Feeling Lucky? How To Handle Lottery Winnings

Winner winner, chicken dinner! 🐔 If you won the lottery, would you go out for a fancy meal? We’d head to the nearest steakhouse and get the nicest bottle of red on the menu. 🍷 Then we’d fill up on all the free rolls because #bread. 🥖

Hitting a big jackpot is a cause for celebration. But it also comes with a ton of financial responsibility! 💰 If you want to avoid major money mishaps, check out this guide.

 

Here’s Five Fast Facts on what to do if you win the lottery:

  1. 🤫 Quiet Luxury - Although you probably want to brag big-time and put on that Gucci logo leisure suit, don’t. Financial advisers say the best thing to do after winning the lottery is to lay low. Keep it off social media and avoid sharing your news with people you don’t trust. If you can, stay completely anonymous. 
  1. 🥸 Scram, Scam - When someone hits it big, scammers wait around the corner licking their chops. Crooks may hit you up pretending to be an authority and ask you to wire money for taxes or fees. The truth? No lottery organization will tell winners to send money. Be wary of people who call you out of the blue regarding your prize.
  1. 📑 Plan of Attack - Winning a big chunk of money can be overwhelming. If you’re not careful, you could wind up blowing your fortune. Contact a financial advisor as soon as you can to help with a plan. They can also help you decide whether to take a lump sum payout or get your payments over time (annuity).
  2. 🫴 Very Taxing - Your next phone call should be to a tax accountant. Depending on how much you win, your tax bracket could change drastically. If you don’t plan accordingly, you could dig yourself a pretty big hole. A tax professional can also help handle winning money in a different state than your home state. 
  1. 💵 Brokeback Banking - Where’s the best place to park your winnings? One idea is a brokerage account where your cash deposits are spread across multiple banks. In a single brokerage account, up to $4 million can be insured ($8 million in a joint account). 

🔥Bottom line: Didn’t hit the latest mega millions billions jackity jackpot? You could be the new owner of a long lost stimulus check! Wanna find out if a stimmy is in your near future? Head over to this article for all the details. 

Have you ever won the lottery?

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