Things you Should Expect as a Lottery Winner

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Being a lottery winner, the first feeling you have will be very exciting. But along with it, there are things you should expect in order not to feel overwhelmed with a big amount of money.

The lucky money is easy to come and easy go

No matter how much money do you win, that amount can disappear quickly if you don’t have a proper plan for spending. According to the site, about 70 percent of lottery winners lose or spend all our money in five years or less.

If you don’t want to be one of them, make sure you have a plan on spending the money. Otherwise, you might think that you can’t spend all of it until it is burnt out.

You are going to be famous

If you think you’re going to remain anonymous after being a winner, you should check your state laws right now. Your state might require that you do a press conference and hold up a big check. That is how they advertise for the state lotto. But it will be terrible for you.

After being in a spotlight, you are likely to become a target for scams, requests for handouts from nuisance lawsuits or strangers. If you are lucky to live in a state that allows winners to collect their reward in complete anonymity, you do not have to worry about those problems. Otherwise, your name, city, and winnings will be released whether you like it or not.

You are not quitting after your winning

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A lot of lottery winners still play the lottery. And they are more likely to win again. Most of them learn tips to increase the odds of winning or buy a ticket from the state with the most lottery winners. By doing that, they can increase their chances of winning the lottery.

Friends and family members will exploit you

You won’t realize how many friends and family members that you have until you win a lottery. They might come to you and ask for help about taxes, tuition fees. Some of them might never send you a text before, but so happy to see you when you become a lottery winner.

They might show you how miserable they are, and your help will be much appreciated. You might realize later that most of them still have a good life without your help. It is ideal for spending your money to change someone’s life, but it has to be the right person. Therefore, I always expect that some of your relationships will end.

You might waste your money on impulse purchases

After winning the lottery, some winners would spend the money on all the things that they could never do without being a lottery winner such as luxury travel, or buy a new mansion. Imagine how amazing your life would be when you move from a one-bedroom apartment to a six-bedroom, five-bath, 10,000-square-foot mansion.

But soon enough, you will realize that the mansion is not practical for your family. If you are wise with your money, you might sell it at a good price. If not, it might bring you some problems. Therefore, although you have the money and could do a lot of things, be aware of things that even rich people never waste their money on.

You can always take a second chance

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If you win after a few tries, it is a good thing. But if not, you should pay attention to some details. To increase the odds of winning, always play the second-chance drawings. You can either mail in your losing ticket or go online and register the ticket’s serial number. Some people don’t know about this, so their odds are very low.

You never feel satisfied

If you win $1 million, which is a dream of many people, and find yourself surrounded by lottery winners who won $50 million or more, you will have the feeling that you are poor. It’s understandable, but don’t feel too bummed. Learn how to manage your money, such as an investment plan, and you will get more from it. Because without a proper plan, a lot of big lottery winners ran out of money after a few years.

In addition to that, no matter how significant your assets are, you are still looked down upon by the truly wealthy. After winning the lottery, you will want to move into an exclusive neighborhood. But do not expect your neighbors to treat you like you really earn money. Because they won’t, and you will be disappointed.

You will get sick of money questions

It is obvious that people might ask you questions like where you keep the money, how you spend it, and how much do you have left, etc… Part of the reason is that they are curious, but you don’t have to answer all the questions if you don’t want to. It is fair to keep your secret, even when you are a lottery winner.

You need to assemble your financial team

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After knowing that you own a winning ticket, you’ll have several months to cash in. Here are things you should do before getting a big amount of money. First, photocopy your ticket stub, and put it in a safe-deposit box, in case you might lose it.

Second, find yourself an estate-planning lawyer, investment adviser, insurance expert, certified public accountant, and maybe a certified financial planner. They will help you manage your money better, but you need to hire professionals who have handled more money than you’ve won.

You might be too generous with your money

Doing charity is a good thing, and when you are a millionaire, it’s tempting to hand out cash to whoever asks. But that kind of charity can damage your relationships and your bank account. You are advised to set up a trust or family foundation which can simplify the giving process. It needs to have strict guidelines on who you want to work with.