As jackpots continue to rise, will you someday be the lucky winner? The bigger question might be, what would you do if you won it all? Most people think you don’t have to worry about money once you win the lottery, but that’s not always the case. There are ways you can protect yourself, while still having fun enjoying your newfound fortune.
If your state rules allow you to remain anonymous, then you don’t have to broadcast that you’ve just won a jackpot. For one, just think of all the family, friends, and anyone you could possibly come across in your life that now need a favor or two. It’s a matter of public record in some states, like New York, but if you can keep your name under wraps, the better.
Talk to a Tax Professional Before Cashing Out
The last thing you want to do is accept all the money and then realize you lost out on taxes. You have options, such as getting paid in installments over 20 years in some cases, but with a lump sum payment, you will have to pay taxes on the entire amount. With the annuity payments, you are only taxed as you receive each payment.
Get Out of Debt First
This is absolutely necessary if you want to set yourself up for success after winning the lottery. You can pay off all your debts in an instant most of the time, unless you choose to do annuity payments. Paying off your debt is key to living a better life and opening new doors for yourself without the debt burden on your shoulders.
Take a Trip
You should plan a trip to somewhere you’ve never been before. You could head out to Hawaii, Tokyo, Paris, Shanghai or Timbuktu! The point is, that you take the trip of your dreams so you can live life to the fullest. It’s one of the best reasons to keep playing the lottery and it’s easy to play live lotteries at WinTrillions, to try your luck.
Invest to Continue to Income Stream
Investing is something that every lottery winner should do as soon as they get that first large check. These investments can help sustain you for many years with all sorts of different types of stocks, bonds, mutual funds, or currencies that you can choose to invest in to continue to earn off of your winnings.
Buy Property or Set Up a Business
What if you bought some property and created a ranch? You could set up a business in a new town, or you could even buy a small business. There are a variety of things to do with your money, but you should invest in the properties and businesses that are going to be profitable to you in the long-run, not to mention have a passion for.
If you do win, you also don’t want to forget about making charitable donations. After all, you are in a position to help others and give back now that you’re rich. You can speak to a donor advisor or simply look at a few suggestions on Reddit to find the best ones that speak to your hobbies and interests.