Could you be the winner of the record Mega Millions jackpot? Past and future winners: you're gonna wanna read these tips for things to do if you win the lottery.
The moment you’ve always dreamed about has come true—you’ve won the lottery, and you’ve won BIG. Once you’ve seen those winning numbers flash before your eyes, the biggest question is, “Now what?”
Step 1: Sign your ticket
With Jackpocket, if your lottery prize is above the threshold amount for your state, we securely transfer your physical ticket to you so that you can claim your prize from the state lottery. Sign the back of your lottery ticket as soon as you have it in your hands. If you drop it, lose it or accidentally let it fall out of your wallet when you’re reaching for a credit card, it becomes easy for someone else to claim. Rather than carrying the ticket around, store it in a safe place like a lockable drawer or fireproof safe until you can get to the lottery commission to claim your prize.
Step 2: Think about your privacy
You’re excited about your big winnings and likely want to shout it from the rooftops. Don’t do this. Once the news spreads that you’ve won, not only will friends and family be badgering you, charities, financial advisors, and more will be reaching out to you. Check out our state-by-state guide to see if your state allows you to stay anonymous.
New Jersey has a new big winner! 🎉
— Jackpocket (@Jackpocket) September 22, 2021
The winner usually sticks to playing Powerball and Mega Millions. However, he decided to play Jersey Cash 5 for the first time, and spoiler alert: it paid off!
Congrats on being the 4th Jackpocket player to hit the Jersey Cash 5 jackpot! 👏 pic.twitter.com/DnupJuIpqp
Step 3: Make a general plan
Sit down with your family and come up with a general idea of what to do with the windfall. Think about all the ways you want to use the money, from funding kids' educations (or maybe grandkids) to paying off the house and other debt, to having some play money for vacations or that vehicle you’ve always had your eye on but could never afford. Don’t forget your favorite charities! Have a high-level idea of how you want the money to work for you.
Step 4: Talk to the professionals
Before you claim your prize, you will want to talk to financial advisors, lawyers and accountants to understand how to best deal with your winnings. They will come up with things you likely won’t think of as you are excitedly putting together your game plan (like maybe investing for your own future).
They can help you crunch the numbers and decide if you would like to take the prize money as a one-time cash payment or as annual payments over time (the important lump sum vs annuity question!). Investing in your future takes financial wisdom and restraint. If you take the lump sum and you and your team plan carefully, you could grow your winnings to more than you would have gotten from the annuity payments. If you think there is a high risk of overspending, taking the annuity payments may be a better option for you.
Step 5: Finalize your plan
Now that you’ve talked to all the professionals and understand the different avenues for your financial future, you can make your plan. Your plan will go beyond deciding to accept your prize in a lump sum or annuity and will need to include factors like estate planning, your will, current debt payments, and investments. Don’t forget to set aside a fixed amount for splurges—after all, you want to enjoy all your money, too!
Imagine being so rich you can use the "High to Low" filter while online shopping. 🛍️💸
— Jackpocket (@Jackpocket) September 20, 2021
Step 6: Claim your prize
Check out our step-by-step guide on how to claim a lottery prize from home. Otherwise, you'll make an appointment to visit your local state lottery claim center. You might be thinking you ordered your tickets on Jackpocket. What happens if you win the lottery using the app?
We will automatically credit your account for the amount won up to the threshold amount in your state (usually ~$600). If you win over the threshold, we will arrange to securely send your ticket to you so you can claim your winnings with the lottery commission.
What to do once you claim your lottery winnings
Speak with a financial advisor before heading to the bank (don’t just walk up to a teller with a check for a huge amount of money in your hands) and discuss your options for holding or investing large amounts of money. Individual accounts are only insured by the government for up to $250,000, so any amount in excess isn’t protected. So you may consider spreading the money among different accounts if not different banks.
One of the most important things to do if you win the lottery is to create a new budget. Take the suggestions of your financial advisors and lawyers into account when creating your new budget. Budgeting ensures you have plenty of money to pay the bills, have some fun, and save for the future. A charity or giving plan can also be a part of your annual and monthly budgeting plan.
Haven’t won big bucks just yet? Want to know how Powerball works? Play your favorite lottery games on Jackpocket to be the next big winner, and check out our Smart Order feature to ensure you never miss a lottery drawing with your lucky numbers.
