However, extinguishing your financial obligations will make your financial life easier.Īnd when you win the lottery, it's all about living the easy life. Get your financial house in order?Ĭould you keep the debt outstanding and earn a higher financial return by investing your proceeds in the stock market? Perhaps. You need to build a team of professionals that includes, at a minimum, a financial, legal and tax advisor.Įnsure that all your advisors work together to manage your investments, tax planning, insurance and estate planning, among other important aspects of managing your wealth. Your financial life is about to get more complex. Assemble a stellar team of financial, legal and tax advisors Overall, you should compare the after-tax proceeds and your intended investment return of each option.Ĥ. ![]() The annuity option spreads your winnings over 30 years, which can help limit any potential reckless spending. With a lump-sum payment, you can invest the proceeds now and earn a financial return. The upfront cash payment would be approximately $176 million for Mega Millions and $112.9 million for Powerball.Ĭonsider the time value of money - that is, how much you can earn under each scenario comparing the timing of the payments that you receive.Ī dollar today is worth more than a dollar tomorrow. You can receive a one-time, lump-sum cash payment now, or you can receive annuity payments over the next 30 years. To add more fun to your existing ticket the lottery lets you grab Instant Win for an additional 1. When you win the lottery, you have an important choice regarding your lottery winnings. Take 5 is one of those super exciting lotteries that are super thrilling to win Among the rest of the New York lotteries, Take 5 is known to offer the best overall odds of taking home a NY Lottery prize. ![]() Choose an upfront, lump-sum cash payment or the annuity payments Therefore, if you lose an unsigned winning ticket, the person who finds it legally can claim the prize.ģ. Make sure to sign the winning lottery ticket.Ī lottery ticket is considered a bearer instrument, which means that whoever signs the ticket can claim the lottery winnings.
0 Comments
Leave a Reply. |