The lottery jackpot can be a life-changer, but it’s not for the faint of heart. To make the most of it, winners should surround themselves with a team of professionals who can help them manage their newfound wealth. That includes an attorney, an accountant and a financial adviser, says Belinda Herzig, senior wealth strategist at BNY Mellon Wealth Management. Those experts can also advise winners on whether to take the lump sum or annuity payout options, which could alter how much they end up with by millions of dollars.
Lottery winners tend to make a few missteps in the months after they win, such as extravagant spending or bad investments. Those mistakes can jeopardize their long-term wealth, but it is possible to avoid them.
To have the best chance of winning, play a random selection of numbers instead of ones that mean something to you, such as your birthday or a favorite sports team. This will improve your odds of getting a number that no one else has played, and you’ll still have the option to buy more tickets.
Many people like to play the lottery because they simply enjoy gambling. But the large prizes have more to do with marketing and social pressure than a pure impulse to gamble. Rising interest rates and changes to the odds of winning are two factors that have helped jackpots grow so massively in recent years. In addition to these factors, there are some basic strategies that can significantly increase your chances of winning the lottery.