What to Do With Your Lottery Jackpot Winnings

Once you have won the lottery, the next step is to figure out what to do with the money. What do you want to accomplish? Is it to pay off debt, help family members, give to charity, buy big ticket items for yourself, or set up a legacy? These are all legitimate questions that you should ask yourself before you take the prize. To get more information, you can check out Lottery Success Stories. Listed below are some tips for winning the lottery.

After taxes are deducted from your lottery jackpot payout, you may be wondering what to do with the rest of your winnings. One option is to take a lump sum and invest the remainder over a period of years. However, this option isn’t very exciting up front, and the money is taxed as you go. If you choose to take an annuity, you’ll have to pay taxes on your payout each year, but your payments will grow with inflation. If you’re planning to invest your prize money, you’ll need to calculate taxes on your lottery winnings.

If you’re a lottery winner, make sure you contact an attorney with experience in handling lottery winnings. You may also want to contact a tax and financial adviser. Make a copy of your winning ticket and keep it in a secure location, and share the information with as few people as possible. The jackpot for Friday night’s drawing is $34 million. If you’re lucky enough to win, you’ll be among the latest winners of a huge lottery jackpot.