A big lottery jackpot can mean thousands or even millions of dollars, but how do you decide what to do with it? While the advertised jackpot amount may be alluring, claiming your jackpot ahead of time is difficult. While the amount of money you’ll get in a lump sum is nice, it is not enough to cover a wide range of expenses, including emergencies. The best way to handle your winnings is to implement a winnings plan. The exact steps you take depend on the lottery you won, but they all involve following the same basic guidelines.
After her brother died in a drunk driving accident, Cynthia P. Stafford raised her five children on her own while helping her father make ends meet. In 2007, she was living in a tiny home with her parents, trying to make ends meet. She dreamed of winning the lottery and focused her efforts on it. During her dream, she bought six lottery tickets, each with random numbers. She hoped she’d win the jackpot one day and decided to focus her time and energy on it.
The lottery isn’t without risk, however. Even though a lottery winner’s winnings are tax-free in Canada, the lottery can be an income drain for many. Fortunately, a large percentage of lottery winners use their prize to do good. They donate their prize money to charities, and some even donate the money to the causes they care about. However, some lottery winners lose everything. If you’ve ever lost a loved one due to Alzheimer’s, you may be able to prevent this from happening.