Quick Answer: What Is The First Thing You Should Do After Winning The Lottery?

How long after winning the lottery do you get the money?

For both the Powerball and Mega Millions jackpots, winners get anywhere from three or six months to a year to claim their prize, depending on where the winning ticket was purchased.

Experts recommended taking a deep breath and using as much time as you need to prepare to claim your winnings..

What should you do first after winning the lottery?

Gallery: 10 Steps To Take When You Win A Lottery JackpotRemain anonymous if your state rules permit it. … See a tax pro before you cash the ticket. … Avoid sudden lifestyle changes. … Pay off all your debts. … Assemble a team of legal and financial advisers. … Invest prudently. … Live within a budget. … Take steps to protect assets.More items…•

How do you spend your money after winning the lottery?

With that in mind, let’s examine seven tips to wisely using lottery winnings.Acquire good assets. … Build a team for you. … Consider taking the annuity payment. … Invest in stocks (index funds) … Save for retirement. … Get rid of debts. … Put money into start-ups.

How should I invest if I win the lottery?

“Pay yourself an annuity,” he tells CNBC Make It, “and put the excess cash flow to work for you. More money up front means more money to invest and grow.” O’Leary recommends putting the money to work by investing in “low volatility, dividend paying stocks.”

Why do lotto winners go broke?

McNay says many winners struggle with suicide, depression and divorce. “It’s the curse of the lottery because it made their lives worse instead of improving them,” he says. Another major struggle that winners often face is saying “no” to friends and family who hope to join in on the good fortune.

Should you hire a lawyer if you win the lottery?

If you win a large prize in a lottery, getting a good lawyer should be a priority. You’ll want to have representation before you tell anyone outside of your immediate circle of family and friends that you’ve won, and certainly before you claim your prize.