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Things to do when you win the lottery!

The moment you win the lottery, it is natural that you will be puzzled by innumerous questions and doubts. At this time it is extremely imperative that you choose smart options to manage your fortune. First and most importantly you should sign at the back of the ticket as soon as you get to know about your win. After signing the back of the lottery ticket make sure to comply to the following steps, as they will guide your way to a hassle free lottery claim –

Maintain anonymity if possible

If the State rules permit, make sure to take all the necessary steps that will help you to remain anonymous in case you win the lottery. Maintaining anonymity will save you from a large number of people including long lost friends and relatives who will suddenly develop interest in your finances.

Take legal and financial advice

At the time when you win the lottery, you will have to hire professionals to manage your financial plan. Hiring professionals will guide you regarding taxes and other legal formalities that will come your way once you win the prize money.

Avoid drastic lifestyle changes

It is advisable that for the initial six months after you win the lottery to not bring about drastic lifestyle changes. Don’t think about quitting your job or indulging in a luxury car. You can just manage your prize money wisely by setting aside a fixed amount to splurge away and not more than that.

Pay off old debts

The best way to begin after you win the lottery is to use some portion of your prize money to pay off your old debts. Paying off old debts is a way of sound investment.

Don’t over spend – As soon as the news of your win is broken to you, it is natural that you will be tempted to splurge that money on endless things. But if you wish your prize money to last long, you should avoid impulsive and irrelevant overspending.

Invest wisely

After you win the lottery prize money it is advised to put that money into secure short term investments. You can even take help from financial advisers to generate an investment portfolio. Investing wisely can be the smartest thing to do as soon as you win the prize money generated by the lottery number chosen by you.