So you’ve won the jackpot. Now what? Here are some tips on how to safeguard your lottery winnings.
Winning the jackpot is everyone’s dream, but what happens when you’re finally awarded the amazing prize?
There are many stories of lottery winners who have lost their winnings through mismanagement. We gathered a few helpful pieces of advice to ensure you keep your winnings for years to come.
Keep the news quiet
The worst thing you can do as soon as you’ve noticed you have the winning numbers to the jackpot of a lifetime is to tell the world.
Now that we have social media, it’s even more imperative to keep news about your finances under wraps. Just one status could be seen by more than 1000 people if shared just once. Afterwhich, numerous people could come forward, seeking an opportunity to take advantage of your winnings as well as starting a media frenzy that can cause emotional distress for you and your family.
Our tip is to keep the good news restricted to your immediate family or even just your spouse. One lawyer advises deactivating all social media for the time being once your name becomes public.
Consult the professionals immediately
If you’ve won a considerable amount, you will need to contact a lawyer immediately to discuss how to claim your lottery winnings and what to do with them. If your win is over $1 million or more, you will need to contact a lawyer, a financial planner and an accountant to properly manage the size of the jackpot and calculate how much tax you will need to pay.
The best course of action will be to set up a trust to safeguard the money until you can decide what you want to do with it.
Be clear about what you want to do
Once your winnings have been confirmed with the lottery provider, the taxes have been paid and the rest have been securely placed into a trust, you’ll have to think about what best to do with them. Give yourself time to adjust to the status of being a multimillionaire as you will be receiving a lot of attention from media and the public.
Many people want to buy a new house, travel the world, quit their jobs or start a dream business. Before doing any of the things you want, be sure to draw up budgets and allocate a sizeable portion of money to investment accounts. This way, you will be able to have money that can grow over the years while you also live out your dreams.
Be wary of scams
Not many people have the chance to become multimillionaires, which makes those who do easy targets for money scams. There are many people who prey on lottery winners with real estate development or investment scams that require big sums of money upfront. The easy way to avoid being defrauded is to do your research.
If a deal is presented to you, dig deeper and ask questions about it. Even better, have your lawyer or someone you trust with you while meeting with anyone and always make sure you have a contract drawn up before depositing any money or signing anything.
Winning the lottery and becoming a multimillionaire is an aspiration that can bring happiness to anyone’s life. Just make sure that if you one day become the lucky winner of the US Powerball or EuroMillions lottery with Lotto247.com that you keep your wits about you and take the right measures to keep your winnings safe.