Practical advices for lottery winners
Some useful tips for lottery winners
Winning the lottery is something that happens once in a lifetime at best, and most players never get the chance to worry about what to do with an immense amount. Those who are lucky enough to match all the numbers and cash in a generous jackpot, need to know what to do with their newfound wealth, so that they will enjoy it for a long time. While there is no universal solution that applies to all lottery winners, there are a couple of practical advices that if followed Greatly alleviate the pressure and mitigate the risks.
Don’t brag about your winnings
Tempting as it might be to share the news with all those close to you, it is better to refrain from doing so at least until you cash in the money and get things going. The fewer know about your incredible luck, the easier it will be to focus on managing the money and you will have to deal with less pressure. It goes without saying that immediately after you learn about the fact that you have matched all of numbers, it is essential to put the ticket somewhere safe and claim the money as soon as possible.
Craving media attention is a big mistake, because there are simply no benefits of letting everyone know about your good luck. The only thing that will happen is that many people you are remotely familiar with and plenty of strangers will ask for gifts and help. Others will go a step further and try to scam you or strip you of a part of the money by dragging you to court and tedious trials. Even if you win, the stress and the money spent on lawyers will outshine the benefits of getting the little media exposure.
Prepare for your new life
Make no mistake, after you win a lot of cash, your life will never be the same and in order to make the most of the money you have recently won you need to put things in order. It helps to have some previous business training but regardless of your entrepreneurial skills, it is vital to assemble a team. You need as many specialists as possible by your side and ideally you should not hire all of them from the same firm. Do not hesitate to learn on your own, so that you can filter out those experts that might try to scam you.
The decision of whether taking the lump payment or the annuity is another significant choice that the lottery winner needs to make immediately after matching the numbers. Most experts recommend taking the lump amount despite the fact that this will trigger an immediate loss of a significant percentage. If you manage the remaining sum well and don’t embark on a spending spree, you can maximize the returns on the long run.
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