Lock Down Your Ticket and Your Identity!

For many, winning the lottery is the American dream. And if you happen to be one of the lucky handful of people to winthelottery, it’s easy to get carried away with the excitement, expectation and joy of having all that money. Yet what you do in the days, weeks and months following your big win can have added impact — both for your overall sense of well-being and continued financial security and success. Here’s a handy guide for some pragmatic steps you can take should you winthelottery to make sure your good fortune will change your life.

The first thing you should do after you winthelottery is sign the back of your winning ticket. This basic precaution means you own the ticket, thus avoiding disagreements or even theft. Then, snap a picture or scan the ticket and keep it somewhere secure like a lockbox or safe-deposit box. Before you spill the beans to anyone, take a look at the lottery’s rules regarding anonymity where you live.

Seek Professional Guidance

The urge to shout your profits from the rooftops is strong, but before taking any big steps, gather around your team of trusted advisers. This could be a financial advisor with experience in handling sudden wealth, a tax pro and maybe an attorney knowledgeable about lottery winnings. These professionals can help you understand the tax implications, develop a financial plan and protect your interests. Their oversight is invaluable, particularly if you’ve never learned to manage a large sum of money.

Deep Breaths: Put Major Decisions on Hold

When you winthelottery, it would be wise to breathe and adjust before making any major life-changing choices. Do not succumb to the temptation to quit your job, splurge on pricy purchases or lend money to friends and family right out of the gate. Allow yourself some time – days, even weeks or months, if you need it – to explore your options and come up with a plan. A lot of lottery winners regret spending their money so quickly, if you give it some thought you have some life long happiness.

Eliminate Debt, And Create a Safety Net

It’s wise to start with using your lottery winnings to pay off debts – be it credit card debts, loans or mortgages, this decision can liberate you from the financial burden and relieve you from all the stress it causes. Then you want to save some of your winnings in a prominent (easily accessible) savings account for a ‘rainy day’. This cushion helps make sure you are ready for the next surprise.

Plan for the Future

With the aid of your financial advisor, chart a long-term course for your newfound riches. That can include investing, establishing trusts, making charitable donations, or preparing an estate plan. There, you’re trying to make your winnings last a good long while, for you and some other people you care about.

Enjoy Responsibly

Certainly, you can take it upon yourself to enjoy scoring! Allocate a reasonable “fun fund” for travel, experiences or anything that brings you pleasure. Just be careful not to let enthusiasm crowd out your long-term ambition.

To win the lottery is an unusual and exciting occasion. By taking these important steps after winning the lottery, you can protect yourself and make your dreams come to life — without some of the issues that tend to plague lottery winners. Just remember, the smarter decisions you make now, the more they will pay off for a lifetime.