Many lottery winners have advice that they are willing to share with others who have encountered the same experience. But some of the tips and tricks are not as well known, and many of them are important things to consider when beginning this exciting journey.
Sign and Protect the Ticket
The first thing to remember is to always sign the back of a winning lottery ticket. This will prevent anyone from stealing the ticket, which would be an awful fate. Many winners also copy the ticket and keep it locked up somewhere safe, just in case it is misplaced.
English: Scan of the new Israeli lottery ticket (Photo credit: Wikipedia)
Tip #2 is to keep quiet about the win. Many lottery winners will share as soon as word gets out about the jackpot, they are suddenly bombarded with calls from long-lost family members and friends, as well as charities, churches, and other solicitors. Some choose to remain anonymous, which may be very beneficial in the long run. However, experts like those at Rewardit Lotto do recommend calling for legal help, such as a reputable lawyer, financial advisor, and accountant. These individuals can help protect the winner and his or her family, and also determine how much will be taken for taxes, and the best option to receive the winnings.
Purchase a Few Items
The third tip offered by lottery winners is to splurge, but not go crazy. Many winners have gone on a spending frenzy, which resulted in having to file bankruptcy. Of course anyone who suddenly becomes a millionaire will want to purchase a dream home or a new car, or take a luxurious vacation, but be cautious and limit spending of the money. Many financial experts recommend making a plan and determining which items are most important. This way the winner feels pampered, but there is still money left for necessary expenses, such as bills, debt, and future living costs.
Another good trick for lottery winners is to think long and hard before quitting a current job. While it may seem tempting to quit working altogether, many past winners have stated that this draws a lot of attention and raises questions. Continuing to work and earn extra income is recommended, since many people who don’t work become bored and end up spending the money faster. Additionally, the extra income from a career could go toward bills and other expenses, leaving more of the extra cash for fun purchases and vacations. Even working part-time may give winners a sense of direction and productivity.
Listen to Those who have Been through the Experience
Previous lottery winners have been through the experience, so their advice is very helpful in considering the next move after winning numbers have been announced.