My dad used to say this to me and he was correctPrev TopicNext Topic

• wander73

  

  EveryMailBox Type in Search.

  Philadelphia, PA
  United States
  Member #153,767
  March 24, 2014
  8,568 Posts
  Offline
  Oct 10, 2023, 12:44 pm

  ▲▼

  When you do hit then you can say whatever you want too.  Until then you have nothing to say.

  Lottery-Winner Financial Advisor Shares What to Do Right After Winning (businessinsider.com)

   

  Winning the lottery can be a life-changing event, but it’s important to be prepared for the financial and emotional impact that comes with it. Here are some tips on what to do if you hit the jackpot:

  1. Keep quiet: Before you broadcast your sudden windfall to the world, and even before you contact lottery officials, you’ll be wise to surround yourself with a team of lawyers and financial advisers¹. Most states will not let you claim the prize anonymously, which means you’ll need to act fast to protect yourself before you’re inundated with vultures or new-found relations¹.

  2. Take your time: Don’t rush into making any big decisions. Take some time to think about what you want to do with your newfound wealth. You may want to consider taking a vacation or a break from work to clear your head

  1. Get professional help: Hire a team of professionals, including an attorney, accountant, and financial advisor, who can help you manage your money and make smart decisions about how to invest it¹³.

  2. Pay off debts: Use your winnings to pay off any outstanding debts, such as credit card balances or student loans⁴.

  3. Invest wisely: Consider investing your money in stocks, bonds, or real estate. Be sure to do your research and consult with a financial advisor before making any investment decisions¹.

  4. Be charitable: Consider donating some of your winnings to charity. Not only will it make you feel good, but it can also help reduce your tax burden⁴.  I wouldn't do a charity at all.  if i did the child search or maybe something for handicapped people.  My brother is handicapped and very defenseless.

  5. Live within your means: While it may be tempting to splurge on a new car or a fancy vacation, it’s important to live within your means and avoid overspending².

  Remember that winning the lottery is a rare event, and it’s important to be prepared for the changes that come with it. By following these tips, you can make sure that your newfound wealth is managed wisely and that you’re able to enjoy it for years to come.

   

  I see comments from a lot of people that comment what they would do.   I know this is a forum board and stuff but if it happens to you,  then you need to plan it. 

   

  Why do some members go nuts over the amounts.  So,  you hit it,  then the breakdown of taxes,    the samething said if someone decided annuity,  that might be their choice.  Perhaps someone hits and they don't choose the cash option , it might be they don't want certain people knowing it.

  ISO of content generation for anything.

  blogs ,  reselling,   and more.
• GiveFive

  

  Florida - West Coast
  United States
  Member #92,605
  June 10, 2010
  6,583 Posts
  Offline
  Oct 10, 2023, 9:04 pm

  ▲▼
  In response to wander73

  Quote: Originally posted by wander73 on Oct 10, 2023

  When you do hit then you can say whatever you want too.  Until then you have nothing to say.

  Lottery-Winner Financial Advisor Shares What to Do Right After Winning (businessinsider.com)

   

  Winning the lottery can be a life-changing event, but it’s important to be prepared for the financial and emotional impact that comes with it. Here are some tips on what to do if you hit the jackpot:

  1. Keep quiet: Before you broadcast your sudden windfall to the world, and even before you contact lottery officials, you’ll be wise to surround yourself with a team of lawyers and financial advisers¹. Most states will not let you claim the prize anonymously, which means you’ll need to act fast to protect yourself before you’re inundated with vultures or new-found relations¹.

  2. Take your time: Don’t rush into making any big decisions. Take some time to think about what you want to do with your newfound wealth. You may want to consider taking a vacation or a break from work to clear your head

  1. Get professional help: Hire a team of professionals, including an attorney, accountant, and financial advisor, who can help you manage your money and make smart decisions about how to invest it¹³.

  2. Pay off debts: Use your winnings to pay off any outstanding debts, such as credit card balances or student loans⁴.

  3. Invest wisely: Consider investing your money in stocks, bonds, or real estate. Be sure to do your research and consult with a financial advisor before making any investment decisions¹.

  4. Be charitable: Consider donating some of your winnings to charity. Not only will it make you feel good, but it can also help reduce your tax burden⁴.  I wouldn't do a charity at all.  if i did the child search or maybe something for handicapped people.  My brother is handicapped and very defenseless.

  5. Live within your means: While it may be tempting to splurge on a new car or a fancy vacation, it’s important to live within your means and avoid overspending².

  Remember that winning the lottery is a rare event, and it’s important to be prepared for the changes that come with it. By following these tips, you can make sure that your newfound wealth is managed wisely and that you’re able to enjoy it for years to come.

   

  I see comments from a lot of people that comment what they would do.   I know this is a forum board and stuff but if it happens to you,  then you need to plan it. 

   

  Why do some members go nuts over the amounts.  So,  you hit it,  then the breakdown of taxes,    the samething said if someone decided annuity,  that might be their choice.  Perhaps someone hits and they don't choose the cash option , it might be they don't want certain people knowing it.

  I'd add that "hiring an attorney" means hiring an estate planning attorney.  They are experts in setting up trusts for their clients.  Setting up a trust will go a long way towards protecting your identity even in states where you cant claim anonymously.  G5

  Play Smart!