The odds of winning the lottery are pretty slim. In fact, there are much slimmer odds when it comes to becoming a movie star with odds like 1.5 million to one as opposed to the 175 million to one odds that the lottery holds. But, just in case you’re feeling lucky, there are some things to consider when playing. Here is a look at what it’s like to win the lottery and the things needed to consider when you strike it rich!
Quitting Your Job
Believe it or not, some of those who have won the lottery actually keep their job. Others of course, live out part of the dream and quit right away. it’s important to ensure that the date and numbers on your ticket are actually winning numbers. In addition to gravitating away from the life you’ve always known, keep your winnings to yourself just in case your boss decides that you are no longer the right person for the job due to your sudden movement into riches.
Don’t Lose It
Of course, you’ll want to lose your mind once you realize that you’ve won the lottery. But don’t lose your ticket! This is what will be used to verify your winnings. If your ticket is lost, you won’t get a second chance. Once you’ve won, be sure to take photos or copies of your winning ticket to store in both digital and printed form.
Putting Together a Team of Advisors
Once you’ve won, you’ll have people knocking at your door, calling your phone and reaching out via social media. These people can come from charities, people that you once knew or debt collectors. To help allocate your money to live a comfortable life, you might want to hire such as a tax attorney, accountant or financial advisor to be sure that your winners are spent properly before all of these other people come into play.
Piggy-backing off of the last topic, you’ll want to learn to say no to people who might come to you for their own personal gain no matter what their relationship is to you. Saying no could be one of the most helpful things and might even be placed at the top of the list for some people.
Okay, maybe don’t hide but changing your address and taking it off of anything public will help fend off those who might come looking for ways to hit you up for some cash. People in America especially will go out of their way, beyond the scope of belief even. You’ll want to stay away from these kinds of people and one way is to hide your address and phone number.
There are many different things that you’ll want to do with the money but ultimately, blowing it isn’t such a great idea. Consider talking with your financial planner about setting up college funds, preparing for retirement (whether it’s tomorrow or at 65 still) and think about giving to charities that support causes dear to your heart. However you decide to spend your riches, be sure to maintain a portion of your life before the riches and allow room to give back to those who helped you in the past.