Posted: Saturday, Oct 19,2019 | Time: 11:26 am | Edited by: The Lottery Lab Staff
Winning a lottery is a big deal. How big? That depends on the amount you’ve won! There are a lot of lottery winners who’ve won big and lost even bigger. You don’t want to join that list. Here something fundamental that every lottery player should know: the worst thing you can do is act on impulse and ignore precautions without thinking twice. So avoid doing the worst thing and tips to not to ruin your life after lottery win-
This is not always possible as there are just a handful of states that allow anonymous prize claims. If your state allows anonymous prize claims, take advantage of that. And if not, there are other ways to help you claim your prize anonymously.
If you live near any of the states that allows anonymous prize claiming, just hop the border and purchase your lottery ticket. The laws governing claiming prizes are based on the state the ticket is purchased in so you can claim the prize anonymously!
Or talk to your legal adviser, they can help you with establishing a trust and you can claim the winnings in the name of the trust.
Even if you have to give a name and have your picture taken, don’t give your complete name and considering wearing a mask for your photo holding a multimillion dollar check.
Do whatever you can to keep your identity as private as possible. Everyone will look to you for money, handouts, or charity. Therefore, keeping your winnings anonymous can be the best in your interest. Moreover, this is one of the best tips to not to ruin your life after lottery win
You have a lot of money and you can do ANYTHING you want! Right? Wrong! Stop, take a deep breath, and give yourself some time to create thoughtful plans for your sudden windfall. Avoid making any big decision for at least the first 6 months. All of the gifts and charities will be still be there when you have a sound financial plan for your new-found fortune. You will enjoy your money even more with a plan. Have fun, but more importantly, have a plan.
70 percent of lottery winners go broke within a few years according to the National Endowment for Financial Education. The major reason? Poor money spending habits. When you win, you definitely don’t want to become a statistic. Therefore, the ultimate advice for you is to seek a financial advisor right away. Interview several financial advisers and compare their responses. It will take a while and require some homework. But it is one of the most important decisions and you should be sure of it.
Bonus Read: Extraordinary Spending by Lucky Winners
Before you get back to the reality of making plans and decisions, take a break and go on a vacation. It is just the thing you need to clear off your mind. Treat yourself and your loved ones with a vacation you will never forget. Take your dream vacation but be sure to keep your dreams on the reasonable side. We are sure that you’ll just do fine.
When you have a lot of money you want to treat your loved ones and spoil them with all the things in the world they deserve. But, be careful with the size of the gifts you are giving. It could do more harm than good if not dealt with in a thoughtful manner. It ultimately is a responsibility.