What to Do if You Win Powerball?

One day there was a drawing of Powerball as a usual, but that day was special. The biggest winning ever happened. No one have won such sum of money – it was $550.000.000. According to the official information, the winners were from Arizona and also Missouri. And soon after people got their money a reasonable question raised – what for is it better to spend the money? What should they do with them at all?

PowerballWe should begin with the fact, which may disappoint you. It is very hard to win the main prize because more that 175 million people play it. So, the chances, as you see, are not high at all. Actually, it is more possible to be hit by a lightning, if we can trust the data of a professor from Akron. So, remember this fact and try to accept it and live without some special expectations.

And the real situation is that about 16 times the drawings did not bring jackpots to any of the players. The last time, when it became a huge surprise for one of the players, the jackpot happened in 2006 and was about $384.000.000. By that time it was the biggest one ever. Nobody in that lottery had won such sums before. It happened in Nebraska, where eight people tried their luck.

But still you should not be upset and think about the best. All the winners thought the same but the destiny chose them suddenly and they sure did not expect that. So, why not let it happen with you particularly next time? It was a lucky story this year, when Mega Millions offered a jackpot of about $656.000.000 and the winners became three different people. The prize was divided among them all. Not earlier and not by now there were no winnings in the world, which are bigger than that. It became a record and no one has one more.

And it is really important question about what to do with the winning. Just imagine that one day you suddenly get several million dollars. What would you do? Your head will be full of euphoria, so you will not be able to think and may do something bad. Spend several minutes to read the following guide, which contains good advice, and keep them in your head just in case.

First step.

rules of the lotteryThis is the only thing you must do from the very beginning – read carefully the rules of the lottery. We mean that you should go to the official web site or find it on the back side of the ticket. Read all the rules, because they always tell you the most important information so that you avoid problems in future. You must know the details. Also to secure yourself and your winnings, you should put your name on the ticket and make a copy of it. If something happens, like you lose the ticket for example, you will have arguments that it is yours.

Second step.

LawThen the official part continues and now it is time to find people, who know the law and can help you. It means that you should hire an attorney, financial advisors and such like people. It should be not your friends or relatives or someone like this. Just believe that people, whom you do not know, will be your best friends in such situation. It is better to have several different people in order to find out, whether they are professionals or not and if they try to cheat you. And do not tell them about the concrete sum till the very end – it is also a part of so-called “testing” of them as professionals. If you follow all the instructions, you will see who is really worth helping you.

Third step.

MoneyChose the amount of money, which you will take. It must be written in the official rules of the lottery. But on the whole it is possible for you to take the money partially every month, for example, or just take the whole sum and that is all. Take into consideration that whenever you take the money, you have to pay taxes first and take the rest of the money. But if you take the sum on the whole – you will have to pay more taxes. Practically a half of the sum will be paid as taxes. Or you have another variant to divide your payments for 29 years and get a particular sum every year. In such a way the taxes will be lower but you will have to wait every year for your money. The taxes will be paid also partially with every part of the money once a year. You should think these variants over and chose beforehand because after claiming the ticket you will have to give the answer in 60 days only.

As you probably heard, most people usually prefer taking the whole sum and forget about the rest things. But you should think twice because the taxes are likely to raise for such payment and you will lose huge money.

There also exist one more bigger problem. It is about spending the money. There were so many stories of winners, who got unbelievable sums and most of them ended up sadly. Usually when a person get such money, he forget about everything, thinks that he will not need to earn money anymore because he had never seen such big sums. But the money are spent day by day, the sum becomes smaller and one day you see nothing. But by that time you lost jobs and other sources of money. o, everybody must be extremely sure for that. Moreover, many people may read this part of the article and be sure that it will not happen to him or her, that he knows everything. Mind that those poor people thought the same.

Fourth step.

investmentsThink about investments. It is also an important question. You should not do anything without the advice of your attorneys.

And be careful with telling everyone about your winning – remember that as soon as people will know about it, you will see a lot of people, who are in need of your money, asking for help.

You may also like...

1 Response

  1. airport taxi booking says:

    Very good article post.Really looking forward to read more. Cool.

Leave a Reply

Your email address will not be published. Required fields are marked *