On Saturday, the winning numbers of an estimated $700 million Powerball jackpot will be drawn. If one or more people win, they’ll become not only overnight millionaires but the recipients of the biggest jackpot in history.
If you win, here are things you need to consider to enjoy your $700 million.
Sign the back of your tickets
Every ticket you purchase should have your own signature and address. This will verify that you and only you can claim your tickets in case they get misplaced. You’ll also need two forms of identification to collect your winnings.
Be cautious about joining lottery pools
While lottery pools are fun to participate in with friends and coworkers, they can also be rife grounds for lawsuits and broken relationships. Make sure that your pool makes photocopies of all group tickets and distributes them to each member of the drawing. If you purchase any tickets outside of the pool, make sure your pool players know before the drawing in case you win.
If you win, be careful who you tell, if anyone
While you may be tempted to tell friends and family that you’re now a millionaire, Alexa von Tobel, CEO of financial planning site LearnVest.com, suggests winners be discreet to avoid any personal conflicts or larger problems.
“We’ve seen everything from robberies to even murders of people who have won lotteries,” von Tobel told ABC News. “A lot of your social dynamics around you change if people are aware of your status.”
Claiming your winnings anonymously is only possible in six states: Delaware, Kansas, Maryland, North Dakota, Ohio and South Carolina. Another way to preserve your identity when claiming your winnings is by starting an LLC or non-profit to accept the money on your behalf.
Choose a smart and trustworthy management team
Spend a lot of time researching and assembling a smart, reliable and trustworthy financial team before you claim your winnings. Von Tobel suggests that winners find a certified financial planner, estate planner and accountant before cashing in and waiting six months or even a year before spending their winnings. The new cars and houses can wait, making sure that you have a strong plan before spending cannot.
Have fun
Your chances of winning the Powerball jackpot are 292,201,338 to 1, so you’re probably not going to win. Don’t spend large amounts of money on lottery tickets, just purchase one or a few and have fun fantasizing about what you might do if you won $500 million. If you do know someone who may be playing the lottery irresponsibly, call 1-800-522-4700 or visit the National Council on Problem Gambling website to learn how you or a loved one can receive help.
(AP)
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7 Responses
Or, you could take that $2, put it in a pushka, and you have a 1-to-1 chance of winning…
what? I dont understand..How are you a winner if you put $2 in the pushka? As I see it, you just gave away $2 and got nothing in return.
Well, well, Looks like the Yetzer Hara (otherwise known as the Soton and the Malach HaMaveis, never mind the misspelling) has shown up, with his kefira in schar for mitzvos. Right on schedule. L’Olam yargiz adom!
Because when the pasuk says patoach tiftach about giving tzadka it says ‘כי בגלל הדבר הזה, יברכך ה אלוקיך ׳ that Hashem will bless you for doing it. That’s why
#2
your username might explain why… If you wouldn’t have seen Movies maybe you would see or at least believe. 🙂
Malach hamoovies: maybe if you stopped watching movies you’d understand. A mitzvah is worth more then 700 million dollars
I agree with #2. So you give some money so you can stuff your face at a Chinese Auction? With $700 Million, there is so much potential to help on a much grander level.