What to Do if You Win the Lottery: The Basics Explained
In Tennessee, the odds of winning the Powerball lottery was 1 in 292.2 million.
Have you recently been one of those lucky people? If so, you might be wondering what to do if you win the lottery.
Thankfully, we have the perfect guide to help you out with what to do with your lottery winnings, so make sure you keep reading!
Protect Your Ticket
Before you do anything else, you should first make sure that you protect your winning lottery ticket. Don’t lose it and also make sure that you can prove that you’re the owner.
You should make copies of the ticket and keep them in two separate places in case anything happens. You also shouldn’t post any pictures of it on social media.
Check the Deadline
Next, make sure that you check to see what date you have to cash in the ticket by. This will let you know when you need to claim your prize.
Each jurisdiction will have its own rules about when and how you claim your prize. Sometimes the winning amount will dictate how you can claim it as well. Normally, jackpot winners have longer to claim it.
There should be a date on the ticket. If there isn’t contact the lottery and ask then wait as long as possible to cash in the ticket.
You should hire professional help to help you get your ducks in a row before you get all that money. For example, rightwayfunding.com could help you out.
You should only hire financial advisers that will handle investments and planning to help you figure out what to do with that money. You should also only hire advisors that work for a fee rather than a commission. This will make sure that you only pay a flat fee and don’t have to give away some of your earnings.
You may also want to hire a CPA and a lawyer to help you out with your taxes and any legal issues.
Don’t Tell Anyone
Even though you might be tempted to tell all of your close friends, make sure that you don’t tell anyone until you actually have to claim the prize. Stay at your job as well.
If you do tell anyone, tell only your immediate family who can keep a secret. Plus, there’s always a good chance that you may not even get that money, so you might want to ensure that you still have a job in case anything goes wrong.
Learn More About What to Do If You Win the Lottery
If you’re wondering what to do if you win the lottery, these are only a few things to consider.
We know that playing the lottery can be confusing at times, but we’re here to help you out.
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