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How to handle winning the lottery
This may be one of the hardest things youll have.
"The best thing that someone can do if they win the lottery is to first identify an attorney, an accountant, and a reputable financial adviser explains Dock David Treece, financial analyst for.
Being savvy about others' ulterior motives is a difficult reality to face when you have a high net worth, but necessary." (c) ViewApart /.
Pack your bags and get out of Dodge You've had a lot going on the past few weeks, what with winning the lottery, quitting your job, straightening up your finances, and dodging all the money grubbers, free android slot machines games queen of the nile and now it's time to relax.(c) SIphotography / m 15 Best Things to Do When You Win the Lottery.You are responsible for jackpot slots facebook slot machines paying the difference.Change Your Address and Go Unlisted.Taking the Long-Term Payout, when you take the long-term payout, you receive the full amount of the jackpot over a period of 20 to 30 years.Satisfy this responsibility before you can't.More often than not, this reduced what is quater payout taas liqui amount equals about half of whatever the winning jackpot amount was.After Claiming Your Prize OK, so you made the necessary arrangements before asking for your winnings and you decided how you want to be paid.I love you, but please shut your mouth right now.You have limited access to winnings.Hire yourself a good attorney who is well-versed in financial issues, as well as a solid fee-based financial advisor and a CPA.Not you (see Rule #1).Go shopping and treat yourself but don't go overboard It's easy to shop 'til you drop after claiming all that cash, but it's a trap a fool's game that will only satisfy your impulses while making a sizable dent in your winnings.Your lawyer will handle that.I have admitted it before and I will admit it again occasionally, I play the lottery.
So when you take the lump sum, they pay you the current cash value of the jackpot, which is much less than each annual payment added.
Before Claiming Your Prize, laying a good foundation is key to making the most of your good fortune.
That said, you may want to keep your primary mortgage as long as it has a low interest rate.