Don’t Make Big Decisions Too Quickly!

While hitting the jackpot is a dream come true for so many lottery players, it can also turn into a nightmare very quickly if you’re not prepared. History is replete with winners who went bust almost as fast as they won it all. Here at Winthelottery, we think all winners should live with financial protection beyond mere wealth. Here’s how to avoid the biggest pitfalls that eat away at the fortunes of lottery winners and make sure your new found wealth works for you for years to come.

When you win, it’s easy to get swept up in the excitement and feel like you need to rush out and make big purchases or major life changes. At Winthelottery we tell all winners to take a break. Give yourself a few weeks — or months — to let the excitement of your win sink in before spending any money, because hasty spending can lead to regret once the initial thrill is gone.

Consult with Financial Experts

The most common mistake made by lottery winners is attempting to handle their windfall on their own—and soliciting advice from friends and family along the way. Here’s what to do instead: create a talented team of seasoned pros, such as a financial adviser, tax pro and attorney. Winthelottery suggests you thoroughly vet the advisors and that they should be operating in a fiduciary capacity, which means they should be looking out for your best interest. Professionals can help you devise a sustainable plan for spending, investing and sheltering your winnings.

“People who are ill are very visible, and it’s not always possible to keep them hidden, but do what you can,” says Light.

Overnight riches can bring out the wrong in people. Broadcasting your victory, or personal information you share about it on social media, can put a target on your back for every scammer, opportunist and criminal who would like a share of your loot. Winthelottery recommends staying as private as you can. If your state allows it, claim the prize anonymously. If not, hire experts to protect you from exposure and handle communications discreetly.

Stayed Away From Lifestyle Inflation and Overspending

You have a chance at complete financial freedom, and it's hard not to want to level up your lifestyle accordingly. But runaway spending can decimate even the most gigantic lottery prizes. Winning lottery players are often enticed into purchasing expensive items, giving away large amounts or putting money into risky investments. According to the team at Winthelottery, you should have a defined budget and ensure you play within your means. Rule out big ticket purchases in your first year and have a long-term plan for what you need and want financially.

Get Ready for the Friends and Family Ask

One of the hardest parts about winning is managing the requests for money from people you know. Winthelottery experts advise to always set strict limits from the very beginning. How you’ll respond to those requests, plan in advance, and if you want to give back, maybe even set up a charitable foundation. This makes your giving structured and sustainable, rather than impulsive and overpowering.

Tax Planning and Future Financial Needs

Lottery wins are taxed based on how you are paid, and also how much you are paid, for a total figure which can really suck. One of the biggest pitfalls beyond the storm front is not planning for tax payments that often accompanies financial storms later on. Winthelottery’s skilled financial experts will help you understand your tax responsibilities, while ensuring you set aside the correct portion of your prize money so there are no surprises down the road.

Conclusion:  Secure Your Future with Winthelottery

So youve won the lottery – now what? By paying attention to the advice above, you can steer clear of the traps that swallow up so many lotteries winners’ wealth. At Winthelottery, we’re dedicated to supporting you in doing just that—making sure you enjoy and maximize your windfall so that your good fortune remains with you for many years to come. And are you ready to begin your journey to permanent wealth? Check out resources and tips from our experts.