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Money Management

3 Things To Do When You Win The Lottery

By October 22, 2018No Comments

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The Mega Millions and Powerball are at an all-time high! And YES, I bought my ticket. It only takes one ticket to win, right?

Should you win one or both of these lotteries, here are 3 things you should do.

STFU (Shut the F#¢k Up!)

If you are one of the lucky ones to win the lottery, keep it to yourself for as long as possible.

However, if you are a narcissistic winner and want the attention, distant cousins, long lost daddies, ex-spouses or creditors will find their way back into your life, whether you like it or not.

So, try to maintain your anonymity and don’t tell anyone, not even your favorite cousin or BFF.

Unfortunately, not all states allow you to remain anonymous. However, it definitely helps to keep your Mega Million or Powerball secret if you are lucky enough to win and live in the following six U.S. states: Delaware, Kansas, Maryland, North Dakota, Ohio, and South Carolina.

However, it definitely helps to keep your Mega Million or Powerball secret if you are lucky enough to win and live in the following six U.S. states: Delaware, Kansas, Maryland, North Dakota, Ohio, and South Carolina.

The other U.S. states, including Washington DC, U.S. Virgin Islands, and Puerto Rico require Powerball winners to publicly disclose their identity, including names, city, and prize amount. If you live in those states, do not disclose your whereabouts, at least until you hire security.

Don’t Quit Your Job Immediately

Ok, seriously! We know that you will never go back to your job. However, quitting abruptly right after a Lotter winner is announced in your state, city, town, etc. may be a dead giveaway and will go against step #1.

Call out sick and handle what is necessary to confirm and receive the lottery winning. Once the check clears and you are officially a Millionaire or Billionaire, then tell your job, “Ki$$ My A$$!”

Hire A Money Team

Statistics show that …

70% of people go bankrupt within three to five years of winning the lottery.

Don’t let this be you!

Hire a team that can consult you on the best way to enjoy and keep your millions or billions. Your team will make sure you don’t spend all of your money on stuff or funding your entourage with no ROI (return on investment). To start out, your team should include:

  • An Attorney (General Practice, Estate, Business),

  • An Accountant (CPA, Tax & Bookkeeper),

  • A Wealth Manager (for Investments),

  • A Business Manager (manage Accounts and team),

  • A Real Estate Agent, and

  • Security (for your safety).

I know what you’re thinking … why do I need a business attorney or business manager?

The business attorney and accountant will consult you on the best way to manage or minimize your tax obligation, and your business manager will be the liaison between you and your Money Team.

If you don’t know or have access to any of these professionals, hire ME, Madam Money, as your Business Manager! Seriously!

Good Luck to you on winning the Big One!

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