What the Smartest Lottery Winners Do After They Win
It’s a dream that we all secretly (or not so secretly) have: one day we’ll find out that we won the billion dollar jackpot. While it’s easy to dream about all of the exotic vacations and expensive shoes that your winnings could buy you, what people think less about is some of the best practices involved if you actually do win. We’ve compiled a list of advice from the experts on what to do if you ever win the lottery.
Anonymity is Everything
Surprisingly enough you can’t keep your identity to yourself in all states if you win the lottery, check out the states you can stay anonymous while claiming the grand prize. Why is it important to stay anonymous, you ask? Because after people come into a great deal of money, distant “friends”, old high school acquaintances, a relative twice removed and even complete strangers start coming out of the woodwork trying to become your new best friend to get a part of your fortune.
Even if your state does not fully allow you to anonymously claim the money, it’s best to try and keep your identity hidden and hide your face as much as possible from any press outlet. Give as little information about yourself as you can.
Bring in the Professionals
Winning the lottery isn’t as easy as digitally depositing a check into your bank account like some paycheck. More than likely, you’re actually going to need a team of experts on how to guide you through the process. Protect your assets while investing your money to make it last take a lot of skill.
Claim the Lump Sum
First and foremost, if you win the lottery, you have the option of taking a lump sum up front or being paid out an annuity—meaning a yearly payment over time. But which is the best option to take? The majority of tax and finance experts agree that it’s better to choose the lump sum up front even though it’s a lower nominal amount. If you take all of the money up front and invest it right away, the compound interest you’ll gain over time will far outpace that of taking the annuity.
Go Off the Grid
Fade out as soon as possible, once you have the press out of the way and the money safely tucked away with a trusted financial advisor. People find lotto winners fascinating, and some enthusiastic individuals will be looking into as much information about you as possible. Now is a good time to remove your address and phone number from public searches, change what contact details you can, and lay low for a good amount of time. Maybe take an international extended trip overseas while you wait for the excitement about your win to die down.
Top 10 Sweepstakes With the Best Odds Right Now
Want to actually win something? Skip the mega-lotteries and focus on sweepstakes that give you real chances. Here are 10 of the best types (and examples) that tilt the odds in your favor. 1. Instant Win Games No waiting around. You find out on the spot if you’ve...
The Psychology of Sweepstakes: Why We Love to Enter (And Should You?)
It’s more than just the chance to win a shiny new car or a dream vacation—there’s a fascinating psychology behind why millions of people enter sweepstakes every year. From the rush of possibility to a hopeful escape from daily stress, entering contests taps into deep...
How to Spot a Fake Sweepstakes: A Quick Scam-Detection Guide
Winning a sweepstakes is thrilling — but nothing spoils that excitement faster than realizing the prize was just bait for a scam. Fraudsters have grown more sophisticated, but so have the ways you can spot them. Use this guide to learn the most common warning signs of...