You check your emails and discover that you have hit the jackpot and won the lottery – what do you do? This is a moment that many people dream about, but it is important to know what to do if you win the lottery because how you act early on could have a big impact on the rest of your life.
The first thing to do will be to double-check (and a few more times after this!). You want to be absolutely sure that you have won and that it is not a mistake or a scam. You can use this Powerball checker to see if you have won to make absolutely sure.
Do Not Tell Anyone
The biggest mistake that people make after winning the lottery is telling people. Lottery winnings are life-changing, but unfortunately, there are also negative consequences and people will treat you differently.
Once you start telling people, word will quickly spread and you might find that people suddenly start approaching or even harassing you. Instead, keep it quiet for the time being until you have a plan.
Don’t Quit Your Job
People often dream about calling their boss and quitting after winning the lottery, but you do not want to do this just yet. You should also avoid making any major lifestyle changes – there is no reason to hurry and you do not know exactly what the rest of your life looks like just yet..
It is generally recommended that you wait around 6 months before spending any of the money or making any major changes. This (somewhat) removes emotion from the equation and will ensure that you have enough time to plan your future.
Speak to a Lawyer, Financial Advisor & Accountant
You should also seek advice from experts as quickly as possible. This should include a lawyer, financial advisor, and accountant. They will be able to advise you on what steps you need to take initially and help you to achieve your goals in the long term.
Often, the lottery will provide you with professional advice, but you may also want to choose your own experts to help you to navigate this tricky period.
Take Time Planning Your Future
There is no big rush when you win the lottery and it is important to take your time to think about how you want to use the money and what you want your life to look like.
Many people find that booking a nice holiday after winning the lottery is a great way to treat themselves while also giving them some time to plan for the future.
Be Smart & Know What to Do if You Win the Lottery
It might never happen, but it is a good idea to know what to do if you win the lottery as this will be a pivotal moment in your life. It will be an incredibly exciting time, but there are also serious consequences that need to be considered.
Check out our other personal finance articles today to learn more about managing your wealth.