Do This One Thing With Your Lottery Prizes To Avoid Losing It All
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John Robinson reaches for the winning Powerball ticket which gave him and wife Lisa a third share of a $1.58 Billion jackpot in 2016. PHOTO: Today
Winning the lottery is different from anything else you've experienced in your life. And if you want to keep the jackpot, you better know how to handle a large sum of money.
Very few people - except lottery winners - get the chance to take a practice run.
Sure, some lucky business owners get bought out for some amazing sums. One guy in our country received $227 million in 2006 for his eBay-style website. But that kind of reward is still relatively rare.
So how do you get practiced at controlling your windfall?
If you think it's just like spending your wages - but bigger - you're wrong.
You are going to need an entirely different set of financial skills.
But don't worry, because along with your win comes the money to hire the experts you need to manage your funds.
It's true - money does provide everything today.
So if you learn one thing today, it's this...
Only hire someone with NO common interest in your money.
That means no financial advisors. Like insurance brokers, they often get paid to promote various financial products - which may not be in your best interest. Leave them till after you've got your winnings put safely away.
The best first stop? Your lawyer.
Lawyers are trained to be unbiased, even if they don't have the skills involved for handling large sums of money.
So they will be a good first choice.
They will also advise you on a good accountant and financial planner. They might also suggest you set up a trust or company so that you are protected.
It's good to have that one important task sorted before you need it.
