How to manage your lottery winnings

How to manage your lottery winnings

Yes, the your chance of winning the USA Mega Millions are very bleak to say the least, but if you win, you should be able to have and use your money, right? Wrong! There are people who never have the chance to even see their winnings.

Everyone knows that if you win the Euromillions jackpot and manage your winnings – you will be set for life. The thing is – people make terrible decisions due to the fact that they do not know how to manage such a large sum of money.

Listed below are a few tips to help you manage things a little better, should you ever find yourself in a situation where you are millions of dollars richer than the day before.

  1. Always keep your winning ticket in a safe place. Your bible is not the best place to hide your ticket. Experts say that those with winning tickets should sign them and then put them into a safe or even a safety deposit box.
  1. Establish a team that you can trust for advice. Ask people you know well, like good friends and family. Also add a few professionals to your advisory list like lawyers, and tax experts as well as insurance providers and financial planners. Your team can serve as a buffer against people that ask for hand outs. 
  1. Do not commit for six months. Let your win settle in. It is very tempting to quit your job and just start spending money. The first few decisions that a Mega Millions winner makes, is usually the worst. 
  1. Do research before investing. The financially uneducated have the tendency to invest in tangible assets. These include restaurants or car washes. The money should be invested into something more liquid like stocks or bonds. 
  1. Donate wisely. Do not go around giving away all your winnings to any charity. If you want to donate to a good cause, you should speak to a financial adviser about tax benefits and also the possibility of starting your own foundation. 
  1. Last but not least, have fun. Buy the house, car and boat you have always wanted. Just make sure that it is planned out. Some of your money is allowed to be bad money. Take your bad money and enjoy it. 

Happy betting!

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This article originally posted on and re-posted here with permission.

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