Five Important Tips to Avoid the Common Pitfalls that Commonly Face People that Have Won the Lottery
A Financial Advisor can help you invest your casino or lottery winnings after you’ve won the lottery and help you grow and protect your newfound wealth
So you’ve hit the jackpot and won the lottery. Congratulations! With large sums of money comes great responsibility, and to make sure you get to enjoy your casino orlottery winnings for a long time to come it’s important that you make the right decisions. After you won the lottery Are you going to go for that lump sum of cash for your lottery payments or a structured annuity payout? If you choose the annuity payout initially will you still be able to sell your lottery payments at a later time?
The period just after you won the lottery can be daunting. We’ve all read the stories of casino and lottery millionaires that lost all their money due to poor decision making. But that’s not going to happen to you, because here are five tips on what to do after you’ve won the lottery.
1. Stay Anonymous After You’ve Won the Lottery
If the state where you won the lottery or jackpot in allows it, stay anonymous. The same goes for hitting it big at the casino. Being a pseudo celebrity that visits talk shows may be fun for a little while, but the drawbacks of revealing your identity lasts way longer. Friends and family might start expecting you to buy things for them. Individuals and companies will suddenly knock on your door with “business opportunities”. I mean they’ll literally knock on your door after you’ve won the lottery. How annoying. Staying anonymous, at least for a little while, gives you time to think about how to best proceed with your newfound wealth.
2. Get Sound Financial Advice After You’ve Won the Lottery
Pretty much every human being on the planet has a plan for what they’ll do when they’ve won the lottery.They’ll buy an airplane, Ferrari, mansion, or go to a tropical island. Before you do anything or buy anything substantial, you should consult with a Financial Advisor after you’ve won the lottery. In a lot of states even before receiving your casino or lottery payments an important decision has to be made. Will you choose to receive the money at once or opt for a structured annuity. Both payout options come with a list of benefits and drawbacks that you’ll need to learn about. Read about them in our page Sell Lottery Winnings, Take a Lump Sum or Stick with a Structured Annuity. A Financial Advisorcan help your money grow while protecting your wealth with a diversified portfolio of investments. You’ll learn to keep most of your money in appreciating assets like real estate, and low risk large cap or blue chip stocks instead of depreciating assets like automobiles. The worst thing you can do with your casino or lottery winnings is to let them sit idle in a bank account. Firstly, the Federal Deposit Insurance Corporation (FDIC) only ensures that each depositor is insured to at least $250,000 per insured bank. Besides that savings interest rates for most big banks fall below 1%. Although it may seem “safe” it’s not allowing your money to grow as it should. You’ll also need to understand the federal and state tax consequences of your lottery winnings. An Accountant can help you understand your tax responsibilities.
3. After You’ve Won the Lottery or Hit it Big at the Casino Stay Busy
I won’t tell you to stay working in some dead end job that you can’t stand if you’ve just won the lottery. If you want to quit go ahead and quit. However, having no routine at all isn’t beneficial. It may only increase the temptation to go on crazy spending sprees. A better idea is to start working less hours (assuming you didn’t quit your job), go back to school, or explore a new career or hobby that you always dreamt of pursuing. Also be leery of new “friends” that suddenly appear after you’ve won the lottery. Don’t be taken advantage of. Protect yourself and your fortune.
4. Use Your Casino or Lottery Winnings to Pay Off Debts
One smart financial decision you can make is paying off your debts. It’s one of the best investments you can make. Owing no money to anyone is an amazing feeling and will give you a piece of mind that is invaluable. So pay off your debts before undertaking anything else with your casino or lottery winnings.
5. After You’ve Won the Lottery Take a Finance Class or Read Some Books on Investing
Want to Sell Casino or Lottery Payments after You’ve Won the Lottery?
If you didn’t have the option to receive a lump sum for your casino or lottery winnings after you won the lottery don’t despair, you can sell casino or lottery payments to a third party in exchange for a lump sum. Make sure your state allows you to sell lottery payments. Unless you’re financially savvy and have learned how to invest, you should speak to a Financial Advisor before making such a decision. The option to sell casino or lottery payments after you’ve won the lottery can be a great idea depending upon your situation and your intended use of the funds.
Do you want to sell your casino or lottery payments? Call Corona Capital at +1 (888) 852-5658. Our Account Managers our friendly, knowledgeable and will treat you with the respect you deserve. Get the most money for casino or lottery payments today or simply fill out our online form to get a quote for casino or lottery payments after you’ve won the lottery.
Read About the Sale of Annuity, Casino, Lottery, Structured Settlement and Life Contingent Structured Settlement Payments