Although the chances of winning the lottery are slim, the reality is that it could happen. And if this is your case, you better be prepared, because you could make some mistakes when winning a large amount of money.
Next, we share four essential steps that you must take if you pay the fat man.
1. Take your time
There is no need to rush to the lottery venue to collect your money immediately.
Depending on the state where you purchased your ticket, you have between 60 or 90 days and up to a year to claim your prize.
In addition, you will also need some time to figure out how to handle the huge sum of money that you will receive.
2. Keep your ticket safe
It is important to protect your ticket. Experts recommend taking a photo with the ticket and then storing the ticket in a safe place, such as a safe.
Remember that you could lose the ticket, and if you don’t have it, there is simply no way they will give you the money.
In general, it is also recommended that you sign the back of the ticket as proof that it belongs to you. However, before doing so, it’s worth making sure you know the rules for claiming your prize in the state where you purchased the ticket.
3. Tell as few people as possible
While you may want to share the good news, experts recommend that you don’t tell too many. This means telling, perhaps only immediate family or a trusted friend.
This will prevent other unsavory people, such as scammers, from trying to contact you to see how to get money from you.
4. Build a team of advisors
Earning such a large amount of money means you have to make some pretty big financial decisions. Therefore, it is worth having a team of professionals who can guide you. That group should include an experienced attorney, financial advisor, tax advisor, and insurance expert.
One of the first big decisions you will face is whether to take the jackpot as a single payment or as an annuity paid in annual installments over three decades.
The experts will help you create the strategy that suits you best.
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