What to Do If You Win the Lottery

Let’s face it, just because you have a better chance of being struck by lightning several times in a row than winning the lottery, doesn’t mean that we are not sometimes tempted to buy a ticket.  In fact a lottery ticket shows up in my Christmas stocking every year. 

So what should you do if you do strike ti rich via the lottery?  This article gives some good advice.

1. Protect That Ticket and Take Your Time – make sure it is not lost or stolen before you collect your winnings.
2. Don’t Quit Your Job Just Yet – you may not have the winner after all.
3. Hire Professionals – you can afford it.
4. Change Your Address and Go Unlisted – you’ll have lots of people who want you to share your good fortune.

You also have to decide whether to take a lump sum or take the payout over 20 or 30 years.  There are advantages and disadvantages to both.

Finally, listen to the advisors you hired, pay off any debts, put money aside for the future, make contributions to charity and learn to say no.


Korving & Company, LLC

Korving & Company is an investment management, financial advisor, and financial planning firm that specializes in working with retirees, couples who are serious about retirement planning, and women who have recently suffered the loss of a spouse.

© 2021 Korving & Company, LLC