What to Do If You Win the Lottery: Expert Advice for Big Jackpot Winners.
Stay Calm and Keep It Quiet – Avoid sharing the news immediately. Take time to process your win and keep it discreet to prevent unwanted attention or solicitations.
Secure Your Ticket – Sign the back of your ticket immediately and store it in a safe place, such as a safe deposit box, until you're ready to claim your prize.
Consult with Experts – Before claiming your prize, hire a team of professionals: a financial advisor, tax attorney, and accountant.
Consider Anonymity – Some states allow winners to remain anonymous, while others don’t. If you can, opt for anonymity to protect your privacy and avoid public scrutiny.
Pay Off Debt – Consider paying off any outstanding debts like mortgages, credit cards, or loans. This can give you peace of mind and help set a solid financial foundation.
Set a Budget – Even with millions, it’s important to budget. Plan for both short-term and long-term expenses, and stick to your financial goals.
Give Back – Many winners choose to donate a portion of their winnings to charity or causes they believe in. This can help create a lasting legacy and offer tax benefits.
Maintain a Normal Life – While it’s tempting to splurge, maintaining a sense of normalcy and keeping grounded will help you preserve relationships and ensure long-term financial success.