A Basic Guide on What to Do if You Win the Lottery

VWB Blog 3 years ago 4

There isn’t one person on the Earth who hasn’t dreamed about going from rags to riches. Unless you were born into money, then that’s a different story.

If your get rich plan has to do with playing the numbers, you need to know what to do if you win the lottery.

Playing the lottery gives you a chance to hit it big, and you put your money to good work. A few cents of every dollar you pay goes back to the state where you bought the ticket.

Those funds go towards education, programs for the elderly, protecting wildlife and water quality. You not only help yourself, but you also help everyone around you.

Although there’s a great possibility you won’t win, you still need to know what to do if you win the lottery. This guide teaches you the important steps to take.

What Not to Do if You Win

Before you find out all the dos, you might want to learn what not to do first. That’s how you stay safe. Money makes people do untrustworthy things.

  1. Put Your Earnings at Risk

Don’t go singing like a canary. Keep the news of your win to yourself or with people you can trust. Tell your spouse first. Afterward, speak with an attorney and a financial advisor right away.

They’ll show you how to make an anonymous claim.

Also, don’t be in a hurry. Don’t go running to claim your money before speaking with a professional. Each state has a set timeframe for when you can claim your winnings.

  1. Fail to Plan 

Lastly, don’t quit your job and blow it all. Rich people still budget their money. Don’t assume because you’re now a part of the club that it’s an opportunity to spend recklessly.

Give yourself time to settle into the money. Get dressed and go to work as usual. Set up a budget and make smart plans for the future.

Here’s What to Do if You Win the Lottery 

First, make sure you’ve won. To verify numbers and winnings, look here now. After verification, it’s time to make money moves—smart ones. Here are some basic plans you can adopt:

  1. Hire a Financial Consultant

A financial consultant takes into account your entire financial picture, not just the lotto winnings. They help you lay out a plan that helps you live comfortably in the present and future.

Consultants also advise on how to invest. They show you how to prepare for things like buying a home and college tuition.

  1. Pay Off Old Debts

The smartest step you can make when you settle into your new money is to become debt-free. Pay off all your debts.

Pull a free copy of your credits reports. Make contact with your creditors and schedule settlements. One by one, over a planned course of time, pay off each debt.

  1. Give Some to Charity

It’s not an obligation, but giving some money to charity is a noble thing to do. It also makes you feel good when you give to a good cause.

Ask a financial consultant to help you vet a good charity. Don’t break the bank, but give enough that it makes a difference during tax season.

  1. Take Your Dream Vacation 

It’s okay to have a little fun with your winnings. Wait six months, then plan out the dream vacation you’ve always wanted to take.

Set a vacation budget. Research a great spot. Set a date for when the weather’s nice, and go for it.

If you’re not sure what to do right away, put all of it in savings and let it cool off for a while.

Play the Lotto

You’ll never know what to do if you win the lottery if you don’t play. Take a chance and buy a ticket. You might just win.

Our lifestyle guide has the latest tips and trends on how to make money. Check it out and start planning for your future.

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