So, now that you have shut your mouth, hired an attorney and established a blind trust, it's time to collect and start spending, right? Wrong! It is time to collect. You need to claim the money and get it working for you. A lump sum payment always works better than taking the payment over time. Any credible financial adviser of high net worth individuals will be able to better invest your money than your state can return from the term payments offered. Again, let a professional do this work for you. Don't abdicate responsibility, but do let professionals do what they do best, make you money!
As far as the spending part goes, sage advice there is to refrain from doing any life altering plans for at least one year. Give yourself time to understand what it means to be a multi-millionaire. Give yourself time to adjust to real power of money. Did you know that 80% of all lottery winners file bankruptcy? That's because they don't know the true power of money and they don;t appreciate how crucial it is to make solid decisions. And solid decisions take time. Besides, quitting your job, selling your house, going on expensive trips are all tip offs to our favorite con artists to target you for the latest money separation plan. So, do yourself and your grandchildren a favor, wait it out and plan carefully.
Police Hate Them. Drivers Love Them. New Invention Uses GPS to Locate Police Speed Traps. 100% legal.OK, time for a quick review or the important steps to take after hitting the lottery.
- Shut up - but tell your dog!
- Hire a qualified attorney
- Establish a blind trust
- Collect the lump payment
- Allow a professional to invest the winnings
- Take one year to plan before spending
