Lottery Winners Lose their Money

It would be a lie to say that this has never happened. Some players who win large lottery prizes don’t look after their new-found wealth. However, there is a great deal of help available for lottery winners. That is especially true when it is a huge win. It’s easy to make expensive purchases and help your family and friends. Keeping a close eye on how much you are spending is always important.

Receiving help from financial advisors is always a great idea. Suggesting making investments or buying property is a popular way for lottery winners to use their winnings.

Take the Annuity not the Lump Sum

In some lotteries, a massive win sees the lucky winner faced with a major decision to make. Do they take a one-off lump sum or have winnings paid as an annuity over a period of time? The one-off payment will be lower than the advertised jackpot.

For example, the current Powerball jackpot is $90 million but the one-off payment $64.2 million. It’s not correct to say that taking the annuity payment is a better option. A set amount will be received each year so there is something to look forward to.

However, there are interest rates charged and that can reduce the purchasing power of your win. It’s also not a great idea to receive your winnings over 30 years if you aren’t the youngest of lottery winners.

Lottery Winners Quit Working

This definitely isn’t true. Yes, a player may be tempted to quit work after becoming a lottery millionaire. The fact is though that some people actually enjoy their jobs and want to continue working. Then there are the winners who use their prize to open a business or expand the one they already have.

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