Powerball, Mega Millions, you’ve heard their winning prizes reaching close to half a billion dollars. Yes, that’s billion with a “b”! And, while winning the lottery seems like it would erase all of the problems someone could have, it’s still important to take some steps to protect yourself and your new found fortune after you win the lottery.
So, just in case you do come into that windfall, we’re going to give you a few tips that can help you if you win the lottery. We know, we know, what a problem to have!
1. Protect the ticket: You’ll want to make sure you make a copy of the ticket and then possibly think about keeping the original someplace safe, like a safe-deposit box, in the meantime.
2. Remain anonymous if your state allows it: Unfortunately, Pennsylvania does not allow lottery winners to remain anonymous, but some other states do. Remaining anonymous can protect you from a lot of unwanted attention.
3. Contact a financial advisor: Just because you may be receiving a ton of money doesn’t mean that everything is going to be easy. A financial advisor is going to be able to help you plan to make sure that you never need to enter to win a lottery ever again. There are more than a few stories of lottery winners who were back in the same financial situations (if not worse) only a few years after their win.
4. Live within a budget: This goes along with contacting a financial advisor, however, it’s important enough to mention again. If you can live within a budget even while knowing you have more than enough money to spend, you’re going to begin to cultivate good financial habits that will help you, and your family, throughout the future.
5. Have some fun: Hey, not every tip has to be filled with the problems of what may await a lottery winner. If you win, of course take some time to celebrate. Take that vacation you never could. Maybe buy a new vehicle. Just be sure that you’re not spreading yourself too thin too soon!
Contact Steel Valley Investment Group of Raymond James if you win the lottery! We’ll be able to help get you on the right track.
3773 Corporate Parkway, Suite 180 Center Valley, PA 18034 Office: 610.709.9715 TF: 866.729.8768 F: 610.709.9725
Views expressed are not necessarily those of Raymond James & Associates and are subject to change without notice. Information contained herein was received from sources believed to be reliable, but accuracy is not guaranteed. Information provided is general in nature, and is not a complete statement of all information necessary for making an investment decision. Investing always involves risk and you may incur a profit or loss. No investment strategy can guarantee success.