You may be taking a gamble and purchasing a Powerball ticket, or two, for today’s drawing. I never played the lotto in my life until last Saturday.
If I won the lottery, this is what I would do:
I would not tell people right away.
In fact if they asked if I won, I probably wouldn’t answer that question. I would tell a trusted relative (yay for a trusted husband!). I would not send a group text, call my whoever, or post it on Facebook/social media. — Let’s back it up a bit, I wouldn’t post my numbers on social media before the drawing either. If I win, everyone will know anyway. — Simply, I would keep it under wraps because I need to get my plan in order.
I would seek the advice of trusted council.
Trusted lawyers and financial advisors who understand the intricacies, implications, and burdens of a large windfall will be my new best friends (not blindly, of course). A large winning such as the lottery comes with tax implications for both the Federal and State governments (some States don’t have income tax, but here in Washington, DC, we sure do!).
There are also considerations such as taking the lump-sum or receiving payouts each year for 29-years in the form of an annuity. There are pros and cons to each, and I wouldn’t immediately dismiss the annuity.
I’ve seen TV shows where they interview those who won the lottery years after they won. It’s rather alarming, and sobering, the rates in which winners (1) were scammed out of money, (2) received large amounts of letters from people begging, requesting, or demanding money, (3) gave away large sums of money (some to strangers) because they felt awful for having so much money / they were made to feel awful for having such money, (4) left their day-job only to return years later because the money ran out, or they had to sell their new houses, cars, and items.
I would get my systems in place before claiming the prize.
I would keep living my life in generally the same way.
I would have a trusted group of people to rely on.
Having a large amount of money is a burden. People and non-profit organizations seek you out if you have it. You may be more prone to consumerism. You may find it harder to practice detachment. You may get to thinking that your importance has increased. To stay grounded I would rely on good friends, family, a church community, and a financial manager to name a few. I’m still Kate, and I don’t want to have an inflated sense of self importance.