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Recommended steps to take
- Don't announce that you won the lottery... to anyone.
- Seek the advice of both an attorney and an accountant.
- Decide on taking either the lump sum or installments.
- How should I spend my winnings?
- •Should I take the money as a lump-sum or in installments?
- •Who should I contact for legal and financial advice?
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Do you take the lump sum or the annuity paid out over time? How much will you give to charity, friends and family? First things first, according to experts: Keep your mouth shut.
- Establish proof that it’s your ticket. While signing the back of the ticket is one step a winner will want to take, Robert Pagliarini of Pacifica Wealth Advisors once told TODAY it would be smart to take another step in case you ever need to prove it’s yours.
- Keep it on the down low. That selfie or video clip isn’t for bragging on social media. While no one would blame you for wanting to shout from the rooftops that you’re the latest member of the billionaire club, Pagliarini added, “You really want to keep this as private as possible.”
- Hire a team of professionals to manage your money. In fact, a man who won $20 million from a Quick Pick ticket in 2014 considers getting professional help his own top tip.
- Don’t accept the prize money right away. No matter how excited you are to deposit that huge check into your bank account, Kathleen Jacob, public affairs specialist at the North Carolina Education Lottery, suggested holding out as long as possible.
Nov 10, 2022 · Lottery officials put the odds of drawing the winning number at 1 in 292.2 million. To win the jackpot, a player must match all five white balls, in any order, plus the final red Powerball...
Jan 31, 2024 · If you win a jackpot, you will claim it at your state’s lottery office. Before you do so, there are things you should do: 1. Safeguard the ticket. Sign the back of the ticket immediately...
- Secure your ticket. Make several copies of both sides to show your lawyer and/or accountant (see below), and then lock the actual ticket away in a bank safe deposit box or a secure personal safe.
- Take a deep breath and take your time. You have a set amount of time to turn in your ticket, so don't run off to the lottery office first thing the next morning.
- Protect your privacy. As tempting as it may be to shout it from the rooftops and throw a huge "I won the lottery!" party, keep it as much to yourself as possible, especially before turning in your ticket.
- Put together a crack team. You're going to need a lawyer, accountant and financial advisor who have experience with large financial windfalls — finding them should be one of your first steps before you claim your money.
Mar 26, 2024 · 8 steps to take after you win the lottery. Change your relationship with debt. If you’re like most Americans, you probably have some debt, and you probably view debt negatively. When you become a millionaire, you’re likely to find that your perspective on debt will change.
Oct 2, 2023 · You just won the lottery! All those bad tickets and unlucky numbers can finally be put in the past. But what happens after you win the jackpot? Read on for information on how to claim the prize and use your windfall wisely. 1. Stay quiet about winning the lotto. Download Article. Resist the urge to talk about winning the lottery.
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