Do you play the lottery? Your odds of winning depend on which game you play.
One in 292.2 million hit the Powerball, and one in 302.5 million will win Mega Millions. Somebody wins, so why not you?
When you do hit the jackpot, you probably won’t want to keep all of that money to yourself. Read on to learn important considerations and how to give money to family after winning the lottery.
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Winning the Lottery
Winning the lottery sounds terrific. But it can also feel overwhelming. You suddenly come into a sum of money you never dealt with before.
Still, check that lotto draw time. Just know handling your fortune takes knowledge and thought.
Payment
Many lotteries offer a choice between receiving the lump sum or getting payments over an extended period. Which should you choose?
It depends on your outlook and self-discipline. Annuity payments will cost you much less in taxes.
But, receiving a lump sum allows you to invest and potentially grow your sum. Lump-sum also tempts you to make impulse buys that could result in drying up your winnings.
How to Spend Your Money
Even people with a lot of money can end up broke. It all depends on how wisely you spend, save, or invest.
When you win, pay off your debts. Why owe anything when you don’t need to?
Buy yourself things you need, like a home and a reliable car. Sure, you can splurge a little, but stay within reasonable limits.
Invest in your education, a business plan, and other types of personal growth. Diversify your portfolio with smart stocks, a trust fund, mutual funds, precious metals, and cryptocurrencies so your money can grow.
Of course, you will want to use some for travel and fun purchases. Also, think of the people you hope to help, like charitable causes, friends, and family.
How to Give Money to Family After Winning the Lottery
Sharing this money with your family can feel amazing. You finally get a chance to help them better their lives.
But you need to decide who gets how much and where you draw the line for people who get some of the money. If you want to share with everybody in your life, you might set aside a large sum and then divide it among everybody and give them each a check.
You might only choose to help family members who need it most. Sometimes paying off their car payment or purchasing things they need does better for them than gifting cash.
Gifting children bonds provides them with money that will grow. You may give up to $15,000 annually tax-free!
Try not to let too many people know what you won. You cannot give to everybody, and people may feel hurt.
Money can also draw people with bad intentions into your life. Keeping your finances semi-secret will help keep you and your family safe.
Play the Lottery
To win, you must play! Spend a dollar or two each week to try and make your dream come true.
Now you know how to give money to family after winning the lottery. So it probably amps up your desire to do so!
When you win, let your business smarts take over. Find helpful tips on our finance page.
