Managing your jackpot prize

Managing your jackpot prize

Most view the winning of a lottery as the starting point for living a trouble free life. Although, this may appear very true, it is actually not. Without proper planning, you will plunder over your precious winning and gain a lead actor spot in the ‘riches to rags’ story.

The following tips will help you properly manage your winning so that winning the lottery will be the point in your life you are thankful for your current fortunes.

Tip #1: Obtain a private phone number

Once you are announced on the national news as a jackpot winner, you will get thousands of calls from people claiming to be long lost relatives and college acquaintances. In addition to this, you will also likely to be the hot target for scammers and con artists preying for your prize.

Through getting an unlisted phone number, you make it difficult for them to contact you.

Tip #2: Get a smart Tax Lawyer

Although never nice, paying taxes is necessary for everyone. You should get a reputable tax lawyer that will guide you through the process that will minimize your tax burden.

Tax lawyers are usually quite costly, however they are essential for anyone who would want to save on taxes in the long run.

Tip #3: Hire a Professional Investment Adviser

Your objective after winning a jackpot is finding ways in which you can properly maximize the value of your jackpot. One way to do that is usually through making sound investment decisions.

This is very important, especially to large sums that might appear too large to completely use. To protect you further, chose investment adviser that charges a fixed charge rather than a commission on the amount to be invested.

Tip# 4: Pay off your debts

Throughout your life, you might have borrowed in order to achieve something you did not enough money for. By winning the jackpot, you get the excellent opportunity to do so. Though paying your debts you will be in an excellent liquidity position and getting that good feeling that you are out of debts.

Paying off large sums of debts is, however advisable to be done once after consulting your investment adviser.

Tip #5: Carefully analyze your winnings

After all the fun of having won the lottery, you should relax and actually examine your lottery winnings. Most lottery winners are actually shocked about the winnings they remain with after legal fees and payments of debts.

Through this, you can get back to your financial adviser and set new financial goals that are based on the remaining amount.

Tip #6: Give back to the society

It is always good to thanks lady luck for your fortunes. You can do this by giving a cheque to your local church or donating part of your winnings to charity. Through this lady luck may smile at you yet again.

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