Money Budgeting Tips: How To Handle Lottery Wins

Money Budgeting Tips: How To Handle Lottery Wins


When was the last time you fantasied about winning the lottery? Did you think of all the things you could do with the money? What would your top three priorities on your list be? Travel the world? Buy the latest luxury cars or your dream home? Invest in a new business startup? Most people tend to feel overwhelmed and fail to think on the long term when imagining they could ever win the lottery. But since lottery is a game that relies on pure chance and a little bit of luck, you can never really know when you could win. This means you will need to be prepared at all times. And preparation needs to start with outlining your main budgeting decisions once you will receive the big news.

Be Cautious Since Day One

It is easy to get lost in the moment and go on a crazy shopping spree once you learn you are the new Megamillions' winner and your bank account is now a few hundred million dollars richer. So paying extra attention to the first steps you make after finding out that you have won the lottery is a must. You will have to get ready to be bombarded with a long list and non-exhaustive list of salespeople, friends in needs, long-lost relatives you had no idea even existed, and lots of pals with investment ideas. You will also be contacted by a lot of charity organizations. So you will need to know how to steer clear of making commitments so you can protect your

Get In Touch With A Financial Planner

Find a good tax expert or financial planner. Let them assess your money collecting options; they will tell you if you should opt for the single payment or annual payments through an annuity. Keep in mind that by choosing the lump sum payment, you will be have to immediately pay tax on the entire amount. If you wish to choose wan annuity, you will solely be taxed once you will receive the payments. If you count among the people who are having trouble controlling their spending, you should choose the annuity.

Plan Your Indulgences Carefully

Decide how much your new fortune will allow you to spend. Know exactly what you are planning to do with the money and know exactly how much everything you want to do will cost. Priorities and rank everything and hand out a copy of your list to your financial adviser.

Not Sure You Won The Lottery?

Take a look at this link here and find out if you won the last Megamillions lottery draw or you have to keep playing. Specialized lottery websites online enable you to look at centralized results of the latest draws for the most popular games of lottery in the world. Whether you wish to dedicate your time and attention to playing a single big game that could turn your life upside down should you win, or try you luck with several games at a time, the choice is yours. You should have no problem coming across the best lottery platforms offering you exactly what you need: tickets to buy online, quick pick play alternatives, discounts for subscriptions or multi-draws, 24/7 customer support, detailed instructions on how to play, history of the games and so on