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When it comes to winning a lottery, maybe you think that all of your problems will be solved immediately. However, you are wrong because there are many lottery curse victims. So how to avoid being one of them?
People claim that winning a lottery prize will turn your life into a brand new page. So they chose to bet their money on these games. Winning rates from these games of chance often depend heavily on luck, like as tỷ lệ kèo nhà cái is an example. Yes, it is true. But they do not tell what life it is. For some lottery winners, it is a wealthy and happy life, whereas, for someone else, it is completely nasty. According to research from the National Endowment for Financial Education, 70% of people who suddenly receive a windfall will lose that money within a few years. And losing a huge amount of money, no matter where it comes from is terrible. However, there is no need to become one of them if you know how to control your money, manage your relationships, you can stay wealthy and happy after the win.
Keep your lottery prize a secret
Keep your winning private. Source: SPSP
Just imagine what you will do if you win a Powerball jackpot. Some people are too excited and happy that they immediately shout and everyone around them knows this news. The others, on the other hand, call their parents, their best friends or their beloved ones. It is just a natural reaction, but try to bottle it up. The thing is you will have to cope with considerable pressure if many people know that.
Don’t be too excited. The first thing you should do is to look for the state lottery laws to see whether it is allowed not to reveal your identity. Some states allow lottery winners to be anonymous while others require the winner to go public. In some states, lottery winners have an option of incorporating and claiming the prize as a business. This way will provide you legalshield. The perfect option would be staying anonymous, which can help you avoid possible risk and pressure from friends, relatives and even strangers.
Quit your jobs immediately? Don’t do so
A big mistake that many lottery winners make when receiving the news that they have won a windfall is to make a decision. It is the time that they are overly emotional after hearing the win. And making a decision this time is not wise at all.
Some say that they will quit their jobs immediately when knowing that they hold a multi-million dollar winning ticket. Think about it twice. Will those windfalls stay with you forever? Sadly, the answer is no. You spend your winning money and this will decrease. One day, when there is no money left, what would you do to make ends meet?
Therefore, stop making any decisions when you are too high, whether it is quitting your job or getting divorced or you will regret soon. The advice from Brian Kuhn, a Certified Financial Planner in Maryland, is that before reaching a major decision, “take a deep breath, have a long meeting with your family and loved ones, seek legal and tax counsel on how to claim and own the prize money, and don’t make too many decisions all at once”.
Seek for consulting services
Receiving a windfall from the lottery, there will be many issues arising. If you are not a professional in the financial field, hire a financial consultant (it is better if he has experienced in solving the same problems). You need to know how to pay taxes, when to pay taxes, how much taxed to pay (which part belongs to the federal and which part belongs to the state), how to reduce your tax liability, which option to choose (receive a lump sum payment or receive the payment as annuity). Seem too complicated, right?
This is the reason why an experienced expert is needed to answer these questions for you. He can help to navigate the troubling issues related to lottery win so to bring the highest benefits to you.
You may need consulting services to deal with financial and legal issues. Source: Redcolombiana
However, you should be careful with the financial consultant because not all of them are equal. Abraham Shakespeare, a lottery curse victim, is a typical example. This man was murdered by his financial advisor who had been hired to care for his money. When selecting a financial consultant, focus on three criteria, including experience, knowledge and reliability.
But the question is how to choose a good financial advisor? Dana Anspach, a retired professional of The Balance, reveals some tips to select a good financial consultant. You must understand the potential advisor’s qualifications, ask them the right question and be clear about payment.
Moreover, you can hire different advisors from different agencies to reduce the risk of bad advice that could harm your money.
A spending plan is a must
Many lottery winners are losing their money after several months. This is from a serious mistake called “spend first attitude”, according to Russ Thornton of Wealthcare for Women.
Once owning a huge amount of money, many think that they could afford to spend it on different stuffs and just do it without thinking much. If you have had any budget plan, learn to do so from now on. Some people consider a budget something stressful. Come on. Having a budget plan is to ensure you can control your winning money wisely. Building a budget does not necessarily mean that you cannot treat yourself. It aimed at controlling the money flows batter.
One the news that you win a Powerball jackpot is publicized, there will be lots of people coming with the hope to get some of your winning money. These people could be a long-lost friend, a relative that you even do not remember his name or even some strangers. They think that you have an “easy come, easy go” mentality and are willing to spend your money lavishly.
Of course, it is fine to help your family, friends or relatives who have treated you right and who are in need. However, it is not your responsibility to help them all. Once you refuse to help them, you have some enemies. Now it is time to take several steps to protect yourself and your winning money, including setting up a series of roadblocks and asset protection strategies. Besides, it seems that keeping all the money in your house is not a good idea as it could put you and your family in danger. Maybe you can consider putting your money in a bank and receive the monthly interest. That’s how to go.
You win a lottery prize and it is time to spend the money and enjoy a wealthy life? No. Many problems are arising once you own a windfall. So, be careful or you will be a lottery curse victim.
That’s right, not everyone is lucky! Like other similar games at https://sieukeo.com/, it’s just a game. So do not spend too much time and money on it.