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The First Thing to Do After Winning the Lottery

LotteryIt may be what you have dreamed about for years but when your dream of winning the lottery comes true there are some things that you should do to keep yourself grounded. This good fortune may seem like an easily manageable situation but unless you do some practical things in the beginning you may suffer the consequences of stress, loss of your fortune, and the devastation of your life. If you look at other lottery winners from the past, you can see that those who were cautious and planned for this sudden windfall fared much better in their lives than those who struck it rich and began to spend large sums of money immediately. Especially if you aren’t accustomed to having great sums of money around you, you’ll find managing the cash that you now have can be a burdensome task that you never expected. Let’s take a look at some of the first things that you should do within a year of winning your lottery prize.

  1. Don’t make the quick decision of quitting your job immediately. You’ll want to think about your future, what you want to do with the money, and how your time can be spent doing worthwhile things with your loved ones. You should put off ending your career until you have the money in hand so that you’ll know exactly how much you have to add to your budget; never start spending the money before you collect your winnings or you may end up in financial ruins.
  2. Keep the news of your winnings to yourself if possible. As soon as friends, family members, and even unknown people learn about the money that you now have they will begin asking for cash donations to whatever fund that they deem important in their lives. You’ll have financial advisors and institutions beating down your door to help you plan how to spend your money, most important of which is their salary for advising you. It’s best if you and your spouse determine when, where, and how you want to spend your new earnings from the lottery without interference from outside sources.
  3. Hire a tax advisor to help you with the taxes that you’ll have to pay and to explain the process of tax planning that you should now undertake as a wealthy person. This professional can advise you about how to collect your winnings so that you get the most from your money; he’ll help you decide whether to take a lump sum or to draw your money over an extended period of time so as to not impact your income tax bracket. Look at your friends who manage their money effectively, ask which tax professional they use, and make an appointment right away to get your planning started.
  4. Find an estate planner and do everything that you can to get your financial affairs in order as quickly as possible. You are probably not going to spend all of your money in your lifetime so passing on this legacy to your loved ones requires careful planning and attention to detail. You can manage your charitable donations, avoid excess taxes, and control where your money goes upon your passing.
  5. Develop a new budget that includes your winnings and make a commitment to stick to your financial plans. You might enjoy taking a risk by joining the lotto fun at the website but you don’t want to take a risk at overspending or mismanaging any of your newly found fortune. You’ll want to spend responsibly and use every element of planning that you can during your first two years so that the money won’t run out and that you can modify your financial situation with your winnings.

Take a deep breath, work with a team of professionals, and let this new money work with you and your family instead of causing stress and working against your future plans.

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