Posted: Tuesday, Mar 23,2021 | Time: 05:58 am | Edited by: The Lottery Lab Staff
Many of us dream of winning a million-dollar Powerball or Mega Millions lottery jackpot, but have you actually thought about what to do when your numbers actually show up in the drawing?
Remember, winning a jackpot is a SUDDEN Windfall!
There's no question that your lottery jackpot prize would give you a chance to create a new and lavish lifestyle.
But, you need to be prepared!
The moment those digits match the ones on your ticket, your life will become a roller coaster ride that you could have never possibly imagined!
Without wasting a moment, sign the back of your lottery ticket, like right now! If you accidentally drop or lose your ticket, without your name scribbled on the back, it would be really easy for someone else to claim your jackpot as their very own.
Who wants that to happen? Not even in scariest nightmares!
What happens next can depend on how much you have won and your personal situation. Taking the right steps can help your lottery win boost your life, but taking the wrong ones can easily tear your life into pieces.
That's right! Winning millions of dollars overnight isn't always as perfect as the dream most people hold!
To ensure a happy lottery experience, go through these frequently asked questions before claiming a jackpot and build your hassle-free lottery win!
Sign the back of the ticket immediately. Every official state lottery has a validation process that establishes the legitimacy and ownership of winning tickets.
The time period for claiming your lottery prize varies from state to state. But in general, it ranges between 90 to 365 days. Check your state’s timeline immediately after winning to make sure you are following the right rules. You need to claim your prize before the official deadline, otherwise, your winnings will be fortified.
All lottery winnings are subjected to state and federal taxes. The percentage of your prize that will go to tax varies depending on your state of residency and the state that you bought your ticket in. **One special note on taxes is that the lottery commission may withhold a portion of your prize for taxes; however, this may not be the entire amount of your tax liability. Talk to your financial advisor to avoid difficulties.
After signing your ticket, call your financial advisor, attorney, and accountant to develop a plan to protect, preserve and invest your newfound wealth safely. Each of these professionals provides a different service that you will need.
After winning the Powerball or Mega Millions jackpot, you have the choice between claiming the money all at once or taking it in an annuity of 30 installments over 29 years. There is no option that is perfect for everyone and every situation. With the lump-sum, you have to pay taxes on the entire amount immediately, whereas, with the annuity, you can spread your tax payments over time. Though most winners select the annuity, talk to your financial team to make the best decision for your financial situation.
Winning a jackpot can often disrupt a person’s life, so it is important for you to hold on to things that matter and make smart moves. Don’t share the news of your good fortune with people who don’t need to know. Don’t change your spending before you claim your prize. Don’t quit your job. The key point is to protect your privacy and your alternatives. Find whether you can remain anonymous or not, stay away from the limelight, and hire a team of professionals to manage your winnings.
After you claim your jackpot, it is wise to continue with most of these themes. Refine your professional advisors. Avoid sudden or dramatic changes in your lifestyle, prepare a long-term financial and health plan, live within a budget and decide on how to do good with your winnings.
Avoid attracting attention. Many of us dream of being “rich and famous”, but given the choice, it is better to just be “rich”. Too much attention can attract con-men and hangers-on. Remain as anonymous as your state allows. Consider deactivating your social media accounts.
Also, don’t build up debt. Since your big payday may never come a second time, you can easily accumulate too much debt if you are not careful. Therefore, you may want to rethink how you use credit cards and loans.
The odds of any lottery game largely depend on the structure of the game. As far as Mega Millions and Powerball are concerned, the odds of winning are 1 in 302,575,350 and 1 in 292,201,338.00 respectively.
To claim your prize either check the official app or website of your lottery. You can also visit an authorized lottery retailer or registered lottery to get your hands on the winnings.
Winning a lottery jackpot is a dream for many of us. But getting a winning ticket is only part of making that dream come true. Lady Luck does not always favor you after she inks those numbers on your ticket. It is your personal efforts that ensure your grand win. From the techniques and tools you use to the way you handle your claiming decision; your effort is what actually pays off. Never let go of the wealth that rains down on you. Intelligently plan to keep it safe, seek help from professional financial advisors and invest for your future.
Money saved is money earned!