7 Steps to Not Go Broke If You Win The Lottery

Winning a large lottery can be a life-changing event, but it’s important to approach it with a level head and a plan in place. Here are some steps to consider if you happen to find yourself a winner.

1. Stay calm and keep the news to yourself. Before you make any big announcements, take some time to process the news and think about how you want to handle it. If you’re worried about people trying to take advantage of you, it’s best to keep the news of your winnings quiet until you have a plan in place. Many states allow you to claim winnings anonymously.
2. Get professional advice: Consult with a financial advisor, lawyer, and accountant to help you navigate the tax implications and legalities of your winnings. While the team at Creative Capital Wealth Management Group hasn’t helped a lottery winner, yet, we are versed at helping people when they receive a large lump sum of money in other ways.
3. Create a budget: Decide how you want to use your winnings and create a budget that will help you achieve your goals. Make sure to set aside money for taxes, investments, and savings.
4. Make a plan for charitable giving: Consider making charitable donations to causes that are important to you.
5. Invest wisely: Consult with a financial advisor to help you determine the best ways to invest your money for long-term growth.
6. Be mindful of scammers: Be wary of unsolicited phone calls, emails, or visits from people claiming to be able to help you with your winnings.
7. Enjoy your winnings: Remember to have fun and enjoy the fruits of your good luck.

Keep in mind that winning a large sum of money can bring a lot of stress and attention, it’s important to have a plan and surround yourself with trusted individuals to help you navigate the process.