Keeping the Money You Won at the Lottery

The Consumer Federation of America shows that 20 percent of Americans think winning the lottery as the easiest way to get rich. For those who don’t earn much lottery is the best hope of owning a couple of millions, or even a few hundreds of thousands.

Some people really win the lottery, and there are people who also win big on bingo, blackjack, one-armed bandits, and other games of chance. However, handling the money is not as easy as you expect. It is very common that prudent people get into reckless spending, and in a few years, they have nothing.

Financial advisors say it is best to do nothing for a while after you won the lottery. This is an advice to be considered especially for those who are not used to having money. Getting rich overnight can very easily overwhelm your emotions and thought processes.

Those who have a lottery ticket must sign it and make a copy of it. Lottery tickets that are unsigned are very much like cash, they belong to anyone who claims it to be his own. You should put the copy of the ticket in a separate place: this way if it happens to loose the original, you can prove that you have purchased the ticket.

Wait a few days before claiming your prize: this way your feelings can settle. If you won at a casino you don’t have this option, but nevertheless it is a wise thing to put the money in a separate account at your bank, and leave it there until you have a plan for them.

You should also try to find out whether you have the possibility of keeping your lottery winning secret. Some people don’t have this option: publicity and a news conference is usually a requirement of claiming the prize.

However, there are lottery winners who are able to hide their identities. They set up trusts and a representative of that trust collects the money on the behalf of the winner. There are quite a lot of advantages of being secretive about your lottery win: you will not have to deal with the media attention, and you can avoid the hassle of being recognized everywhere you go.

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