• http://www.marylandtechnology.info Jon

    I’d take the money up front too and then stop working and just manage my investments myself. However, I know alot of people (older relatives especially) that would rather have the lottery allocate the money to them over time. I think the driver is b/c they do not feel comfortable about their own money management and self-discipline. Financially speaking though, if you know what you are doing you are much better to take it up front.

    • Dugie

      take it then make it last lol

  • not given

    Guaranteed income and a lower tax bracket seems like the safer alternative.

    • RunecubeCom

      “Guaranteed” isn’t… With states that have seen massive budget short falls… Don’t you think that it is possible that if the Lotto starts losing money that they will shut it down? And you can’t be sure that there isn’t a clause in the payout that says something like “if it closes down, payments stop” And even if it doesn’t have that, if they stop making payments you might have to sue the state – and I know in Texas, you have to request permission to sue the state… They can say “no” (But never have yet. The intent is to get an advanced notice that you are going to sue them…)

      • http://www.budgetforwealth.com/ Long Pham

        When someone wins the lottery, they are given the choice between cash value and payments. If they take the cash value, that’s it. However, if they take the payments option, the cash value is placed in annuity for the winner.

        So the lottery losing money has nothing to do with previous winning drawings. By law, lottery winnings must be fully funded. Your argument is based on assumption and is incorrect.

        • Alpha Deus

          Although if the company that sold you the annuity goes belly up your stuffed

  • http://momequity.wordpress.com MomEquity

    Most lottery winners end up bankrupt. I like to fantasize about winning but don’t play (I know, it’s weird). The fact is, most people who win are serial lotto players, i.e. people who aren’t that great with money anyway. I love the advice in this column and hope that anyone who is lucky enough to win will heed it!

    • Yup


    • dump lump

      I would like to know where you get this statistic from. I believe that this a false myth that has been propagated when lottery used to be below the amounts that they have today. Whenever someone states this, people do not question it. I would like to see some proof that statistically points out this fact. 10 or 13 people who have gone bankrupt in the past does not make this myth true. That is a selection bias.

  • http://pulse.yahoo.com/_SF5HSOCUWIB3QU4ULTJPTZIH3E Northeastern

    I’ve always thought of the address thing, I would definetly stay at a hotel short term until I find a new place. The lottery releases your name & people will quickly find you and come knocking on your door…or worse. I would want to hide from everyone and give myself time to relax, think clearly, and make a plan for the money. The hardest part is not going overboard with the spending and making your family understand that you have to be careful with the money in order to stay wealthy. Rather than give my immediate family big money, I would give them a little bit each year to help improve their lives without allowing them to throw it away and come asking for more. I would make sure they understand my money is my money, and I am not an atm. I would set myself a yearly budget and only increase it if my wealth increases. Also start relitively small on the house and move up after a few years if your money is not declining. People with a sudden influx of cash do not realize how expensive maintenance, repair, landscaping, property tax, etc is on a large home.

  • Pradavee

    This is great advice. I’ve always wondered how and what to do if I won the lottery or etc. I will pass this valuable information on.

  • http://www.facebook.com/people/Penny-Warner/1591993908 Penny Warner

    Pay your taxes FIRST thing! Before you go paying bills and spending money. The lottery doesn’t take out enough, and if you win more than $250K you WILL end up paying more: usually 40 percent. I know this from experience, and I’m struggling to pay my tax back. So frustrating. I asked at the lottery office if that was all the tax I had to pay and they said yes, One year later I find out I owe about $145K more. Yikes. I’m still glad I won, and have spent, shared, and invested wisely.

    • Dugie54

      hi happy winner give me your good no’s 5-9-7-4-23-13 are theses good?

    • alpha deus

      A tax advisor would let you know this straight away..the main problem being that your winnings are taxes but those winnings are taxes at a set income, not your brand new tax levels which take the second bite of the cherry, you need to set aside another 10% for that second bite, often people never consider it or all the other tax implications then get that smack in the face with the IRS sledge hammer the next tax day.

  • http://www.budgetforwealth.com/ Long Pham

    All of these tips are great advice for winners of lotteries. A lot of people will probably have a difficult time adjusting to sudden wealth and the change of lifestyle it can bring. It’s best to surround yourself with a great financial planning team who can ensure you have income for the rest of your life and spend accordingly.

  • http://www.facebook.com/people/Eric-Sinaru/100003603087739 Eric Sinaru

    everydays’ dream

  • Demetricclark41

    My name is demetric clark in i won the lottery but i still the ticket i don’t no what to do please help

  • Kate

    I like the idea of paying for the college/technical degrees of relatives. They present to you the degree they wish to obtain and you pay for it IF they achieve the grades you specify. Whoohoo power. If they present a business idea…much more complicated! I would have to love the business idea and want to own it, and I would be the majority owner as the banker, and that sounds like a lot of work.

  • Sylvia

    One important factor and concern was not mentioned, banking. What bank would hold that amount of money?

    • http://twitter.com/Evilpa Ann

      Really? That’s your question, did you read the article? That is why you hire a financial planner, a CPA and an attorney, meet with them and make a plan BEFORE claiming the money!

      • MB

        You can’t completely trust other people to handle your affairs. You have to know what they’re doing, too. So, it is a good question on her behalf.

        • Maine York

          that’s why you run your Team like a Government with checks and balances.. The financial Advisor watches the Accountant, the Accountant watches the Estate Lawyer and the Estate Lawyer watches the financial Advisor

        • NCfinacial

          Bad example using the Government way. Government is billions behind.

      • Lisa

        And what if you don’t have the money to hire all those people until after you claim your winnings?

