What to Do When You Win the Jackpot in Lottery | theLotter

What to Do When You Win the Jackpot? Stay Calm!

When you play the lottery, you dream of winning big. Let's say that your numbers matched those drawn and you won the first prize! Congratulations! After you've celebrated a bit, you are faced with a serious question: What to do when you win the jackpot? It is important to have the right information at hand so that you can prepare properly how to use your fortune. The first piece of advice we can give you is to stay calm. Take a deep breath. There is no need to make rash decisions. You have time to think, time to plan.

To make things easier for you, if you already know how to win the lottery, we have compiled important advice - legal and financial - to help you plan your future as a lottery jackpot winner.

what to do when you win the jackpot

Once word of your success is out you'll be approached by people with pleas for money – people you may not know, or people who claim to be your long lost relatives. It might seem like a generous gesture to help them out, but no one likes being exploited because of their net worth. Our first piece of advice, and Jane Park EuroMillions winner would agree, is to keep your fortune a private matter, or to at least think twice before shouting about it from the rooftop. Furthermore, you should be weary of risky financial schemes and avoid business opportunities that seem too good to be true. A Readers Digest survey amongst 1001 people found that only 41% of lottery winners actually share the happy tidings with friends!

It doesn't matter which lottery jackpot you won, whether it's when you buy tickets for the Powerball or play Mega Millions online, you still need to safeguard your privacy!

it doesn't matter what jackpot you win

Protect Your Fortune – Retain a Lawyer

Putting in your claim to receive your lottery prize before retaining a lawyer could end up being a costly mistake. From protecting your privacy to saving you money on taxes, getting a good lawyer is an investment that will pay itself off!

stay calm when you win the lottery

Privacy - Lotteries operators are keen to promote someone like you holding an oversized cheque displaying a huge payable amount. Consider if this publicity is in your best interest. A good attorney can set up legal entities on your behalf so you can remain anonymous and point you towards other valuable legal loopholes in lottery rules.

Taxes - Taxes are an intrinsic part of the winning process. A good tax attorney can advise you on legal ways to avoid overpaying. There are different tax levels depending on your country of residence. Sometimes the wisest thing to do is change your residence as this might save you up to 30% of your jackpot.

Protecting what is yours - A good lawyer will help you set up a legal entity to claim your prize. As a consequence, your prize will be protected against claims against you as a private person. Laws and taxes differ between countries. A local lawyer can advise you on the ones that apply to you.

A Good Accountant Will Help You Manage Your Finances

put together a team of advisers when you win the jackpot

No one likes to squander their fortune like some previous prize winners have done. Hasty decisions and poor planning have more often than not resulted in bankruptcies. A financial adviser or accountant will enable you to achieve short- and long-term financial goals by helping you pick the best prize pay-out method for your circumstances, as most lotteries offer a choice between a cash payment and annuity installments over a longer time span. Together with your accountant you will create a solid asset management plan for you and your immediate family. Whether you want to set aside money for a little nest egg or your children's education, invest in business opportunities and buy real estate properties, or spend money on the finer things in life, a financial planner can help you reach your goals.

Do you wonder what do lottery winners do with their money? Consider what some of the biggest lottery winners have done but then you should follow the advice of a good accountant to safeguard your lottery windfall.

More sound advice. Pay off your debts! Many advisers say that paying off one's debts is the best investment that can be made. And when you begin investing in new business ventures, invest prudently. With the assistance of your advisers, put together an investment portfolio so that you don't put all your eggs in one basket. Save money for the future. Don't spend it all at once!

Still Confused about What to Do When You Win the Jackpot?

Don't worry about how long after winning the lottery you will get the money? And what you will do, when you get the money? No need to fret! Set up a team of professional advisers and listen to their advice. There is no need to rush into quick decisions that you will regret afterwards! You can act responsibly, enjoy your lottery windfall while guaranteeing your financial future. If you stay calm, rely on professional advice and make your plans carefully and wisely, you will be able to enjoy your lottery jackpot win for a long time!