There might be nothing quite as serendipitous as winning the lottery. In fact, it’s practically the stuff of fantasy — the chance of winning the lottery is as slim as one in 175 million. While those are odds that do not stack up for most people in their lifetimes, there are some lucky individuals who certainly do win. But for many, this win can be a shock. Suddenly having money after a lifetime of being at a certain financial levels can spell bad news for many an individual.
Here are 3 steps to take after quitting the lottery:
- Don’t quit your job just yet
Often times, we read stories about people who immediately quit their jobs, thinking that their lottery payments will ultimately support them and their family. This is sorely wrong. After you win the lottery, don’t spend money you don’t have yet. Instead, resume life as usual and wait to see how your new financial gains will impact you.
- Mum’s the word
Though winning the lottery is indeed exciting, telling people may be the worst decision you make. Friends, family members, and coworkers may see it as an opportunity to get some easy cash, and financial companies will relentlessly knock on your door, as they know you need a financial adviser more than anything. For the first few weeks, refrain from talking about your stroke of brilliant luck.
- Seek the help of a financial planner
One of the tricks to staying wealthy is budgeting your money. To keep your money in the best places possible and to make to sure it grows, you need to deal with it wisely. Because of this, investing in a financial planner is one of the best decisions that you can possibly make. They will help you understand how to collect your winnings, whether it’s in a lottery annuity or a lump sum. Furthermore, they can help you figure out how to go about selling lottery payments if necessary, and showing your which investments are best. Financial planners also help people deal with annuity settlements. Annuity settlements are period payments awarded to individuals who are injured in an accident.