If you’ve ever wondered how to become a lottery winner, you’re not alone. It’s estimated that 70 percent of lottery winners spend their money or lose it within five years. Here are five ways to become a lottery winner:
Be careful what you wish for – winning the lottery can change your life forever. Many people dream of living like they always did, with the same friends, and flying to Hong Kong on their regular planes. But you’re not the only lottery winner who wants to remain anonymous. You might want to investigate your state’s laws regarding this issue. While it is possible to stay anonymous, it can be difficult to keep your identity private. It’s best to seek the advice of trusted advisers about your wishes.
Some lottery winners have tragic stories. In one case, a woman named Lisa Arcand won $1 million in 2004. She spent it in less than four years, buying a furnished house, and several vacations. But her biggest mistake was to invest her winnings in a business. She opened a restaurant in her hometown of Lawrence but was forced to shut it down within a few years. That’s a tragic story that illustrates the dangers of the lottery.
If you’ve won the lottery, you may want to find out what tax consequences might occur if you win. In Illinois, winning lottery tickets are subject to 4.95% income tax, so a winner would have to pay the full amount in taxes if they don’t claim their prize within a year. It’s worth noting that this is not an issue in other states. If you’re lucky enough to win, consider claiming your prize anonymously.