It’s that time of the week. You race to the television to see the results of the lottery. You’re so sure that it will be your time, only to slump your shoulders when your numbers aren’t called.
Another loss. If this sounds like you, it could be time to get a little bit of advice that isn’t just “don’t play the game”. You need tips from people who have been in your shoes and overcome the loss.
To help you get the right numbers and deal with everything that will come once you win, here are a few pieces of sound lottery winner’s advice
1. Choose the Right Games
A lot of people stick with the Powerball and MegaMillions because it feels like you only win in short bursts with scratch offs. While you can buy Powerball and MegaMillion tickets, you shouldn’t rely on them alone. Don’t completely write off the smaller games.
Scratch-offs are a slow process but you can win way more than you think. You may have better luck with them.
2. Check Out Second-Chance Games
As soon as you get the results of the lottery drawing, it’s very tempting to throw out your ticket in frustration. You should resist this feeling because some states have second-chance games. This means that you could still win something even if you only got four of the numbers right.
So, always check for second-chance games. There is no greater feeling than surprise money.
3. Choosing Your Numbers
The biggest question that most people have is should they pick their numbers or go with the quick pick option. Your odds are actually the same no matter which option you go with.
Some people like to look at past winning numbers to strategize. It’s hard to plan like this when you go with quick pick. On the flip side if you get a quick pick ticket it’s fast and there is less of a chance you’ll have to share your jackpot if you win.
Now that you know a little more about how to win, you need to know what to do once you do.
4. Don’t Claim the Prize Right Away
It can be very tempting to claim your prize money as soon as you realize that you’ve won. There is a little preparation that you need to do before you claim your prize, so check the rules in your state to see how long you have.
The first thing you need to check after you see how long you have is if your state will allow you to stay anonymous. This is highly recommended or you’ll a huge target on yourself. You also want to give yourself time to get a financial advisor before you claim your money.
5. Hire Advisors
If you want to maximize your prize and protect your financial security, you’re going to need to hire a few advisors. While you may not want to dip into your winnings for this, it’s better than the alternative.
These advisors can show you where to invest your money, set up charitable donations, and how to handle money requests from friends and family.
6. Lump Sum or Annuity
When you win you will have two choices. You can take a smaller amount than what you won and get your prize in a lump sum or get the entire amount in payments over the next 30 years by getting an annuity.
If you go with the lump sum option you’ll have to pay your taxes on the money all at once. With an Annuity, you’ll only get taxed for the amount you get each year so it’s a little less overwhelming. An annuity is also a good option if you know you’re not good with money and that you might blow through the entirety of your check.
There are plenty of advantages and disadvantages with both options. A financial advisor will be able to give you a little more advice on it.
7. Stay as Private as Possible
Again, you want to keep your win private. The more people who know, the bigger the target you put on your back. If you let everyone in your family know you won, loved ones who you haven’t talked to in years will start to get friendly or conveniently be in some kind of financial distress.
You should keep your win between you, a small circle of trusted people, and your advisors. When you win you will inevitably be in the limelight if you decide not to stay anonymous and talk to the press. You can have your advisors or lawyer take phone calls concerning your win if you don’t want to deal with it.
8. Don’t Make any Big Life Changes
When you win, you may feel like moving far away, buying a car, and quitting your job. If you do quit your job you will find that you will blow through all your money. When you do, you will have no way of gaining more income.
You should avoid making huge life changes. Go ahead move if you’re getting harassed due to your win, but either transfer jobs or find a new one as soon as you get settled in.
Lottery Winner’s Advice: How to Win and How Your Life Will Change
Are you tired of not hearing your lottery numbers called out? You could be limiting yourself or you may have won something and not even realized it. Use this lottery winner’s advice to win big and take care of your life after you do.
Do you plan on using your lottery winnings to buy a car? Keep reading for a few tips for first-time car buyers.