Winning the lottery is a distant dream for many; after all, the odds are 1 in 176 million! Most people know these odds before purchasing their ticket, but the glimmer of hope is still enough to make playing exciting.
However, you were the one – you won! Congratulations! However, you’ll want to ensure you take the necessary precautions to protect your finances.
When you win the lottery, there are crucial steps you’ll need to take to keep yourself and your newfound money safe.
1. Sign Your Ticket and Keep It Safe
First things first – as soon as you triple-check the lottery results on this homepage to guarantee you’re the lucky winner, you’ll want to immediately sign your check. Singing helps show that you are the owner of the ticket, and thus, no one else can cash it in without legal trouble.
Once you sign it, you’ll want to keep your check in a safe place until you can cash it out. If you have a lockbox, this is the ideal place, as it will ensure it doesn’t fall into the wrong hands and will be protected in the event of a fire.
2. Keep It Quiet
The first thing you may want to do is exclaim your win! However, you’ll want to keep yourself on the down low. The minute people hear that you’ve come into money, everyone will come crawling out of the woodwork to ask you for a cut.
While you can tell a select few trusted friends or family members, keeping your newfound fortune quiet will save you the headache of your phone ringing non-stop.
3. Find a Lawyer
Next, you’ll want to find a lawyer. Though this might seem excessive, it’s an essential step to help protect your finances. They can help you determine which option for lottery payments is best for you.
A lottery lawyer can also help you navigate the financial world and make the best decisions for you and your needs with your winnings. They can help put together a team of financial advisors and help protect your privacy before you make your claim.
4. Don’t Make Impulsive Decisions
As soon as you win, you might want to call your boss, quit your job, and sell your house. However, this is just the adrenaline pumping in your veins.
Don’t do anything just yet. Though it can be tempting to head to your local luxury car dealership, waiting until you have a clear head to make big-ticket purchases can help you make smart financial investments.
Win the Lottery? Keep These Steps in Mind
Winning the lottery is something that many people can only dream about. If your fantasy has come true, knowing how to protect your lottery winnings is crucial!
Did you find this guide on what to do after you win the lottery helpful? If so, you’ll want to check out the rest of our website for more valuable financial tips and tricks to help you manage your money.