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Imagine that you are the lucky winner of the lottery (jackpot, for example). How will you handle that huge amount? What you will do? After the initial excitement, make sure you face a range of problems, even risks. Here are 9 things you shouldn’t do.
Hurry to receive money
After realizing that Wanczyk was the winner of the Powerball, Wanczyk immediately contacted the award and called the Mercy medical center where he worked to resign. However, financial advisers said that it is so too early. “It’s best not to do anything. Let the overwhelming feeling pass before making any decisions”, said financial planner John Lloyd in Fort Worth (Texas). Join now https://w88nhanh.com/ for the best tips available lottery prediction.
Matt Chancey, a Financial planners in Orlando (Florida), said that you should consider waiting a while and then accept the award, to the attention of the media to calm down. Also, please photocopy the ticket and store it in the safe. Normally, you have a certain amount of time (30 – 180 days) to receive the award so please use this time to be better prepared both financially and psychologically for this big event, John Ulin, a Financial planners in Boca Raton recommend.
Do not let others know
In fact, it is true to say that the jackpot lottery winner will attract a lot of attention, from the media, relatives and even scammers. If allowed, please remain anonymous when accepting the prize. “Do not tell anyone”, noted financial planner Leon LaBrecque in Troy (Michigan).
On the other hand, Amy Hubble, a financial planner in Oklahoma City, thinks that you should talk to a lawyer for assistance in opening a fund or find an appropriate fund manager to receive the award in private.
Thinking that winning the lottery will solve problems in your life
“Winning the lottery cannot change who you are”, warns Sandra Hayes, a former social worker who won the Powerball lottery in 2006. You are still friends with the same issues and have more money. Many people won the lottery and eventually encountered more problems than before. “I wish I had torn the ticket”, said Jack Whittaker, a 2002 Powerball winner, who said afterward.
Do not turn yourself into an amateur investor
There seems to be no way to spend such a large amount of money, but then you will meet people who offer investment, ask for charity and even those in difficult circumstances to ask for help, Burke Sestok, a financial planner in White Plains (New York), said. “Change your mobile phone number. If necessary, change your residence”, adds Timothy Neuville, a financial planner in Irvine (California).
Your relatives and friends will start looking for your friends. Even people you barely know. “If you really have to lend to people you know well, ask them to write a pledge” even though most of these loans will eventually be made, said Kenneth Waltzer, a financial planner in Los Angeles, to speak.
Do not rush to get cash right away
Instead of getting a whole bunch of money, the smarter option is to receive each part within 30 years. According to financial theory, you can take money to invest, but getting all the money at once will bring much trouble and danger.
“Learning how to handle such a large sum of money takes time”, said Joyce Streithorst, a planner in Melville (New York). “If you choose the gradual option, you will always have huge income in three decades, but also significantly reduce the risk of spending all your money at once”, Sestok added.
Do not handle yourself
Everything from taxes to real estate planning is complex and risky. “You will need a lawyer, accountant, and financial planner”, said Mark Beaver, a planner in Dublin, Ohio. Do not hire your friends or your comrades. Hire a reputable independent expert, with appropriate qualifications and experience.
Do not become a “fool” because there is no comprehensive financial plan
“A plan will help you not become one of the people who lost all of the lottery winnings”, Beaver said. Although the money is so much that you’ll never seem to spend it, make a budget to specify when and how you will spend it.
Do not try to become an investment genius
Think carefully before investing in anything complicated and now that you have a lot of money, you don’t need to be in such a hurry. Billionaire Warren Buffett also always advises people to invest in low-priced funds.
Sandra Hayes, who used to be a public service worker, always maintained a simple life even though she won a prize up to $224 million.
“I know a lot of people have won the lottery but they go bankrupt now”, Sandra said. “I don’t care how much money you have, but if you live up to the rules, you will go bankrupt”, she added.
Do not waste
Do not rush to buy a new house or a supercar. At first, just allow yourself to spend a moderate amount, then do not touch the pile of money or change your lifestyle in the first 6 months. “Let you get used to the new reality”, said Richard Gotterer, a planner in Miami.
Things that players have to win a lottery must do
In fact, lottery companies all set a deadline to claim prizes. Accordingly, within the specified time period, if the winner does not contact the lottery company, they will lose their eligibility for the prize.
Before receiving the lottery winnings, players will need to contact the bank about setting up a personal account as well as asking the bank for confidential information when receiving large amounts.
There is no denying that paying personal income tax when winning the lottery is an obligation and a responsibility of every lottery winner.
There are many cases when information about a special lottery prize is leaked out, the life of their family is turned upside down when so many people constantly come to bother. Among them are scammers with malicious intent. Therefore, the confidentiality of personal information is what many lottery winners apply to ensure safety for themselves and their families. Most lottery winners require lottery companies to announce their initials and wear masks when accepting prizes.
Above are the things that all jackpot lottery winners must do or should not do right after winning the lottery. Keep in mind and apply because most likely, you will be lucky to win the jackpot lottery in the future.
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