4 Things to Do After Winning the Lottery

Posted by rightway Funding on March 26th, 2020

The lottery will always be a game of chance. When you buy a ticket, you don't really expect to win, but you hope to. So, when you do, it's surely a shock. Excitement will start to set in, but try not to get carried away. Stay calm, because there are a few things you should do to ensure that you can keep the money for a long time. Read on to learn about them.

Protect Your Ticket

The first thing you should do after winning is to protect your ticket. It's the only proof that you're the owner of the lucky combination. You'll definitely need it when you claim your prize. Sign the back to make sure that no one can use it.

You should also invest in a home safe or bring the ticket to a bank to store it in a deposit box. It's also best to take a picture of yourself with the winning combination to add further proof that you own it.

Assemble a Team of Professionals

A crucial thing you should remember is you need a team of professionals to help you out during this situation. You're going to deal with plenty of money, so you should get experienced people to guide you through the entire process.

It's best to handpick your own lawyer, financial adviser, and accountant. Carefully vet each one before discussing your current situation. Check their broker records in the Financial Industry Regulatory Authority and from Rightway Funding reviews.

Avoid Immediate Lifestyle Changes

Even though you have plenty of money now, you should still live within a budget. Although it's natural to celebrate your winnings, just set aside a specific amount for splurges. Avoid going on a wild spending spree because the prize you'll get will eventually be depleted, especially if you're not careful enough.

Save the big purchases you're planning for later. To give you an idea, if you're thinking about moving to a new neighborhood or city, it's best to just rent first. This way, you'll see if that place is where you really want to live in.

Donate to Charitable Institutions

Lastly, you should also share your wealth with those in need after you get cash for lottery winning payouts. There are plenty of organizations that will gladly accept your help. Aside from the satisfaction you'll feel from this, you'll also be rewarded. Donors are entitled to a 50% tax deduction to the adjusted gross income (AGI).

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Joined: May 23rd, 2019
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