WHAT DO YOU NEED TO NOTICE AFTER YOU WIN THE LOTTERY BIG PRIZES OR JACKPOT
Although people said: “It is extremely rare to win in a lottery”, it does not mean it is impossible. If the lucky charm comes knocking on your door, even though it is just a small prize, there are some tips you need to know after figuring out that you win a lottery ticket.
Win the lottery big prizes or jackpot?
- Be calm:
This may be the hardest thing for you to do after you know that you have won such an enormous amount of money. With some people, this may be the chance to totally change their life, to step out of poverty, or to have the opportunity to chase your dream finally. However, it is crucial to stay calm to think about the next steps. It is also recommended that you should not rush coming to claim your money as soon as you know win. There are several stories from Powerball and Mega Millions that jackpots’ winners usually take time to claim their prize. The winner should collect enough consultation and knowledge from professional advisors in different aspects to ensure that both the winner and the winning amount are as safe as possible.
- Protect the ticket:
People should protect the winning ticket. There are stories about the winners who can not claim back their winnings due to misplacing the tickets. The ticket is a proof that you are the lucky one. Whenever there is a jackpot announcement, the lottery company received many calls said that they should have been a winner if they did not lose their ticket. Of course, most calls like that are scams, but there are still some real unlucky people like that. In 2001, Martyn Tott and his wife from the UK found out that they won £3M. Regretfully, he could not have £3M as cash in hand because he lost his winning ticket, even though he kept claiming and also using legal authorities to help.
The winner can make a signature on the backside of the winning ticket to make it unique as a piece of standard advice. When the winner hand over the ticket, the signature acts as a tool to ensure that the winner will get the money. - Try to keep secret and stay anonymous:
The moment people know their life may change forever, they may think about sharing their overwhelming happiness with their friends, family, and even the world. Experts say that, in this case, the best to do is to be as quiet as possible and let as fewer people know about their massive winning as possible. It might be hard to keep secret with closest friends and immediate family, but words go with wind, you cannot control how far and how fast this news may spread.
The winner can look up if they have the option to stay anonymous when they claim their winning or not. Each country, or each state, depending on where the winner buys the winning ticket will have different rules about publicity and revealing identity regard to claiming lottery prize-winning. In case the winner can stay anonymous, please take it. Popularity, in this case, equals a strong possibility of getting to trouble. Many winners, who decide to go public, report that they encounter to several concerns. Some can be mentioned, such as people from nowhere bothering them, begging for money. Or they have chances of being robbed, and their private information appeared everywhere or being misused on social media for scamming. Let’s imagine you have to live with how many pairs of eyes looking at your money. The prize may not change the winner, but it probably turns the people around the winner. - Check the valid time that you are eligible to claim back money:
Depend on what lottery game and where is the state you purchased the ticket; there will be different deadlines for the winners to claim their prize. It is usually varying from 3 months to a year for it. There is also a standard rule that the winner must claim their winning from the state where they bought it.
- Book appointment with a financial advisor:
Winners may consider meeting up with an attorney, financial advisor, expert, or private lawyer who can help them in paperwork before the winner claim. The new winner can also look up and listen to tips from previous lottery winners that they share on the internet or press release to know better what to do and what to avoid. After that, the winners can start to contact the relevant state lottery and come forward to claim the winning. There will be a necessary procedure that the winners need to get through to verify the identification as well as validating the ticket. As having an expert in this field with you, you easier pass the paperwork procedure without complication.
- Consider winning claiming option:
During your consultation time, you will know about options you have to withdraw the winning money. Usually, the winner can choose between receiving annuity payment in which you can claim back full amount in total. The installment period is often around 29 years. Annuity payment can be seen as a guaranteed method to make sure the winner fortune in the long run. The winner can get benefit from this type of payment as reducing prize taxes.
Another option is to take one lump sum payoff. The cash lump sum is more popular as many previous winners have used it than the annuity option. The winner will get millions of dollars in their bank account in one payment. The state pays out for winner through cash lumpsum will be less than the winning jackpot amount, but it is still tremendous credit. This method is suitable for people who would need money for their own investment plan or when their ages are not suitable and practical anymore to schedule a program for installment for 29 years.
Experts can help you analyze each payment type’s pros and cons; from that, you can choose the most suitable plan for you.
Pay tax and necessary fee:
As mention, if the winner receive annuity, there will be less heavy on prize tax than the one-time lumpsum method. The financial advisor can help you have the knowledge and pay the reliable tax due to this winning amount, which will be deducted to the received amount. You can know the actual number you will earn through each payment type and how much tax and fee you will need to pay.
For example, Lerynne West in 2018 won a part of $687.7M in Powerball jackpot. The total winning amount that Lerynne West won were $343.9M. She chose a one-time cash lump sum of $198M. After paying tax and fee, she brought home nearly $140.6M.
Have a productive and wise plan with the money:
People with huge jackpots are recommended to start investing the money. To have a professional team, you will feel more comfortable to know what kind of investment is right to do.
Some people can also use the money to chase your dream and do what you wish to do for a long time. People started to open the dream business since now they have money to pursue their goals.
“Giving is receiving”, many people used their lucks for good causes. They start donating to charity organizations and help people get through hard times.
Avoid switching lifestyle so sudden:
The winners are suggested to remain healthy as before and should strive to switch their life into another luxury and fancy path. Changing your lifestyle so fast can bring you some trouble. People will start to notice, and some bad ones will try to gold dig or take advantage of you. Thieves can have a plan to trick or rob you. Or maybe just you are spoiled by yourself by luxury pleasures, which may generate an unfavorable decision on spending, which leads to self-blowing all of the winnings until the last penny in a short future.
To take Michael Carroll from the UK as an example, he won approximately £10M. He fast blew away all of his fortunes within ten years through wild free life with parties, deluxe accommodation, demolition derbies, drug, and prostitute. He even stood trial in courts about 30 times due to problems with drugs.
Enjoy the wealthy life:
And lastly, since you won the big prizes or jackpots, you after one night have become a wealthy person. Winning a lottery prize can change your life to another. Enjoy this life with your dreaming houses, trips, and personal items! Share the luck, the wealthy, the comfort with your beloved ones as you deserve it.
So, will you be the next winner for the lottery millions of dollars jackpots?
