The stories of lottery winners who lost it all are commonplace. If you do get lucky, here’s some tips to help you get the most from your win:
1. If it’s offered in a one-off payment or a lump sum then take the lump sum. Get the money working for you right away by investing it.
2. Get advice on taxes. Whilst in the UK the winners don’t pay tax, in the US they do – 25%! So if you are a winner in the States, factor this in to what you will do with your jackpot.
3. Don’t spend it all at once! Sounds obvious but there are many winners who have spent all their money and left none back for savings. It’s amazing how quickly that prize pool can dwindle in the hands of the wrong person.
4. Be careful who you tell. There are many stories of people who have had money or assets stolen by jealous friends or faced lawsuits by people trying to take their wealth.
5. In short, if you are one of the very few people to get lucky, treat your winnings with care and don’t jump into bad decisions!