpot. 
  2. Consult a tax professional before claiming your ticket. Weigh your tax liabilities when considering a lump sum amount, or a yearly annuity. Lump sum payouts require immediate payment of taxes, whereas taxes on annuities are made as the installments are paid.
  3. Remain anonymous if at all possible. The law varies from state to state, but the longer you have to plan and to avoid the flock of opportunists who are going to want a piece of your newfound wealth, the better.
  4. Assemble a team of good advisors, such as attorneys, accountants and financial advisors who will help you protect and grow your wealth.
  5. Avoid extravagant purchases. Don't immediately rush out and quit your job or buy a new house. Take at least six months to let the idea of managing a vast amount of wealth sink in.
  6. Consider charitable donations.
  7. Pay off all of your debts. This is the single most important tip on this list. Nothing is better for your financial future than being debt free.

If You Win the Lottery

In addition to the list above, there are other things to consider if you win the lottery.

For instance, though it might seem silly, set a budget and live within those limits. A massive amount of wealth is going to require a massive amount of discipline.

Lawsuit-3Another thing to think about is protecting your lottery winnings from bogus lawsuits and disreputable businesses. The moment people learn who you are and what you have got, they are going to want look for ways to make your money theirs.

And last, but certainly not least, do your estate planning. Make sure that your wealth is as protected as it can be and distributed to the people and charities you care about.

Here's hoping that you win the lottery and that these tips help guide you in making your decisions!