For 6 months, dont change anything.
Take a deep breath and take your time.
More often than not, this reduced amount equals about half of whatever the winning jackpot amount was.
DO NOT sign up with some nutty wealth advisor who sweet talks you with a beautiful British accent.The advertised winning jackpot amount is based on the lottery paying you through an annuity over 20 or 30 years and not all at once.No risk of unknown future variables affecting your payout.Chances are 1 in almost 175,000,000 for winning the Powerball, which is about 60,000 times less likely than being struck by lightning in your lifetime.You can tell 1 person: your spouse.This falls under Advice Everyone Says But Nobody Takes: When someone dies or you get a huge amount of sudden money, do not change anything for 6 months.Org to find a fee-only financial advisor who can guide you through the next few months of setting up your new financial systems.Its worth a few thousand bucks to get set.
If you do win big, however, there are clear rules experts suggest you follow and traps to avoid.
Polston has some sound advice after you sign your ticket.
However, you just received millions of dollars out of the blue.
You give up a guaranteed income stream.
Sit down with your advisors and take a hard look at how much you really have after federal, state, and local taxes; what new annual expenses you'll have (for things like property taxes and upkeep discount mobile home sales enterprise al and paying your financial team and how much you want.
Eat right, exercise, talk to close family and friends, and seek professional counseling if handling your new wealth is causing too much emotional strain.
Nor is playing the lottery a sound financial plan.You can always choose to reveal your new wealth later once you have the proper precautions set.Long-term investments take financial wisdom and restraint, but with careful planning, you may be able to grow your lump-sum winnings larger than the future annuity payments would have been.If youre looking to play the lottery, check out m, an easy way to buy lottery tickets online from around the world.Start an Emergency Fund Even millionaires run into financial problems, sometimes more so than the rest of us!Disadvantages, poor financial management of a lump sum payment, such as an overly aggressive investment portfolio or careless and outlandish spending, could leave you penniless.Who do they make the check out to?Talk to your team about gifting taxation structures and how much you can give each year while still maintaining the lifestyle you desire.You dont want to have to go back to work at 80 after being a jackpot winner, do you?You call up the biggest, most white-collar law firm in the country (just google highest paid law firm ) and tell them you want a lawyer to help with taxes and trusts.Winnings are taxed at current tax rates, which could be higher in the future.Rest assured, some people will pressure, threaten, or otherwise try to manipulate you to get their way.However, if you were a cashier at 7-11, Im not sure if people are going to believe youre a consultant.
(wkyt), the Kentucky Lottery is giving advice on what you should to if you have a winning lottery ticket.
Here are three ways to really beat the odds by making sure your winnings don't go to waste.