5 things you must do immediately if you win a billion in Mega Millions

Expectations grow like foam for regular players (not so much) From the Mega Millions lottery, After the prize pool continues to grow to the point that today More than a billion dollars can be awarded.

Thousands of people, from the United States and other parts of the world, are buying tickets for the July 28 raffle, hoping that good luck will smile upon them and be the winners of one of history’s greatest prizes. For the huge millions.

Certainly when you think of playing the lottery, many thoughts can come to your mind regarding what will be the first thing you will do when you hear the news. The safest thing is that you have already planned what you are going to do with the money.

However, financial experts, such as Forbes contributor Zach Friedman, think so There are other priorities that must be implemented immediately before receiving the award.

Next, we will list a series of steps that you should do when you play the lottery, especially if you participate in the 1 billion megabytes.

5 Things You Should Do If You Win Mega Millions

1) Signing the lottery ticket

As Friedman explains, for a lottery winner, his ticket practically becomes a check for the holder, so it is recommended that the ticket holder signs it so that later he can claim the prize, because in the event of a loss, anyone who finds can do so.

2) Decide if you can remain anonymous

The financial expert points out that it is always important to consult a trust and estate attorney to determine how to sign the lottery ticket. For example, in a minority of states in the United States, including but not limited to Delaware, Kansas, Maryland, North Dakota, Ohio, South Carolina, Texas, and others, you may remain anonymous when claiming a lottery prize. In the remaining states, including Washington, Puerto Rico, and the Virgin Islands, winners must publicly disclose their name, city, and prize amount.

In the event that you win next Friday and want to remain anonymous, you can claim your lottery prize through a legal entity, such as a trust. Check with your local jurisdiction and attorney to determine the rules regarding trust funds, lottery prizes, and anonymity.

3) Choose how you want to pay your Mega Millions prize

Zack points out that if you win the Mega Millions withdrawal, you choose how to receive your money. You can get a one-time cash advance or annual lottery payments (30 payments).

Which option should you choose? It’s a personal thing. In financial terms, a lump sum payment is preferred. why? According to classic financial wisdom, “a dollar today is worth more than a dollar tomorrow.” You can invest the money you receive now and hope to earn a higher rate of return. However, if you are worried about spending your money too quickly, an annual payment is a good option.

4) Rely on a good advisor

You must hire a good legal and financial team in order to protect the assets acquired with Mega Millions earnings. It is better to turn to your trusted lawyer, who has experience in trust and real estate matters. It can also help you claim your prize and organize your assets.

With regard to a financial advisor, choose a licensee who can help and advise you on the subject of managing your money as investments and, above all, lead you towards achieving your financial goals in life.

Just as it happens that distant relatives communicate after you learned that you won the lottery, so many counselors will look for you and offer their services to you. Do not rush to make your choice.

Another key thing is that you always try to sign the checks that you issue so that you can follow the destination of your money, and never delegate this task to an advisor.

5) Pay off debts

If you win Mega Millions, feel free to use your prize to pay off your debts, including student loans, mortgages, credit cards, auto loans, or anyone else’s. The ideal is to invest your profits and get a higher return on investment; However, paying everything you owe will simplify your life.

It may interest you:

* Mega Millions: Winning the lottery also depends on where you buy your ticket
* It is possible or not possible for a foreigner to purchase a Mega Millions ticket; How to do it from Mexico, Latin America and other parts of the world
Mega Millions: 4 Strategies to Improve Your Odds of Winning the Lottery

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