This is your guide to winning the lottery and what to do once you become a millionaire!
Every lottery ticket you’ve ever bought comes with the chance to win a massive jackpot and exciting plans around what you will do once you become a millionaire. After double checking your numbers, maybe signing your ticket and celebrating your win, you have a very serious question waiting for you: what do you really do when you win the lottery?
Your first move as a millionaire
The moment you discover you’ve won big, you’ll want to shout it from the rooftops! And anyone can understand why; you’ve just won enough money to change the rest of your life, you’ve achieved something most people only dream about and you’re finally a millionaire.
The one piece of winning advice many lottery winners give, is that you should keep your new bank balance to yourself. Once it becomes public knowledge that you’ve won the lottery, your phone will quickly become a hotspot of old loved ones and acquaintances reaching out to ask for financial assistance.
In addition to that, players should be careful of risky and too-good-to-be-true business opportunities, because they’re usually just that, too-good-to-be-true.
Get your own Harvey Specter
Getting a lawyer to handle your lottery jackpot is about more than just hiring a man in a suit. Getting a good lawyer can actually save you money in the long run because they have a vested interest in protecting your privacy and saving you money on taxes. You get more than a lawyer, you actually get an investment. A good lawyer will take care of these key points for you as a lottery winner:
Taxes: many lottery players know the importance of lottery taxes and what a massive role they play in the jackpot claiming process. A good tax attorney will be able to advise you on how much to pay and what to look out for.
Did you know that your country of residence determines your tax level? Some tax attorneys will go as far as suggesting that after winning the lottery you change residences to save up to 30% of your jackpot. 30% might not sound like a lot to some, but when you start thinking of this in terms of a Powerball jackpot, 30% translates to millions of dollars.
Privacy: in January 2018, the lottery industry faced some exciting times when a Powerball winner took the lottery to court in order to remain anonymous from the usual press surrounding a lottery winner, and she won.
Lottery winners are more than millionaires, they’re symbols of hope to people around the world that anyone can win a massive jackpot. Regardless of their location, background or current financial status, a lottery jackpot can be yours. And this is what lotteries understand - that is why they love photographing lottery winners with massive cheques boasting life-changing numbers on them. A good lawyer will fight for and protect the level of privacy you’d like to exercise once you hit the jackpot.
What’s yours is yours: a good lawyer wants you to keep as much of your jackpot as possible. In order to do that, they will need to set up a legal entity through which you can collect your prize. This way, the jackpot prize is protected from anyone who tries to claim from the winner personally.
All our players play to win and we hope that they do! Do you have a plan for when you strike big? Comment and share it with us below.