You’re on cloud nine. You can’t believe your luck. You just won the lottery, and you’re in shock.
This could well be the best day of your life when your financial future and everything related to it is changed forever. However, if you want to ensure that you do the wisest possible things with your money, then you need to read all the way through this guide.
Few people know what to do when they get a financial windfall from winning the lottery. That’s why we’ve written this guide, so that you have a step by step plan of how to make the most out of this lucky event.
Sign and Save the Ticket
The first thing that you should do as soon as you find out that you won the lottery is to sign your ticket. Signing the ticket proves that you were the original owner of the ticket. Also, take a picture of that ticket with your signature on it so that you have that documentation available, in the cloud, forever.
Taking a picture of the physical ticket doesn’t mean that you shouldn’t also store the actual thing safely as well. Some lottery organizations will require that you have a physical ticket. Thus, it’s crucial that you keep the ticket in a safe place where you will have access to it and nothing untoward can happen to it.
Get a Financial Planner
Once you have the ticket stored safely away, it’s time to talk to someone who’s very well versed in finances. You should get a financial planner on retainer immediately who will be able to advise you on how to save and spend the money.
If you can find one, a planner that has previously worked with lottery-winning clients will be the best possible option. Not only will they be able to give you financial advice, but they can also shed some light on the intricacies of the process of receiving the money.
Choose Your Money Payment Option
There are often a couple of different ways that you can receive the payout from a lottery win. First and foremost, you can have the money paid out to you all in one lump sum. This will result in a significant tax penalty applied to the money.
The alternative is to get the money paid out to you in a regular annuity payment. There are tax benefits to this strategy, but of course, the pitfall is that you can’t access all of your winnings at once. If you have significant debts that need to be paid off immediately, these lottery payments not be ideal for you.
Winning the Lottery, Made Simple
There you have it. Now that you know the key to winning the lottery and using the money well, all that remains is for you to start implementing these steps when you find out that you are going to win the lottery!
For more related advice, check out the rest of the articles on the website before you leave!