Post-Lottery Win
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Winning a lottery is all well and dandy but do you have any idea about what happens after you’ve won? Well, with our short but sweet guide on a post-lottery win, we dissect the best way to handle winning a life-changing amount.
An Introduction
When you play the lottery or any jackpot games for that matter, and you’ve stumbled upon a massive win, there are going to be thousands of thoughts popping in your head.
For most online lottery sites, you’ll receive a message of confirmation from the site about your success. You may wish to cash in immediately, or to quit your job, but the best thing to do would be to do nothing just yet. Winning the lottery is truly a gift, you don’t want to be making bad decisions.
Post-Lottery Win: What to do Next?
So, for arguments sake, let’s say you’ve won a lotto jackpot which is worth over $100 million. Such amounts could be claimed on progressive lotteries such as the US Powerball or EuroMillions. You’ll want to keep your job and try to live life as you were before the jackpot.
It’s best not to tell everyone you know about the jackpot as being as low-key as possible will work towards your favor. In fact, remaining anonymous is a great way of avoiding all the harassment you could face from old acquaintances or distant relatives, all of which could be trying to get some cash from you.
Annual Payment or Lump-Sum?
Within 60 days of the draw, you can choose to collect the $100 million in one big payment or to have smaller payments stretch out over the course of the next 30 years.
In both cases, you will have to pay tax on the amount, but the annual-payment option works in a way that you pay less tax each year. Thus, the annual fee is more year-in, year-out.
Both sides of the spectrum have got their own advantages and disadvantages. One might consider the annual installment rather poor, as the amount could become less because of economical inflation.
Hire Experts
In order to ensure you make smart choices, it is fundamentally important to bring in the professionals. These are experts who will tell you what to invest in and what’s not a good idea to put your cash in.
The most important thing is to avoid just hiring anybody. You want your professionals to be the very best and not just any old ‘yes-men’.
Conclusion
Thus, if you do happen to claim a jackpot prize, the best thing you could do would be to remain calm. Follow our post-lottery win assessment above and you’ll be all set for the time when you win the jackpot! Also, find out how to increase your jackpot winning chances right here.
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