This is your complete guide to what to do if you win the lottery and become a millionaire!
Every lottery ticket you buy comes with the chance to win the jackpot and with that your plans that you will fulfil. After checking your lottery winning numbers again, claiming your win and celebrating, you have a very serious question waiting for you: what do you really do when you win the lottery?
Your first step as a millionaire
As soon as you discover you've become a multi-millionaire, you'll want to scream for the whole world to hear! And anyone can understand why; you just won more than enough money to change the rest of your life. This is something that most people only dream of and it’s happened to YOU.
Looking at previous jackpot winners, we see that many say that it’s imperative that you keep your new bank balance for yourself. After all, before you won, you kept your exact net worth private – so why now blurt all this confidential information out to everyone?
As soon as it becomes public knowledge that you have won the lottery, your phone number will quickly become of interest to old loved ones and acquaintances seeking financial help.
In addition, don’t be gullible to those coming to you with “amazing” business opportunities. These are more than likely too good to be true and as you already know, people can be desperate and conniving to get their dirty little paws on your money, with schemes you have yet to even hear about.
Get a lawyer
Having a lawyer to handle your prize in the lottery is more than just hiring a man in a suit. Getting a good lawyer can save you a lot of money in the long run because they have an interest in protecting your privacy and saving money on taxes. A good lawyer will take care of these important details for you as a lottery winner:
Taxes: Many lottery players know the importance of lottery taxes and their expertise in this field is of the utmost importance to you. A good tax lawyer can advise you on how much to pay and what information to look for.
Did you know that your country of residence determines the percentage of tax? Some tax lawyers will even suggest that, after winning the lottery, you move from your residence to save up to 30% of your premium. 30% may not seem like much to some, but when you start thinking about it in terms of a Powerball jackpot, 30% translates into millions of dollars.
Privacy: In January 2018, the lottery industry faced some thrilling moments when a Powerball winner took the lottery to court in order to remain anonymous. Even though the law stated that the winner’s identity had to be transparent, and that the odds of her keeping name private were relatively slim, she fought this rule and with the help of her lawyers, they won the case, setting a precedence for future lottery winners with the same problem.
Lottery winners are more than millionaires, they are symbols of hope for people around the world that anyone can win a massive lottery prize. Just because the jackpot rolls over to an unbelievable amount, does by no means mean that you cannot be the one who takes home all that cash.
Regardless of your location, history or current financial situation, a lottery prize can be yours. And the lotteries know this - that's why they love to photograph the lottery winners with large ceremonial cheques displaying the numbers that changed their lives.
Besides the tax issue, a lawyer will fight and protect the level of privacy you would like to have when you win the grand prize.
What's yours is yours: a good lawyer wants you to keep as much of your premium as possible. To do this, they will need to create a legal entity through which you can receive your lottery winnings. In this way, the prize is protected from anyone who tries to withdraw money from the winner as an individual.
Lottery winners are more than millionaires, they are symbols of hope for people around the world that anyone can win a life-changing lotto jackpot. Regardless of your location, history or current financial situation, a lottery prize can be yours. International lotteries know this - that's why they love to photograph the lottery winners with large checks displaying the numbers that changed their lives in them.
Do you have a plan for when you win the jackpot? If so, let us know in the comments section below and remember, your comment will earn you valuable LottoPoints which you can redeem for more lotto tickets!
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