Years later, Whittaker wishes he would have ripped up the lottery ticket the day he won.
Step 3: Get ready to pay.
With most of that money falling in the top tax bracket.6, youd owe almost 800,000 in federal taxes alone every year.You may be tempted to go heavy on real estate or buy a ton of company stock from just one company because you think its a smart investment.You're going to need a lawyer, accountant, and financial advisor who have experience with large financial windfallsfinding them should be one of your first steps before you claim your money.Sit down with your advisors and take a hard look at how much you really have after federal, state, and local taxes; what new annual expenses you'll have (for things like property taxes and upkeep and paying your financial team and how much you want.Take a deep breath and take your time.To learn the next best steps for any lottery winner, we reached out to several financial advisors to hear their advice.If you take the full 60 million over 30 years, youd 30 average annual payments of around 2,000,000.You have all the money you'd ever needwhy do you need a budget?Furthermore, staying mum on the topic will give you time to bring in professional help.It was 2002 when Whittaker won the 315 million Powerball jackpot on Christmas day.If you dont want to be a statistic, its wise to read up on the best ways to handle your lottery winnings before the unthinkable happens.Don't show up at the cashier counter with a check for millionstalk olaf gifts uk to the bank's upper management or private banking department ahead of time to discuss the best options for holding large amounts of money.As ABC news notes, Whittakers initial lottery plans were golden; he planned to build churches in the area and give back to his community, all while creating the perfect life for his family.Let yourself calm down, and then set to work carefully forming your team and plans before you contact the lottery officials.The best way to protect yourself against losing that money as fast as you made it is to not put it all in the same spot, says Brein.Lets say you win a cool 60 million playing Powerball.Take some ladbrokes first deposit promo code time to let the winning sink in before you quit your job or go out and make some large purchases, such as the gated mansion or luxury vehicles.Since you have millions of dollars at stake here, the last thing you need is a financial advisor who earns a percentage of what they sell.We all know money can't buy happinessin fact, some folks say winning the lottery and dealing with the money and requests for help and loans ruined their lives with stress.Think about future higher-education expenses for your family and how much you'll need in your golden years.
While winning the lottery may seem like a dream come true from a distance, the reality of winning doesnt always pan out the way you think.
Step one to not mucking this up is to sign the back of your lottery ticket, like now.