Dealing with Winnings

Once you win a big amount on a lottery game that can change your life, you must consider the following things before you cash your ticket:

Keep it secret: Although it’s a matter of great happiness and pleasure for you to win millions of dollars but you must consider the problems arising from telling your family, friends and relatives that you have won a big amount of money. What they will expect from you? If you are living in a city or country with a high crime rate, will you and your family be safe? Will the people try to spam you to get some money from you? The solution to all these problems is to keep your winning secret and take your time to do your research to make the most out of your winning so that you can enjoy it for the rest of your life.

Cashing your ticket: Cashing your ticket, getting the check of millions of dollars in your hand and feeling yourself a millionaire is a very pleasant thing but you must do your homework before you cash your ticket. In some countries, the banks will take out taxes from your bank balance at the end of the year. So if you win the millions in November or December, do not cash your ticket till January. Then you will have the whole year to plan and invest your money without fearing about tax deduction. You need to hire a lawyer and a professional accountant and work with them together to consider the different possibilities of saving the taxes and investing your money into a profitable investment plan or business. Paying some money to these professionals in the beginning will save you from a lot of hidden problems in the future. Read the instructions of cashing the ticket from the official website of your lottery administration and follow them carefully. Some administrations have printable forms posted on their websites. Print them out, fill them out and bring the required documents with you when you go to the lottery office. Most of the administrations consider the public privacy laws. They will ask for your permission to interview you, take your picture, give it to the media or to post it on their website. You better say no to them to maintain your privacy. Publicity can invite a lot of spammers and criminal minded people to start working on how to make some money from you. After you cash the ticket and get the check from the lottery office, follow the instructions of your lawyer and accountant about where to put that money and how to use it. Protect your privacy.

Maintain an ordinary lifestyle: Some new millionaires spend millions on buying new houses but they forget how much property tax they will have to pay every year and how much it will cost them to maintain it. Buying flashy things alarms the people around you as well as alarming the criminals in the society. So it’s better to maintain a low profile but maintain a comfortable lifestyle. Plan some good education for your kids. Do not let them drop out from school and live on your winnings.

Keep your job: You better consider working your old job for a while till your monthly income from your investments starts coming. Then you can quit your job and start doing something on your own. Do not be a couch potato as it will make you lazy and cause you a lot of health problems. Stay active in life activities.

Help others: Consider helping the people around you. Specially your family and the friends who have been sincere and helpful to you in the past unconditionally when you did not have the millions. They deserve your help and support when you have the millions.

 

 

 

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