4 Things To Do First After Winning the Lottery

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4 Things To Do First After Winning the Lottery

4 Things To Do First After Winning the Lottery

 

You’ve won the lottery, and the world is yours. Well almost. Before you pop open that bottle of champagne to celebrate, let’s review a few important to do’s. Winning the lottery is everyone’s dream but if not handled properly that dream could quickly become a nightmare. Most lottery winners squander their prize money within a few years or even months due to poor planning and bad advice. So what should you do first?

1- DON’T TELL ANYONE.

The first mistake most lottery winners make is sharing the good news! Don’t! Keep your winnings to yourself and we mean that literally. Informing others of your recent good fortune could lead to bigger problems. Experienced financial advisors suggest remaining silent about lottery winnings to reduce solicitations for cash that will inevitably come, especially from family.

2- FIND AN EXPERIENCED TAX ADVISOR.

Your big payday also comes with big tax requirements. Hiring a well-seasoned tax advisor is important to ensure you remain in good standing. A less experienced tax advisor may not be up-to-date on the best tax strategies for your winnings. Normally, winning the lottery significantly changes your tax implications. Always look for an enrolled agent to handle the overseeing of your taxes.

3-GET YOUR CASH UPFRONT.

Many people aren’t aware that even after winning the lottery you can still have cash flow challenges. For example, it can take several years before winners receive their cash. Even then, the amount is significantly less than the initial prize winnings. Speak with a Financial Solutions specialist to review your options for getting your cash up front. Immediate cash flow needs can be huge financial hardships. Learn how you can solve your cash flow challenges sooner than later.

4- FIND AN EXPERIENCED ESTATE PLANNER.

Having an estate planner guide you through the critical decisions on how to allocate your winnings properly is crucial. Knowing that each dime is accounted for in the beginning can save a whole lot of heartache in the end. Estate planners will help you put a plan in place to help you manage to give to charitable causes, family and friends. A great estate planner also serves as a line of defense against demanding family members. Having the plan in place prior to conflict can help preserve valued relationships in the long run.

Now that you’ve read through each step and understand the importance of preparation you can start your celebration. Just remember to contact your advising professionals immediately and don’t wait around for your winnings. You can get your cash upfront by calling 1-877-227-4354.

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