What should you do if you’ve won the lottery?

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Most people think that if you have a winning lottery ticket you just need to call the lottery and collect your money, but there’s much more to it than you might think.

That’s why in this article I’m going to share with you the steps and actions you need to take in order to safely collect your money without any trouble.

back of lottery ticketStep 1: Protect your winning ticket.

So you double checked your ticket and you’re 100% sure you’ve won.

Instead of calling everybody and shouting at the top of your lungs with excitement and bragging about winning just stay calm and try to keep it to yourself.

You’re holding a piece of paper worth millions in your hands. People are willing to do whatever it takes just to get a fractions of that money, imagine what they’d do if they could have all of it…

That’s why it’s best if you don’t tell anyone until you claim the money. I mean, you can tell your wife or husband and kids, just tell them not to tell anyone about it. The less people know the safer you can feel.

Knowing that what you should do next is to sign the back of the ticket, this way nobody can copy it or steal it and claim is as theirs. If you sign it, you make it unique to yourself.

After signing it, hide it in a place that no one will ever find and don’t tell anyone where it is. Only take it out when it’s time for you to collect the money.

Step 2: Call the lottery. Set up a meeting. Collect your money.

The next step on your to-do-list is to take a look at the back of your ticket and find a number to call the main lottery office. Depending on where you’re from and what lottery you play it might take a while for you to get connected to someone so make sure you’ve got spare time.

During the call you’re most likely gonna need to tell them your name, date of birth, address etc. You know, the basic personal details.

After you give them you’re details you will probably set up a meeting at their main office. Where you are gonna need to take the winning ticket plus some proof of identity.

When it’s finally the day and time, and you arrived at the lottery’s main office, you will have a few choices to make.

  1. Whether you take chash or check
  2. And whether you take the full amount of money at once or a lump sum over a certain period of time.

Which one you pick it’s up to you. You might take all the money and invest into something or you might take let’s say $5-10k each month for 20-30 years.

For me personaly I’d take all of it at once because you can easily invest higher sums of money and make even more during those 20-30 years.

Step 3: Plan what you’re going to spend the money on. (Hire people)

So you’ve got your money now or you completed step 2 and are waiting for your money, but what next?

Most lottery winners lose all their winnings withing the first 5 years of winning the lottery. Do you know why?

Because within just few weeks they go from nothing, a 5-9 job to being a millionaire and this kind of money makes people go crazy. They buy fancy cars, a house, they start partying, doing drugs, spending their money left and right with no other income.

Financial planning consultationNo matter how much you’d win, without any income you will always see your account balance dropping down.

That’s why you need a plan where you are going to invest your money so you don’t end up spending it all, but actually making a profit out of it.

If you don’t know where to invest the money yourself you can always hire a financial advisor who’s gonna help you find the best place to invest your money, whether it’s stock, real estate or a business. It’s always a good idea to have someone around you who knows the business.

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Extra tips and things to keep in mind:

  • Don’t wait too long to claim your winnings, usually there is a 180 days expiry date on the price.
  • Remember to clearly read the back of the ticket and the instructions.
  • Remember you’re gonna have to pay tax for your winnings.
  • Consider hiring a lawyer to take care of the legal business.
  • Don’t quit your day job right away, wait for the money to arrive first
  • Most people look at it this way, if you didn’t “earn” the money, you’re not going to worry about it as much and you’re more likely to spend more of it in a shorter period of time. Don’t do this.

I think that’s it for now, if you’ve won. I’m really happy for you 🙂 If you didn’t, I hope you will win soon. Good Luck!

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