What to Do If You Win the Lottery: 10 Pieces of Advice

Seventy percent (70%) of all lottery winners lose it all within the first few years. That’s an astonishing number, but not surprising when you consider how hard it is to adjust from poverty to multi-millionaire. Poor spending, no investing, addiction, theft, and con jobs are among some of the major hurdles.

If you learn what to do if you win the lottery before it changes your life, you can keep it that way. We haven’t personally won the lottery, but we have plenty of advice coming from people who already manage wealth.

These are 10 things you should do when you win the lottery:

What to Do if You Win the Lottery Today

Picture yourself holding that winning ticket on Viking Lotto. Your brain is stumped, right? Un-stump it and remember these ten lessons:

1. Remain Anonymous

Don’t claim your fame, don’t brag to everyone, and show up for that check anonymously. The fewer people who know, the fewer handouts and criminal plots you’ll be marked for.

2. Don’t Quit Your Job

It’s hard to stay grounded when you literally have a ticket to say goodbye to your crappy job. If the money isn’t in your account yet, it isn’t real. Seriously, plenty of lottery winners have mistaken their numbers and wound up winning much less than they thought.

3. Take the Lump Sum

The difference between receiving checks for the rest of your life and having millions in your hands is drastic. Yes, you’ll have to give up more money, but what good is it if you can’t invest it right away?

4. Pay the Taxes Immediately

Once you win, immediately assume that 37% of those winnings aren’t yours. You didn’t win $1 million, you won $630,000. The last thing you want is the IRS on your tail for millions of owed taxes and fees. Plus, you may be able to take advantage of some tax loopholes.

5. Pay Off Debts First

Don’t drag out your loan repayments and credit card debt, just pay it all off. Even if that means a large portion of your winnings will be used. Living debt-free is better for your health.

6. Save for the Future

A portion of your lottery winnings should be considered untouchable. Put it into investment accounts, safe stocks, bonds, and savings. Play money should be separate from your savings.

7. Hire an Advisor

If you don’t have experience as a professional money manager, then you have no business managing millions of dollars. Hire someone with experience and plenty of recommendations.

8. Invest in Timeless Luxury

We’re not going to tell you not to buy expensive houses, cars, or furniture. Just spend it wisely on things with high appreciation or low depreciation values.

9. Vacation Now

As soon as you can, pack your bags and pick a place on the map. The sooner you take a brain vacation, the better. You’ll think a lot clearer when you get back.

10. Be Cautiously Charitable

This goes for major charities and personal charities. Vet their story, how the charity uses funds, and who’s running them.

Enjoy the Ride

Don’t allow anyone to kill your vibe. Winning all that money should make every day a chance to do more and be more. Cut all negativity from your life and people who only want your wealth.

Head over to Wierdomatic and invest in some interesting business ideas, so you grow that money and make the world a better place!

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