Winning the lottery is a dream millions of people aspire to, but unfortunately the odds are stacked firmly against you. If you do get lucky and win the lottery, it may seem like a dream come true. But there are issues that you need to consider. There are multiple cases of people winning the lottery and squandering their winnings, or even worse, ending up in debt that they are unable to pay for. Here are a couple of tips to help you if you are that one in a million winner.
The excitement over winning the lottery can be overwhelming, but it important to keep it as quiet as possible. Advertising the fact you have won the lottery can make you a target for estranged family and friends hoping for handouts, as well as criminals, especially if you live in a small community.
Go to the Professionals
Arm yourself wisely with a lawyer and financial advisor. Most people understandably do not know how to handle enormous sums of money, so it is worth getting advice to help you spend your money wisely. If you have won a large sum of money, consider getting a therapist who will help you to deal with the changes in your life, including changes in relationships, family dynamics and your career.
Don’t Forget About Your Taxes
Whether you decide to take a lump sum or receive yearly payments, all winning are taxable. Ensure that you have an accountant or financial advisor that can help you with your taxes to avoid future fines.
Money won in the lottery can be given (to a certain limit) to friends or family, mitigating the tax. Giving money to charities can also be an advantage to you regarding taxes.