Lottery, a gambling form which allows its bettor withdrawing lots for prizes, has been around for quite some time. The existence of lottery can be traced back to ancient Chinese days around 205-187 BCE. During the Han Dynasty, lottery in the form of keno slips helped the country’s government to finance building projects such as the Great Wall of China. Lottery then spread to other parts of the world including Europe, America, and Australia.
In countries like the united states, during early 1900s, lottery was associated with less unfortunate people. Many stories were around about how homeless people live draw sdy got rich suddenly because of winning lottery and then relapsed to poverty as they couldn’t manage the money they had received. While lottery can help people in bettering their financial states, it can be harmful as well. To prevent bad things happen following the winning of lottery, here are some tips a lottery winner can follow.
- Make your identity in secrecy
People who win lottery and are announced in the local newspaper are easy target for criminal act such as robbery or theft. If possible request the authority to maintain your identity anonymous to lessen the criminal risk. If you name is already written in the news, do some preventive act such as changing address and phone number.
- Don’t rush
Instead of cashing your slip right away, wait for several days (at least a week) to claim your prize. This is performed to lessen the winning euphoria and prepare to arrange plans for the money management. Prior to cashing the lottery, make back-ups of your ticket in the form of hard copies and digital copies in case you encounter problems.
- Hire accounting professional
Dealing with lots of money along with its tax and other elements to follow might not be your everyday cup of tea. Here, the role of a professional is highly needed. The accountant will help you taking care of the taxes as well as managing the money you received. You will probably also need financial consultant to decide the right thing to do with the lottery prize.
- Consider your job wisely
Don’t be so suddenly quit from your job after receiving the lottery outcome. Taking some time and preparing for your new financial state while keep doing your daily job keeps a leveled head. Be secretive about your winning in the office as well.
- Avoid luxury shopping spree
Lottery winners commonly make mistakes by buying villas, jewelries, sports cars, and other luxury items without thinking twice. Apart from arising envies from your surroundings, sudden change of lifestyle can also endanger your well-being. Being humble and carefully planning your finance is wiser than a splurge.
- Take care of all your debts
Paying off all of your debts is one of the priorities upon receiving lottery winning. This may include but not limited to credit card due, mortgage, college tuition, etc.
- Save for emergency fund
Who knows if someday you might get into financial problems? Saving some money to prepare for a rainy day is a very wise thing to do.