To win the lottery, it is undoubtedly a happy moment, because the extra money can save you from some trouble, pay your debts or give you some luxury; however, you must be careful before and after collecting your prize due to different circumstances; here we tell you what they are and we give you several tips to keep in mind.
Although it is difficult for anyone to win a big prize (one in more than 290 million for Powerball according to Investopedia), one should not lose one’s head if this happens, because sometimes the reward can be more of a curse than a blessing.
How to protect your ticket if you won the lottery? Tips for before charging
- Keep calm: After getting excited about winning the lottery, take a deep breath and relax. Do not go immediately to collect the money, check the time you have to claim the prize according to your state. Before doing this, plan carefully how to collect your money.
- Protect your ticket and prize: As recommended State Farm?(an insurance agency), the first thing to do is make copies of the ticket and the original store it in a safe place, preferably locked up. In addition, it is advisable to speak with a financial adviser and / or lawyer to review the clauses of the draw.
- Take care of your privacy: Without a doubt, one would like to shout from the four winds that you are the winner of the lottery, but the less people know the better. Try not to appear in public saying that you won; although it is mandatory to change your phone number. Another recommendation that State Farm es create a blind trust to receive the money in an anonymous manner.
- Make a plan for your prize: You have to think carefully about what you want to use your prize for, what you want to achieve with it, so that the money doesn’t go to things you don’t need. You can ask for advice from a financial specialist.
- How to receive your payment? It must be remembered that large prizes can be collected in two ways, one is a single payment that discounts up to 40% of the prize or receive a payment annually, for a certain time. So you have to plan very well what you are going to do with the money, to know which of the two options is better.
Tips to save your money, after winning the lottery
Once you have already won and collected, here are some tips on how to manage the lottery prize.
- Keep the money: One important piece of advice that State Farm has is when it comes to saving your money. The first thing is check with the bank manager for a way to save the moneyespecially since the government only insures individual accounts up to $250,000, so maybe it is best to have several accounts in different banks.
- Have a budget: You have to know how to manage yourself, set a money limit that you will take from the prize little by little. Do not look to spend large amounts in one go. In addition to saving and investing for the future, whether education or for your retirement. It is also relevant to know how much money you have after taxes.
Why is it not good to make it public knowledge that you won the lottery?
As soon as people know you have money, They will make requests, family, friends and even strangers. So the fewer people know the better.
Also, for security cuestionsbecause some people with bad intentions could be aware of what you do.
In what states can you remain anonymous if you won the lottery?
In almost all of the United States they ask that winners are identified by at least their namebut there are some places where they are allowed to remain anonymous.
According to the site Florida Justiceonly six states allow this: Delaware, Kansas, Maryland, North Dakota, Ohio and South Carolinabut also the portal says that: “Many other states are in the process of enacting such laws (to protect anonymity), some even require the winner to donate a portion of the money to charity if they wish to remain anonymous. Other states allow The winners create limited liability companies, so that when the winner is announced, it is the companies and not the individuals who are identified.”
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