Play the Online Lottery

What to Do After Winning

Play Online Lottery: What to Do After Winning

Winning the lottery is a dream that a lot of people hope for but actually there are people who play online lottery and are very lucky enough to win it. But knowing how to handle and spend the money is another challenge that some people are not prepared for. Here are some tips to remember when you win a lottery.

Always keep the ticket safe when you play online lottery. The worst thing to happen to a recent lottery winner is to have that ticket go missing. If a winner falls into your hands, make sure it is kept somewhere secure until you can claim the money. Don't share the news when you win. To keep something this big a secret is impossible. But experts suggest that you don't share the news with a large number of people. This will help to ease the number of requests for money you'll be bombarded with once the secret of your good fortune gets out. Handling all of that money in a proper manner can become overwhelming. It is recommended to hire a Certified Financial Planner and an estate planning attorney, among other professionals, to help you map out a long-term strategy for handling your money. You should carefully interview each member of your team before hiring them, and advises against hiring experts such as a financial planner, CPA, attorney, and asset manager from the same firm. Despite having a financial team, it is recommended to gain some core financial knowledge for yourself. With this knowledge it becomes easier to weed out professionals or others that might want to scam you.

The "Rich Dad Poor Dad" book series is a good starting point. You can either claim the money all at once as a lump sum or as an annuity over a number of years. If you are comfortable getting your money in smaller increments with a standard rate of return then take the annuity. But both experts recommend the lump sum payment in order to avoid potential changes in future tax rates that could affect the amount you receive over time. There are also benefits of having control of the money yourself right away, and the potential to get a better overall return on investing the money than taking the annuity would afford. Once you claim your money, it's vital to keep it safe. Because the sum is too large for it to be covered by insurance, the money should be deposited to a brokerage account at least until more concrete investment decisions are made.

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