Hire a therapist.Īlong with your team of professionals helping you manage your money, you should also consider having a therapist to help you manage all the emotions that come with winning the lottery. You can’t help every sick person out there, so set aside a certain percentage of your money that will go to a selection of organizations.” 9. “You’re going to have to set boundaries early though and stick to them as much as possible. Donate to charity.ĭo some good with your money! “Identifying some organizations you want to donate to will help counteract any feelings of guilt and will also help with your taxes,” said Sandberg. “A financial adviser can tell you how much income you can receive monthly from your winnings - you need to live on that amount or less.” Sandberg agreed, saying, “Set a budget, but also allow yourself those dream purchases. Don’t spend wildly in the belief that it’ll last forever,” said Edelman. “Realize it’s not a bottomless pit of money. Even with a huge sum of money, you still have to set a budget. How could you blow through that kind of money, right? Wrong. If you walk away with $500 million, it’s going into some sort of investment account that will earn money. If you have investment income you’ll have to pay taxes each year. “The inclination is to not plan for taxes and not anticipate them. “It sounds boring, but planning for taxes is very important,” Erica Sandberg, personal finance expert and author of “Expecting Money: the Essential Financial Plan for New and Growing Families,” once told TODAY. More than half will likely go to taxes immediately. Don’t forget about all those taxes.Įven though the jackpot is over a billion dollars, that doesn’t mean you’ll really see all that money. Additionally, cash and other gifts can have significant tax consequences.” 6. Talk with your financial advisers about strategies and vehicles, such as trusts, that can allow you to help others and also preserve your wealth.
“It may seem like harsh advice, but this is one of the fastest ways to lose your money. Patterson, chairman and CEO of the Baron Solution Group, advised. “Don’t feel obligated to bail out, reward, loan or give out lumps sums of cash to friends and family members,” William R. Having a lot of money means you can help a lot of people, but that doesn’t mean you can help everyone - nor should you. Don’t hand out cash to family and friends. This will give a player time to make some very important decisions, like what they want to do with the money and how they think it will change their life.” 5. “Prize claim policies may vary in each state, but here in North Carolina players have 180 days to claim their prize. “One of the biggest things we urge players to do is to take their time,” she said.
While signing the back of the ticket is one step a winner will want to take, Robert Pagliarini of Pacifica Wealth Advisors once told TODAY it would be smart to take another step in case you ever need to prove it’s yours.
#Mega millions jackpot lottery how to
So, before you start picking out the gold finishings for your fleet of yachts or buying all your friends a set of matching mansions, here’s a list of nine tips on how to handle a mega windfall from people who know what they’re talking about. Not only do most winners have to deal with people coming out of the woodwork looking for a handout, but there have also been cases of bankruptcy, murder, robbery, drug abuse and various legal woes in the wake of big wins. While big paydays have spawned numerous rags-to-riches stories over the years, they have also spelled disaster for some. The winner, who will be the recipient of the biggest jackpot in Mega Millions history, can receive a lump sum of $783.3 million in cash.īut what should you do if you find yourself holding the lucky ticket? In case you missed it, the winning numbers are 13, 19, 20, 30, 32, 33 and a gold mega ball of 14.
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