When you win a lottery jackpot, you are entitled to one of two options – you can take the money in cash, or you can choose to receive it as an annuity. Typically, most lottery winners choose cash. However, if you are lucky enough to win a prize that’s worth millions of dollars, you may want to choose a lump-sum payout.
Some people have decided to take the money they win and invest it in their businesses. But not all people make smart investments. In one case, a man named Jeffrey Dampier won $20 million in the Illinois lottery. He used that money to invest in a popcorn business. However, he soon cut off his wife, Victoria Jackson, who wanted to receive the entire amount.
A big lottery jackpot can be huge, and the best way to manage it is to take it slowly. This way, you’ll have time to plan and take steps to claim your prize. In most cases, you’ll have up to twelve months to claim your prize. Before making any decisions, however, be sure to check with the lottery authority.
The Mega Millions jackpot, for example, has been growing for the past three months, but the odds of winning are still extremely low. Nevertheless, if you win the jackpot, you can expect a thirty-year annuity.