If you win a jackpot lottery, there are a lot of things you must do right away. For example, you must ensure that the ticket is safely stored in a safe place. You also must consult with financial and legal professionals to make sure that you handle your winnings responsibly. Finally, you must keep your identity secret so that you can avoid scammers and long-lost “friends” who want to get in touch. You should change your phone numbers and email addresses to protect your privacy and prevent unwanted messages and calls.
Before you can collect your winnings, you must decide whether to receive a lump sum or an annuity payout. A lump sum payout is one payment equal to the amount of the jackpot prize pool after taxes, while an annuity payout is a series of payments over a period of years, with the size of each payment increasing year by year. Most winners choose the lump sum option because it allows them to spend their money as they wish. However, an annuity is safer because it provides a near-guarantee of lifetime income, which can be important for some people who may be afraid to quit their jobs or have the luxury of spending their entire prize.
This article is brought to you by Richard Lustig, who believes that winning the lottery is a craft to be mastered, not a game of chance. With the right strategy, he says that anyone can become a multimillionaire. Just remember to play responsibly (don’t play while crossing streets, operating motor vehicles or using chain saws).