Congratulations on winning the Lottery jackpot! What should you do next? The first thing you should do is to wait to cash in your prize until you are ready to handle the large sum of money. Take a photo of your ticket stub and store it somewhere safe. Then, put together your financial dream team. Get an array of experts to help you manage the enormous sum of money. These professionals can include an investment adviser, estate-planning lawyer, certified public accountant, private banker, and insurance experts.
You can opt to receive your payout as a lump sum, or as monthly payments, and invest it to make more money in the future. Some lottery games offer annuity payments, which are larger than the jackpot amount and usually increase in value with inflation. However, the payouts of these annuities are taxed differently than the lump-sum payout. You can use a lottery payout calculator to estimate what your lottery prize will be worth after taxes, federal and state taxes are deducted.
Another option is to hire a therapist if you’re lucky enough to win the Lottery jackpot. While you might not be considering this option, winning a lottery jackpot can cause a tremendous strain on your personal relationships. You might feel overwhelmed and guilty, or even betrayal from family and friends. A therapist can help you deal with all these emotions and cope with the changes you will experience. If you have trouble making decisions, seek professional advice as soon as possible.