How to Protect Your Lottery Jackpot

lottery jackpot

One of the biggest lottery jackpot records is the $1.9 billion Powerball jackpot that was shared by an office pool in 2010. This was followed by a record-breaking $543 million prize for a lottery pool that won the game at the last minute. In August 2018, a group of 11 officemates won a $4.9 million prize in the same lottery game. These coworkers each chipped in $3 a week for four years to win the jackpot.

Many people dream of winning the lottery. If you’re lucky enough to win, the first thing you should do is protect the money you win. It’s wise to keep the winning ticket in two places, like an encrypted cloud storage account, an external drive, or a bank safe deposit box. This will protect your ticket from scammers and long lost friends.

If you win, you should contact a lawyer who specializes in lottery winnings and a financial and tax advisor to learn more about how you can handle the money you win. You’ll also need to make a copy of your ticket so you don’t lose it, and it’s best to share the news with as few people as possible.

You should consider investing your lottery winnings with a financial advisor who has the skills to manage it. While lottery authorities are generally financially secure, there’s no guarantee of the money you’ll win if your financial advisor makes a poor investment decision. Incompetent or unethical financial advisors can wipe out your winnings. Fortunately, lottery annuities allow you to invest your winnings slowly over several years, allowing you time to find a better financial advisor.