STEP 4: CONTACT A LAWYER IMMEDIATELY

When you win the jackpot, it is necessary to contact a lawyer, this is because you would need someone to guide you on legal issues.

A lawyer would be able to help with some of the points highlighted in this blog and in the case of dividing your winnings and keeping bank accounts, a lawyer would effortlessly guide you through so you don’t fall into legal pitfalls.

You need to contact a lawyer or your lawyer once you have won the jackpot, that is before you receive your lottery case prize.

STEP 5: REMAIN ANONYMOUS AS POSSIBLE

Your privacy is key! Once people know you have won the huge lottery cash prize, they would begin flooding over ranging from your family members to your friends. Even “financial experts” would be on the look for your business to propose financially.

There would be a lot of activities going on in your life where people would suddenly want to be your friend, do business with you, and to collect some money.

Remember, you would be approached by various media houses, TV stations, Radio stations, Online Video,, and Blog Channels would all want to talk about you for FREE!

So it’s up to you, to determine if you want to remain anonymous or want to be treated like a celebrity.

It is best to remain anonymous because you could easily be carried away with the current fame and might not know how to deal with it properly.

However, it also depends on the lottery brand, game, or state you played from. Why so?

Some lottery brand or game requires you to present yourself as a winner, even if it’s just your name. While some would allow you to remain anonymous.

So try to determine if the game allows you to remain anonymous and if so, we suggest you remain really anonymous as possible.

STEP 6: CONSIDER TAX BY HIRING A TAX PRO

Depending on the lottery game, by winning the jackpot for popular lottery games in the world, it requires you to pay tax.

You need to consider this before collecting your lottery cash prize as it enables you to understand and determine what kind of payout you would settle with. You should consider hiring a tax pro to put you through.

Most lottery games offer two forms of payment which are taking the payment all at once or get paid on 30 Installmentals over the period of 29 years in the form of an annuity.

So, if you decide to get paid at once which is called a lump sum payment then, for the lump-sum payment you would need to immediately pay tax on the entire amount.

While, if you decide to go for the installment payment, then, with an annuity, you are taxed only when you receive the payment.

You have 60 days from the time you claim your lottery prize to weigh the pros and cons. During this time, ask advisors to crunch the numbers and help you decide which type of payment suits you best.

Ensure within this period you get a tax pro to assist you in deciding what form of tax is best for you and it’s pros and cons.

STEP 7: FORM A PARTNERSHIP IF TICKETS WERE JOINTLY PURCHASED

Was the lottery ticket played and bought by more than one person?

If that’s the case of more that one person, then an agreement needs to made amongst the group of people who jointly purchased the lottery game.

Why is this joint agreement necessary?

This is to help the group plan effectively how the money would be received and shared among themselves.

If you have won the lottery purchased by a group you are in, these are things to consider:

Was there a verbal or written agreement?

Can it be enforced under state law?

Understanding this would help to create Legal partnerships which would help in determining how the money would be received and how much would be shared among the group.

STEP 8: AVOID EXTRAVAGANT LIFESTYLE CHANGE

Once you have won the lottery cash prize, your adrenaline pumps up and you want to spend carelessly might set in.

Just like what Robert Pagliarini, a financial adviser, said, that taking “a very deep breath” should be the first thing you do if you win a large jackpot”

You need to take a deep breath and ensure you calculate how much needs to be spent and on what. And then figuring out if those things are necessary. One way to do so is to hire Financial advisers such as Robert who could guide you on how to manage your funds.

Your lifestyle would definitely change no doubt, but make sure not to overspend as you can go from a million dollars to zero dollars.

Just like the example of One winner in Canada, Sharon Tirabassi, who spent most of her $10 million jackpot on extravagant homes, cars, designer clothes, parties, vacations, and handouts to family and friends. Within a decade, she was riding the bus again to her part-time job and renting a house.

So, try to avoid overspending once you win the lottery.

STEP 9: GIFT TO FAMILY AND FRIENDS

You just won the lottery prize and you definitely are happy but then you don’t want bad blood around you, this means, you don’t want close families or friends hating on you just because you won the lottery game.

Try to gift family and friends in any way you can as this helps to bring unity and no “bad blood” around.

This is not a “most to do” but considering as humans, you could actually help family and friends especially if you had hit the jackpot prize.

Also while considering to gift family and friends, you can also gift to “Charity Organizations”

When gifting to a charity organization, ensure your gift to a charity organization that you feel strongly about and that they are in need.

Also, ensure that this organization has work that is reputable and wasn’t invented yesterday.

Lastly, when gifting to some family members and friends and mostly charity organization, ensure they sign a confidentiality agreement. This prevents them from revealing the disclosure of your gifts for at least 5 years.

This applies mostly to charity organizations.

STEP 10: KEEP A LOW PROFILE

After you have won and collected your lottery prize, it would be best to keep a low profile so as to avoid the unnecessary events that follow up.

Keep your old friends since you trust them already and avoid drawing attention to yourself either by being too attractive.

STEP 11: SPEND WISELY

Once you have won the lottery case prize, you might be tempted to want to spend on anything or any idea that comes your way.

Make sure to sit and calculate what needs to spend on based on their importance and try not to jump into conclusions on ideas that are quickly formed in your mind.

One way to restrain yourself is to only spend income not principal.

So try to discipline yourself to spend wisely even if it’s on a project.

STEP 12: PAY OFF ALL YOUR DEBT

The next thing to do after winning the lottery game is to pay off all your debt.

You don’t want to nurture the habit of not paying debts, so one way to do so is to pay off your existing debts.

There is no better investment than paying off debts.

STEP 13: INVEST, INVEST, INVEST

You need money to make money and the only way to do so is by investing.

As much as you can, invest in reasonable and fruitful businesses. It’s best to invest than to spend extravagantly because such money you would invest will later make more money for you.

If you are not sure of what you need to invest in, get help from advisors that would guide you on investment opportunities to partake in.

And lastly, as much as you might need to invest, don’t fall for investments that you don’t understand or that sound good to be true.

STEP 14: BUY SMART

You have enough money to buy certain things you have been dreaming of, such as houses, cars, ranch, private islands and lots more.

But before buying those things you have always wished for, think about these; How much will property taxes be? How much would utilities be? How much will I spend on upkeep?

Consider those questions before making any form of purchase.

Even when purchasing cars, for example, understand that expensive cars tend to lose their value by half once it has been driven and they require expensive maintenance.

Putting all these into consideration would help you make smarter decisions on what to buy and what is involved after purchasing.

So, in as much as you might need to buy certain things, buy smartly!

STEP 15: TAKE STEPS TO PROTECT ASSETS

You need to note that once you win the large sum of the jackpot cash prize, there would be lots of people (creditors) looking to take away your assets.

People would go to the extent of laying in front of your car so you can run them over and then they can sue you.

It could be your ex-husband or ex-wife who would also try to win a lawsuit against you so as to gain your assets. Applies also to disgruntled spouses.

So, what you need to do is to take steps to protect your assets by creating a variety of roadblocks to block people from trying to reach your money and property.

Enquire from an advisor or expert on how you can successfully protect your assets.

CONCLUSION

You have seen what you need to do if you win the lottery. These steps are to be taken seriously as some have gotten bankrupt by not following the steps above.

As much as we have listed steps to take when you win the lottery, it is very important to also take advice from lawyers and financial experts.

If you have won any lottery prize, let us know your experience in the comment section the steps you took, and also if you are yet to win the lottery cash prize, let us know in the comment section, the plans you have when you eventually win.