Although it’s easy to dream of a huge lottery jackpot, it’s better to wait until you’re ready to cash in. Before you do, take a picture of your ticket stub and keep it safe. Then, start assembling your financial dream team. Whether it’s an estate-planning attorney, certified public accountant, or private banker, you’ll need a group of experts to guide you through the next steps.
The chance of winning a lottery jackpot is determined by several factors, including the design of the lottery, the number of possible numbers, and the number of winning numbers. The order in which the winning numbers were drawn matters too, as do the importance of the numbers returned. Moreover, most lotteries award prizes for matching some or all of the winning numbers. This will increase your chances of winning something, but you will have to fork over a third of the advertised jackpot to claim your prize.
Depending on the state lottery, your chances of winning a jackpot are different. In the U.S., for example, winning a lottery means choosing between receiving a one-time payment or a series of payments over time. The latter option is more advantageous because the payments are much smaller than the advertised jackpot. In addition, withholdings vary by jurisdiction and investment strategy, so the final amount of your winnings will be less than 1/3 of the jackpot amount.