How to Deal With Winning the Lottery

from wikiHow – The How to Manual That You Can Edit

You won the lottery! With the winning ticket in hand, you’ll probably be thinking to yourself how incredibly lucky you are. However, what happens after you win the jackpot isn’t all that it’s cracked up to be. Read on for information on how to claim the prize and use your windfall wisely.

Steps

1. Keep quiet. Don’t tell anyone until you actually have the money.
2. Read carefully all instructions for claiming your prize on the lottery ticket and on the responsible agency’s website. Sign your name on the back of the ticket, unless the rules forbid it. Make a photocopy of the front and back of your ticket, and deposit the original in a safety deposit box in a reputable bank.
3. Contact a lawyer immediately to weigh your legal options regarding keeping bank accounts and dividing the winnings.
4. After receiving your money, (with the aid of legal counsel), contact a reputable accountant/financial advisor before spending.
5. Remember that when dealing with small banks, go straight to the VP or upper management. With larger, national banks, go to their Private Banking or equivalent division for customers with great wealth. They may have more options when it comes to banking, and have a better grasp of the disclosure and security procedures in the bank.
6. Give yourself a modest initial spending spree and then sock the rest of it away so you can live on the interest.
7. Do NOT quit your job. You are now very wealthy, however, you will need something to keep you busy and keep you from spending all of the money. Try to work part-time, and file a leave of absence, or if you are sure of your company’s financial status (consult lawyer), talk to the lawyers regarding making you a silent partner.
8. If you were miserable at your job, quit, and go back to school or try for a new job. Do NOT buy a company out of spite. It will still cost a substantial amount of money. Just quit gracefully.
9. Make the recipients of your gifts sign confidentiality agreements regarding the disclosure of your gift for at least five years.
10. Invest, invest, invest. Diversify your portfolio, but have a cap on risky investments. Consider safer routes, such as a retirement plan, time deposits, Certificates or Money Markets.Ask your local credit union if they need another volunteer board member.(Learn the financial ropes)
11. Lie low. Keep your old friends close. This will keep you or anyone else from getting kidnapped or getting mugged. There is no need for a press release, you don’t need the publicity. You can live comfortably without raising suspicions.
12. Buy smart. You may have enough money to buy a small country, but you still have to run that country. Consider the additional expenses involved in buying an acre of house (utilities, taxes) or a fleet of Porsches (taxes, tariffs, maintenance) before buying.
13. Commit this to heart: You did not earn this money, you won it at an improbable game. Don’t be a nut about getting rich. This is just like anything else in life. If you spend a little time planning, get some help when needed, and use moderation, you will do just fine.
14. Form a Blind Trust with your attorney to collect the money in the name of the trust and maintain your anonymity.

Download the Lotto Black Book

Tips

• Consider studying self-defense, (with weapons or hand-to-hand), and getting in shape, instead of gorging yourself on the food and extra luxuries that you now have access to.
• If you make no changes to your reasonable spending habits you developed before that lucky day, you will always have plenty of money for emergencies. Buy some big-ticket items you really want, and then resume the life you led before.
• Keep yourself in check. Extravagance can make you lose yourself and your family, plus after the newness of it wears off, you will be bored with it.
• Before you collect the money, write down or record everything you would like to do or accomplish, what you want to avoid down the road, and how you feel at the moment about the present situation and the future. This is so, in the future, you can go back and see how you felt and what you wanted to do when you didn’t know what it was like to live like a millionaire. This could be just what you need if your view of life is eventually distorted by money.
• Consider donating money to charities that are close to your heart (like cancer research, children’s charities). Heck, if the government is going to get the money as taxes, (or if you’re going to have to spend it as a write-off anyway), you might as well support something that you feel strongly about.

 The Luckologist’s Guide for Creating,
Tracking & Forecasting Your Luck

Warnings

• Remember: Money doesn’t buy happiness. Some of the richest people in the world have the least amount of happiness.
• Do not disclose your financial status on the first date. It might be tempting to disclose that you are a multi-millionaire to get into someone’s pants, but keep that information to yourself. Refer to one of your more modest investments if they start wondering where the money comes from.
• Do not let the money be the main topic or issue between you and your friends, extended family, and girlfriends/boyfriends. This could end up ruining good friendships and relationships.
• Do not buy your favorite sports team. Consider making a generous donation instead, in exchange for a lifetime season pass or hanging out with the players. If they start to lose because of your armchair quarterbacking, you will be at fault.
• Remember the odds of winning the lottery are about 18 million to 1. (Powerball is even worse at about 200 million to 1!)
• If you are married, your winnings are considered joint property (in most states). If you are unsure about your relationship, or are considering ending it, take the steps to protect yourself NOW, before turning in that ticket. You may have to wait for a divorce to become permanent. Consult a reputable attorney.

http://www.luckylotterytips.com/ebook.html

Things You’ll Need

• Winning lottery ticket

Related wikiHows

• How to Make Money Without Winning the Lottery
• How to Work With a Financial Advisor

Article provided by wikiHow, a wiki how-to manual. Please edit this article and find author credits at the original wikiHow article on How to Deal With Winning the Lottery. All content on wikiHow can be shared under a Creative Commons license.

{ 0 comments }