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What to do if you win the Lottery?

Published: October 4, 2017

Imagine you won 1 third of the $564 million jackpot as one woman (mother of four children) in North Carolina did, in 2015. Chances for this are like 1 in 175 million. What would you do if you win this amount of money?

The Philippines PCSO Lottery is very widely known in the country. It's needless to say everybody plays Lotto sometimes. The same situation is in the USA. American players bought tickets for 70 billion dollars in 2014.

Did you win a massive sum of money?

After acknowledging you won check the numbers one more time. We know you did it already twenty times. But do it one more time with a different source. Results are to find on youtube, on our page, and Pcso Gov. page. Next what you need to do is:

Don't tell anyone about lottery win

It's tough but needed. It is ok not telling even your wife or husband. History knows situations when a partner of a lottery winner dropped one small word about the winnings, and the whole village started to come to their doors and beg for the money. This will help prevent scammers and opportunists from taking advantage of you.

Sign the ticket

Simply get a pen and sign the ticket backward with your handwriting name and surname. Do not use a pencil because it can get erased.

Take a photo or a movie of the winning ticket

It is essential to make some other proof of the ticket. Take o photo of the card with your face visible on it. You can even make a short video because nobody will be able to forge such evidence of your win. Nobody will steal from you, because the ticket will be unusable.

Claim ticket with a phone call

You have quite a lot of time to collect money, but first, you can call to announce to PCSO that you win and you are going to claim the prize. Depending on the lottery you can have up to a year to claim. Check the PCSO Gov. site to be sure. Be sure to also check our tutorial on how to claim PCSO lotto prize.

Hire financial adviser or a lawyer to help you

You may need to figure out some things before coming for the prize. You would like to be anonymous. Also, you need to figure out with lottery directors how your award will be delivered to you (bank account eg.).

Create a budget and stick to it. Winning the lottery can be life-changing, but it's important to avoid overspending. Create a budget that outlines how much you will spend on necessities, savings, and indulgences. Be sure to include a plan for investing some of your money to ensure it lasts.

Lottery Taxes

Get legal and financial advice. Before you do anything else, it's a good idea to consult with a lawyer and a financial advisor. They can help you understand the tax implications of your winnings and create a plan for managing your money.

Give back

Give back. Winning the lottery is an incredible opportunity to make a positive impact on the world. Consider donating a portion of your winnings to charities or causes that are important to you. This can be a rewarding experience and a great way to leave a lasting legacy.

Final thought - Knowing all this, don't try to win at any cost possible. Don't blow all your money for playing lottery tickets. The chances are minimal. They are smaller than being struck by lightning.

Smart lottery winners - short success stories:

Very often big winners lose their money in a year! But we are happy to say that some people are smarter when it comes to managing big money.

  1. Peter Lavery got 10 million pounds reacher. He was an ordinary bus driver. He quit the job but later started to work even harder. With the money he won, he bought a big house and a nice car. He gave a lot of money to charity. He has given generously to his family members. Rest of the money he used for business. Now it turns out he has over 30 properties and is working on some new project that will give him a stable, even bigger money income. He likes to keep his business secret, but many found out that he already tripled his 10 million winnings. For example, he has opened a whiskey distillery business.
  2. When Brad Duke won Powerball $220 million he was already an investor. Back then he already owned five gyms franchise. This man kept his job because he wanted to become a billionaire. After taking a lump sum prize of $86 million, he doubled it in one year. He even developed a system to keep winning some smaller amounts of money...
  3. Richard Lustig won lottery 7 times. He wrote the book "Learn how to increase your chances of winning the lottery" he is mainly famous for. Anyway, his winnings were probably only a matter of luck. Although, he became famous on tv because people believed him. But remember - winning big in the lottery is only luck. What's more, nobody knows how much Lustig invested in tickets and how much exactly he won. He was smart enough to write a book and on behave of people's needs he earned huge money selling systems that can't work.
  4. Thompson couple won 2 million pounds in 1995 and still in 2010's they get profits. They were so smart they knew that having 2 million pounds is not reach but only good wealth. They quit their jobs and decided to buy a "bed and breakfast" business. Then they bought a restaurant. They worked hard for many hours every day in the restaurant. Their lives changed, and they earned a lot of money after winning the lotto.
  5. West couple won biggest single Powerball jackpot. They hired a financial advisor who told them to make a monthly budget of 100,000 $ which was stupid and way too much. They bought houses for the family and invested the rest of the money. After all these years they are still working in their jobs.
  6. Les Robins, a teacher won $117 million Powerball jackpot back in 1993. He bought large land and organized vacations for children. Winegator Camp is for children to escape the internet, electronic devices, Facebook, etc. to enjoy other activities like a gym, stable, pool, and golf course. He wanted kids to be doing what he was doing when he was young.

As you see, after winning the lottery it is possible to stay humble and reasonable!