Many Australians want to win the lotto jackpot and claim millions of rewards. People should be better prepared for it before claiming the prize if it does indeed happen. Australians who play Powerball won’t necessarily take the time to weigh in all the options and might go for the cash-in almost immediately without a plan. Well, that needs to change now.
When the day of the draw looms close, it’s natural to feel jittery and nervous. After all, with millions of dollars at stake, the last thing on anyone’s mind would be to carefully plan out how to take the money without any hassle. This article highlights what to do right off the bat if the players want to protect their winnings.
- Keep The Lottery Ticket Safe: Although it might come off as an obvious point, keeping the lottery ticket safe and sound should be the priority before anything else. It might also be a good idea to sign the back of the ticket as it is really difficult to keep track of who all owns Powerball tickets. If winners don’t sign at the back of the ticket, anyone can claim the prize as there is no identification to prove who owns the winning ticket. For those who want to protect their anonymity, winners can get the help of a trustee deepening upon the state. The other best thing to do is snap a few pics of the ticket with the signature to prove ownership if the ticket gets lost or stolen. And finally, keep the ticket safe in a locker or a box.
- Break The News To Only A Close Circle of Friends: It might not be a good idea to spread the news all over the family and friend circles. Keep the chatter within a small circle. When people find out about the winning draw, there might be many unnecessary complications that might come out of the blue down the road. In various states, the winner’s name is announced, and in those cases, the winners must move to a temporary place to avoid all the attention from prying eyes and the media. Anonymity is not always possible in most states, and if the repercussions that follow are harder to deal with, change the contact information immediately after claiming the ticket.
- Managing The Winnings: It might be beneficial to hire a team of professionals and financial managers to help oversee the processes and legal issues. When winners play Powerball and come into a lot of money, they can expect some lawsuits. At the very least, the individual will need a lawyer, an accountant and some financial advisors at the ready.
- Dealing With Emotions: It’s not easy to stay calm when people find out they’ve won millions in the lottery. There have been reports where winners were under a lot of stress, owing to the overwhelming emotions flooding in. Consider hiring a therapist to help deal with all the emotions that spring up and try to stay calm throughout the whole process. Try writing down the goals, aspirations and needs that one night has with the money they win from the lottery.
Don’t make any big changes after winning the lottery, and always seek the help of a financial planner if one is making changes to their current situation, like a change of house or job.