To make your lottery windfall the best experience of your life, you’ll need to take note of some of these tips. Some may seem obvious or redundant but you’ll be glad to have a game-plan for when you win – it’s an essential part of keeping and growing your lottery fortune.
Here is the list of What Not To Do When You Win Lotto:
1. Forget to report your win to the state or sign your ticket.
After researching into the topic, we found that this is the simplest way to lose out on a lottery jackpot win – by not signing your ticket and not reporting your win to the state, your winnings are exposed to just about anyone who can get their hands on it!
2. Tell everyone you won the lotto.
There’s no need for every Tom, Dick and Harry to know you’re a newly-minted millionaire, so try remain anonymous for as long as is possible. Some lotteries allow winners to remain completely out of the media so try stick to playing those ones, so you have the option. Telling everyone you’ve won the lottery won’t only get you positive attention!
3. Rush the lump-sum/annuity option decision.
Be a part of the 30% of lottery winners that do in fact keep and grow their fortunes and really think about which payment option you’d prefer. Talking the lump-sum option may seem like the best choice but there is also merit to the annuity payment option. Make sure you’ve spoken to a tax pro and an investment advisor before you decide which option will work for you.
4. Skip on debt payments.
Just because you think you have all the money in the world doesn’t mean you’re excused from paying your debts. And further, it would be silly to have debts when you’re a newly-minted millionaire – you should never have debts again after a lottery windfall!
5. Reject a budget.
Though you have more money than you could ever imagine spending, it’s still a finite amount that can and will run out if you’re not careful. Enough said.
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