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Four things you should avoid doing after winning a lottery

Here, we give some advice on the things you should not do when you win money on a lottery.
By Ben Lobel on Sep 18th, 2016   @freelotteriesuk

Everyone has a dream that for once in their lifetime they become a lottery winner. Winning millions of dollars through a single lottery can be a life-changing event for every lottery buyer. Winning a lottery turns Joe to Sir Joe, the “Magnificient” overnight.

There are various websites which provide lottery playing guides using which you can increase your chances of winning. One such site is www.norskcasinoguide.com.  

But imagine that after winning a lottery, in no time you end up broke again. You won’t feel right at all. There have been certain cases in which a person wins a huge sum through a lottery but due to some mistakes, they lose all their money in a short period of time.

So here are some things which you should avoid doing after you win a lottery with a huge prize money.

Forget to sign a ticket, or to report it to the state

A research states that this is one of the most simplest and common mistakes which a lottery winner makes. Imagine what will happen if some unknown person snags your lottery ticket and then collects the prize by showing it up to the lottery authorities. It is pretty much difficult to fight over this issue and many disputes have occurred in the past because of this situation. So it is a must that you have some initials on the ticket which can authenticate that the ticket was bought by you and you are the real owner of the ticket in case the ticket gets lost or claimed by someone else.

Tell everyone you know 

On winning millions it is likely that in excitement you will share your joy with everyone else. But the problem in sharing this joy is that it can put you in danger in one or more ways. Every person who has done something for you at some or point in your life will come asking for something. There have been many cases where lottery winners were kidnapped and asked for huge ransoms. In some cases, lottery winners were also murdered. It is better that you stay anonymous for as long as possible.

Take the upfront cash instead of the annuity

Having a huge amount at a once may sound a very great idea compared to getting paychecks for around 30 years. But in the past few years around 70 per cent of lottery winners ended up to be broke and that too in a couple of years. A lottery winner probably gets to choose either to take the whole sum or receive a small payout for a period of time. A lot of them choose to take the lump sum as it is an instant empire-making money. But it is advisable that you firstly consult a reputable tax professional and an investment adviser to find out which one can be the best for you.

Take on investment and finance strategies alone 

After winning a huge amount, some people tend to plan out their investment and finance strategies all by themselves, which initially leads them to take some bad decisions. In the case of huge investment, it is advisable that you take the first opinion of some expert investors and finance professionals to plan out the best investment strategy. This will help you in securing your assets against all kind of threats.

Being a lottery owner if you want the assets which you have earned by winning a lottery to be protected against every odds then it is a must that you avoid making all the above mistakes.