Thursday, December 9, 2021

Hitting the Jackpot. What to Do When You Win the Lottery

Did you know that your odds of winning the lottery are at best one in 14 million? This means that if you win the lottery, you’re not just one in a million, you’re one in 14 million, even more rare.

If you love playing this game of luck, you probably enjoy dreaming of what you will do with your winnings, if you do in fact win the lottery. Keep reading, for advice on what to do when you win.

Win the Lottery

Are you ready to win the lottery? Are you wondering how to win the lottery? To win you must increase your probability, the simplest way to do this is by buying more tickets.

You must also play the right games and choose the right numbers. If you like calculating your odds, try checking out past Powerball numbers. This can help you see what numbers are commonly drawn and assess your strategy from there.

Jackpot

Your chances of winning the lottery were low, but someone had to. Now that you have hit the jackpot, who will you tell?

Unfortunately, winning the lottery can make you a target. People will come to you asking for money and wanting handouts. While you may want to shout that you won from the rooftops, stop.

Initially, tell your spouse, your lawyer, and your financial advisor. If you do not have a financial advisor or lawyer, you may want to consider hiring one now. This will help you figure things out without all of the added pressure.

Take a Pause

Is it tempting to run out and have a shopping spree? Yes. However, you want to be wise with your money.

Take the time to process and really decide how to move forward. Also, do not text your boss and quit your job. Make a plan.

What to Do With the Money

Here comes the fun part. What do you do with the money? There are a few things you should do first before going on your shopping spree.

The first thing you should do is pay off debt. This will give you a clean slate to start with.

However, hold off on paying off your mortgage, the interest on your mortgage can be itemized on your taxes.

Next, start an emergency fund. Do you know that emergency fund you have been talking about building for years? Now is the time to start it.

Put away money for retirement and diversify your investments. Make sure that your winnings are the gift that keeps on giving in your future. If you have kids, put some aside for college funds.

Donate to charities or churches, and remember donations can help with your taxes as well. Remember that as people come to you and ask for money, it is okay to say no.

Once you have done all the practical things, have some fun. Just don’t blow it all on a new Bugatti La Voiture Noire (18.7 million dollars) just because you can.

Play Smart, Spend Wisely

Now that you have advice on how to win the lottery and spending your winnings; are you ready to play? Have fun and spend wisely and good luck.

Did you enjoy this article? Keep reading more articles in our games section and may the odds ever be in your favor.

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