After Claiming Your Prize

Lucky Number: 2804

Everyone is dreaming of winning the lottery and finally, you are such a lucky person and now you would like to claim your prize. So you made the necessary arrangements before asking for your winnings and you decided how you want to be paid. Now what? If you hired the right people, they are there to help, so use them always.

This kind of wealth can be scary if you’re not used to it. So, find qualified help and use it to make informed decisions. You might want to keep your primary debt as long as it has a low-interest rate. This is due to the more money you have, the higher tax bracket you’re always in. And then the more important tax deductions become. Besides, get rid of all your high-interest debt and then consult with your professionals to regulate what to do with the rest. Setting up a healthy-sized emergency fund is one of the best things you can do with your winnings.

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Spend the prize money that you receive

A good rule of thumb is to set aside enough to pay for six months of expenses. You also can allocate a percentage of your winnings to retirement accounts.

You don’t want to have to go back to work at 80 after being a jackpot winner, do you?

Everyone you know and everyone you have never met is going to ask you for money, no matter good and bad reasons. You need to learn to say no to most of them until you think how you want to spend and save your winnings. If not, you could have nothing left before you know it.

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This might be one of the hardest things you’ll have to do. Rest settled, some people will pressure, threaten, or if not try to manipulate you to get their way. Choose one and use it if someone just won’t let up.

Winning the lottery can be a dream come true, yet only 1 in almost 200 million people win the Powerball lottery, for example.

While those are some seriously deformed odds, actually that some people do eventually win and usually have no idea what to do with next steps. If you’ve won the lottery or know someone who has, think of the tips above.

>>More “The True Cost of Playing the Toto4d Malaysia Lottery“.

 

  • February 3, 2017

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