Practical Advice For Lottery Winners

lottery winner

After the screaming and dancing and showering in Champagne is over, lottery winners have to start thinking about some very practical matters. They must decide whether to take a lump sum or annuity payments, how much they will give to family and friends, and what they will do with the money that’s left over. Some experts say it’s best to split the prize into multiple investments that generate a high return. Others recommend keeping the money in an easily accessible account that is insured by the federal government.

It’s no wonder so many people play the lottery: The jackpots of Powerball and Mega Millions can grow to eye-popping amounts, and winning one is a life-changing event. But while a large sum of money can bring happiness, it can also create stress and problems. A former New York lottery winner, for instance, sued after winning the Powerball and claimed that the glitz and media attention of being a lottery winner had caused his health to deteriorate.

The biggest problem facing lottery winners is how to spend the money. Some choose to make their names public and do interviews, but others want to keep their privacy. A few people even hire attorneys to help them stay anonymous. If a lottery winner wins the big jackpot, it’s important to sign the ticket and protect it from theft or loss until they can turn it in to lottery officials to claim their prize.

Other ideas for lottery winners include buying a vacation home or donating to their favorite charity. And if you’re really lucky, you might win the lottery twice, like this man did.