      • Jeffery Surratt

        I am 59 and know enough to limit how much you put in each bank account. I also know that the pros give bad advice everyday. If I ever won millions; i would go it alone. I have been living on less than $35,000 per year my entire life. It would not be a problem for me. I would not even buy a new corvette, there are plenty of good low mileage used ones for sale. I would build a nice house and live in comfort the rest of my life. I know how to say no, I raised 4 children and do not have a problem telling anyone NO!

        • Mel


        • Ava

          Yea, i would buy a used car after winning millions of dollars too!! Lmao!!!!

        • Jeffery Surratt

          No need to waste money paying for a new car that loses thousands of dollars of value when you drive it off the lot.
          You can save thousands buying a one or two year old car with less than 20,000 miles. I would use the savings and build a new house. I am not impressed with some of the new cars; with all the recalls. A nice 1956 chevy with updated new drive train and air ride would be my choice; Maybe two or three old/new cars.

    • Alpha Deus

      Answer being if your going to put the money away for a while then you spread it about, the reason for the specialists is to avoid sticking all your money in one bank and especially a single account because your only insured to $250k, so you might if the bank goes under which nowerdays is more likely then any time in the last 80 years you’d lose everything over that amount

    • close call


  • http://www.facebook.com/profile.php?id=100003634556311 Kishmir Intuches

    This article is about as informative as the flight attendant’s ‘seat-belt demonstration.’ If you haven’t figured that out by the time you’re old enough to buy an airline ticket, there’s no hope for you. This article tells you nothing. A waste of time for writer, reader and advertiser.

  • NowhereinAZ

    Definitely check the fine print on your state’s lottery website. Had I not read AZ’s fine print, I would never have known that, while you have 180 days to claim the prize AT ALL in Arizona, you have only 60 days to claim the prize as a lump-sum payment. If you claim the ticket between days 61-180, you don’t have a choice–you’re getting annuity payments. Also, I wish somebody knowledgeable would talk about the need for security. Maybe I watch too many crime shows, but if I won half a billion dollars, I’m thinking I’d need to be guarded from kidnappers, etc., 24/7!

    • kittycreek

      Also, if considering the annuity; there was a special provision placed on the constructive receipt doctrine that might not apply to state taxes and there is always the chance that the provision could be reversed by an anti lottery congress. If they retro-acted it; you could owe taxes on your whole annuity. I would go ahead within a month or two, and get the lump sum and watch my spending…just in case.

  • http://howtowinthelotteryx.net/ LotteryWinner

    I firmly believe that your current financial mind will win-out after a lottery win. So many stories of broke people winning and then becoming broke again – because it’s what they know how to do!

    I can see the temptation in wanting to take most of the money and spend it, but people would be so much happier investing and giving yourself a monthly salary. Learn to live on that and you’d be set for life!

  • Quido

    Nowhere in this article did it say to sign the winning ticket, that I saw. That would be the first and very most important thing over and above anything else.

    • sthorn06


  • Cheryls place

    I’m going to win 368 million dollars! I say it everyday, having faith, believing and receiving in Jesus name, Amen!

    • Barry L. Rogers


    • ??????

      As I do

    • disqus_LJj4uJgP1Y

      So, have you won yet? I’m guessing the answer is NO lol

  • MaryTN

    For someone who does not have a financial team, where do you find one? Most winners are average people who really don’t have the personal connections to ask for referrals.

  • Salem

    Its better to give than to recieve.. So please don’t be greedy and selfish!

    • TheKnowerseeker

      Nobody who plays a lottery is a giver…. Otherwise, they would have given their spare dollars away instead of gambling on a lottery in the first place.

  • moneymoneymoney

    I won the UK’s Euromillions two years ago. It was £26m.
    I’m drunk tonight, and I’m going to talk about it.

    If you are a spiritual person, you’ll understand what I’m about to say…

    If you’re not happy and you wish for money to help you; you’ll be less happy with it.

    And so will everyone who you care about.

  • grateful

    I would first thank God

    • Young Major


    • linda


    • TheKnowerseeker

      Since every dollar you spend on a lottery is a dollar wasted — that you should have set aside or given to (Christian) charity, if you do happen to win a lottery, you should probably be thanking Satan instead….

  • Dashiel Mart

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  • Louis Chickerell

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  • Fly Delta Airlines

    I think a blood sucking lawyer wrote this article. I would just park the money in multiple high interest return checking and savings accounts.Buy a nice home with a few nice cars, Invest in income properties, grow my already established business, set aside money for retirement, have a will in place, and give myself a monthly living allowance.

    Who ever wrote this article is putting fear in the hearts of new lotto millionaires for the lawyer and the tax accountants benefit, cause lets be real a new winner will do what he or she wants to with their money regardless of what was set up for them.

    • Francis Marino

      heh do you know how many lotto winners are broke or in worse shape then before ? I am sure if you win you will be broke in a few years too

  • Samantha

    did you ask question before contacting me i have done this spell with your name and it has been with waiting to hear from on the money am going to used to send you the parcel am not happy

  • Kenneth Santiago

    i have to disagree about hiring all the differant money managers unless your bad at math.. Whats the difference weather you have 30 thousand or 360 million?Also if your the big lotto winner all you have to do for the rest of your stay or earth is watch your money no more job for you what ever your career was before its accountant after that..I think a good piece of advice is 1 To not run out and buy the dream mansion that you wont be able to afford the taxes 10 years down the line..also the upkeep and electric,water,groundswilll continue to climb the day you move in.. 2 just be very smart with big money purchases ..Cars that costs in the hundredths of thousand dollar range cost almost as much as the purchase of a nice new car to maintain..3 Remember 300 million range is rich on this planet but its not wealthy so dont change your lifestyle to drastically because it takes wealth to live rich….

    • flashpoint

      You need to hire no one IMO. Just be smart about managing the money. The “I don’t know how to manage money” card is just BS.

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