Just A Branch

If I won a substantial amount from the lottery, there are key steps I would take and recommend others do the same. For background, I am passionate about personal finance so I can be a good steward of my own resources and I also love teaching others so they can also be blessed and be a blessing too. It would be a shame for anyone to receive such a blessing but to blow it and have it turn into a curse.

Steps if You Win the Lottery so it Stays a Blessing and Allows You to be a Blessing to Others:

1. Sign the back of the ticket and store the ticket in a secure location. Please note that you should not jump up and down celebrating and telling everyone within earshot; and do not cash immediately; and do not go out and start racking up credit card purchases. Be smart and intentional.
2. Be selective about who you tell. Better yet, don’t even tell anyone at this point unless it’s your spouse. Even with your spouse, use judgment. I’m lucky to have an amazing partner who I would absolutely tell right away. Also, find out if your state allows you to claim the winnings anonymously.
3. Hire an estate planning lawyer and a financial advisor. It’s preferable if they have experience working with high net worth families. Other than my partner, these are the only two people I would tell next. These professionals will help you decide whether to take the lump sum or annuity option. They will also help with understanding tax implications. I’d likely take the lump sum as it would allow me to manage the money and grow it the way I want.
4. Next I’d decide on a general plan prior to claiming my winnings. Likely I’d want an investment account, a trust, pay off my mortgage, etc. I would iron this plan out with my partner, estate planning lawyer and financial planner- and THEN…
5. I would finally claim my winnings.
6. Maybe I would keep my job, maybe I would retire myself and work on projects that I want to, maybe I would go back to school for a doctorate, maybe I will want a goat farm, or donate to my favorite charities and not for profits. Possibilities are all over the place and will completely depend on where I am in life and my mindset at that time (hence the importance of planning with professionals prior to claiming my winnings).
7. If I can at all find a way to not tell people, I will keep very quiet. If you are a friend or family member and find yourself reading this, please know that I love you and while I may not tell you, I will definitely find ways to bless you. That new pony in your backyard? You are welcome ❤️.