By following us here at LotterTexts, you are possibly checking the lottery results now and then to figure out if you have won anything. But what to do if you win the lottery at last? Believe it or not, there are 10 important things that you should do as a lottery winner to be safe and sound. They include legal and safety matters, as well as smart decisions.
We have summarized what every lottery winner should be aware of regarding what to do before claiming your winnings and after, and it is your decision to choose what to do when the millions finally reach your account.
Quick Jump
I Have Won the Lottery – What Now?
Take a deep breath. Winning the lottery is a bit subjective, as you can win anything from the exact ticket price on the lowest prize tier or even millions playing games like Powerball. When it is a small prize, it probably will not change your life enough to go through all the 10 things to do if you win the lottery.
Instead, you can just claim it – perhaps directly at the local retailer or from the online lottery site of your choice. Of course, you can invest it back as well, and you are probably going to be asked about that alternative. However, there are a few things to do before claiming your lottery prize, and also some precautions after you claim it.
Now, bigger prizes can eliminate all your debt, make people look for you to ask for money, or even give you a completely comfortable life without a daily job. Those are important changes in the way you live, and we strongly recommend following all the steps below.
10 Things to Do If You Win the Lottery
You might have just checked the lottery results. It is probably a relevant prize, or you would not be concerned. Remember that your prize will be waiting for you for at least 30 days, but most of the time 6 months – some lotteries give you a whole year.
Therefore, no need for desperation. You have more than enough time for a coffee and a calm reading of the 10 things to do if you win the lottery, starting with the four initial actions to do before claiming your winnings.
What to Do Before Claiming: Secure Your Ticket
More important than anything else, you must have your ticket with you. If you have decided to play an online lottery, that will never be a concern again with a digital ticket.
Without the ticket, you cannot claim any prize. Keep it safe and sign the back of it with your personal data because someone else could do it and claim the prize instead. While you are still learning what to do after you win the lottery, find a safe place where nobody will take it.
Remain Anonymous
We understand the urge of telling everyone you know and perhaps the whole world that you have won the lottery. That is a very rare achievement, but you would be putting yourself in a myriad of troubles. Instead, remain an anonymous winner for now and tell only who really needs to know, such as your partner.
Everyone else will acknowledge your win at another time. Maybe not. After all, you play the lottery to change your life, not that of others.
Find Legal Advisors Before Claiming Your Lottery Prize
Probably one of the most important elective steps to conclude before claiming your lottery prize, finding legal advice from professionals can help you avoid headaches in the future. For example, they can guide you in how to remain anonymous when you win the lottery, even if your state or country does not directly allow it.
Also, you should know your rights regarding how you are going to be paid and what taxes are applicable, as well as your obligations. Some people think that the deduction on the jackpot prize when they receive the lump-sum payment is their only liability. In some jurisdictions, there are other applicable taxes, and you do not want to be caught by surprise. Therefore, seek an experienced lottery lawyer to help you before you claim your lottery prize.
Make a Business and Financial Plan
Probably better done with the legal advisor you have found for you, a financial plan can help you avoid losing everything you have won. Believe it or not, it is possible to extinguish even hundreds of millions of dollars won in games like Mega Millions or Euromillions.
Some people prefer investing money in a business of their own. Since there are many possibilities with a big sum available, it is important to have a business plan that is solid enough to not simply become a waste of what you have just recently won.
You do not necessarily need to start a new business, it is possible to live out of bank interest if you make the right choices. That is why you should have help or do a lot of research on what to do with that money. That is the last step to complete before claiming your lottery prizes, and then come the important stages after your claim.
Claim and Bank the Money
Now that you have sought advice and that you know exactly how to preserve that money to live a comfortable life, it is time to claim it. Big sums are usually transferred to the winner after they claim in person, which applies to local games or playing on lottery agent websites. Lottery betting sites are different, as they transfer without a personal claim.
Depending on where you live and how you played the lottery, your alternatives of claiming should fit one or more of the following:
- Lottery clerk: Small amounts of up to about $600 can be claimed at your local retailer if you played locally. In other words, that alternative is not available for people playing the lottery from abroad.
- Mail: Some lottery regions allow you to claim your prize via mail. Although that may sound tempting if that is closer to your home than the nearest lottery office, keep in mind that accidents may cause your lottery ticket to be lost forever and go unclaimed.
- Lottery offices: If you won a large amount, even if you played through a lottery agent site with real digital tickets, you will need to pay a visit to the lottery office in person to claim your money and receive it in your bank account.
As soon as you have banked the money somewhere you trust, you are ready to put your financial plan into action. Finding that bank may be easy if you have a close relationship with one for many years – and you know that they offer a prime or private alternative for large sums, of course. Otherwise, take your time before claiming your lottery prize to find it.
We have a separate list of US banks that handle lottery winners’ money that may be useful for Americans and winners who want to live there.
Pay Your Debts
No investment is worth keeping your debts, adding up interest and consuming your money in the long run. Paying the debts first is a smart way and preferably done with the assistance of your advisor. The remaining money will be used to invest in your future and that of your family, but clearing debt is what will make you truly free.
If you have followed the steps of what to do if you win the lottery carefully, that includes a financial plan before you claim your lottery prize. In that case, you should arrive at this stage certain of what to do with your money.
Decide How You Will Live Your New Life
There are many ways to use the money after you have won the lottery. If you check the most exciting lottery winners’ stories, you will notice that there are different approaches. For example:
- Helping the family and friends while living a comfortable and simple life.
- Using the revenue from the invested money to travel and live free.
- Invest in a business to seek success in an area you like.
Winning the lottery is one of the few opportunities to actually have as much freedom as anybody ever wanted. Being able to do as you please is part of it, and you do not need to spend your money the way others want to.
Invest Prudently
Depending on how much money you have made, you might be tempted by investment opportunities with high risk and a proportional revenue. That is the easiest way of losing any money, including the one you have got from the lottery. Once again, following the step of seeking advice will probably save you from bad decisions.
Think Charity and Giving to Others
You are free to do as you please with your money, and it is true that most lotteries direct part of the revenue to good causes. Still, there is a strong connection between winners of lotteries and charity support. If you decide to share your good fortune with others, that could include your own family, your community, or NGOs that you are aware of.
Keep Your Mind and Body Healthy
Imagine not being able to truly enjoy everything you have finally conquered through the lottery. That may happen if psychological stress or not taking care of your health takes the best time of your life. Therefore, the last but still essential advice to follow if you win the lottery is to maintain both your mind and your body healthy.
Conclusion & How to Get There
Nobody is obliged to do anything except claim the prize with the ticket when the long-awaited time comes. However, following this guide on what to do if you win the lottery will certainly spare you from surprises, especially the bad ones. The first steps on what to do before claiming your lottery prize are the most important ones because they prepare you for the new life that is coming.
Now, if you are only a curious person who has not won the lottery yet, keep up. All that you need to do to win the lottery is to keep playing. Alternatively, you can check up on some lottery strategies, and, as always, we find it recommendable to prefer online lotteries. After all, that is where you will find the biggest prizes, not to mention playing from the comfort of your home.
