I Just Won The Lottery…Now What?

Sep 05, 09 I Just Won The Lottery…Now What?
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Winning the lottery seems like one of those impossible dreams that will never come true.  However, those lucky enough to win often find their financial issues magnified exponentially.  Many of us are still learning how to manage our considerably average finances.  Learning how to handle millions of dollars is a premise fraught with peril.  So, in the event that you do win the lottery, here are some tips to make sure that you never have to go to your boss and humbly ask for your job back.

Protect Your Ticket

Although this goes without saying, be careful who you let know about your good fortune.  Your lottery ticket is not worth anything until the lottery officials validate it.  Guard your ticket with your life.

Keep Working

Do not let your exuberance get the best of you.  You don’t want to draw too much attention to yourself.  Thus, it is important to keep up appearances.  Keep working, but quietly arrange a transition into your new life of fortune (not fame).

Get Help

You will have a lot of money.  More money than you know what to do with.  Many people believe that there is no way that you can blow millions of dollars.  However, there is a long list of lottery winners that will tell you differently.  You need a trusted lawyer, account manager, and a financial planner.  Referrals work best.  Yet, there are resources, such as the Better Business Bureau, that you can help you find reputable resources.

Lump Sum Vs. Long-Term Payment

This may be the biggest decision you make.  There are conflicting ideas about what is the best course of action.  If you have good advisors and make some good investments with trusted investors, you could possibly end up with more money than your original payout.  However, by taking the annual settlement, you are guaranteed to make a certain amount of money each year.  You should never be broke.  If you do not believe that you are financially responsible, take the annual settlement.

There are many ways to spend and invest your money.  Nevertheless, if you are lucky enough to win a significant amount of money from the lottery, make sure that you have sound financial management.

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