Financial Advice For Lottery Winners

lottery winner

Imagine being a lottery winner. You’d have a lot of decisions to make: how to spend your winnings, who to tell and where to live. But the most important decision may be what kind of financial team to put in place. Having trusted financial experts on your side can help you navigate the many issues that come up, from deciding whether to take a lump sum or an annual payment to how much to give away and who to trust.

Even if you’re savvy with money, the experience of winning a jackpot can change your mindset. You’re likely to feel more comfortable spending freely, and it can be hard to stop when you have a lot of cash on hand. Some financial advisers describe it as viewing millions of dollars like Monopoly money, and that can be a recipe for disaster.

Keeping your name out of the news and telling only close friends is crucial. A media advisor can also be helpful if you’re trying to maintain your anonymity. Many states require winners to do a news conference and hold up a big check, but you can hire an expert to speak for you in interviews and put distance between you and your prize.