This article was co-authored by Derick Vogel and by How.com.vn staff writer, Eric McClure. Derick Vogel is a Credit Expert and CEO of Credit Absolute, a credit counseling and educational company based in Scottsdale, Arizona. Derick has over 10 years of financial experience and specializes in consulting mortgages, loans, specializes in business credit, debt collections, financial budgeting, and student loan debt relief. He is a member of the National Association of Credit Services Organizations (NASCO) and is an Arizona Association of Mortgage Professional. He holds credit certificates from Dispute Suite in credit repair best practices and in Credit Repair Organizations Act (CROA) competency.
There are 12 references cited in this article, which can be found at the bottom of the page.
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Congrats! You just won the lottery! All those bad tickets and unlucky numbers can finally be put in the past. But what happens after you win the jackpot? Read on for information on how to claim the prize and use your windfall wisely.
Steps
Community Q&A
- QuestionWhat is the normal fee for a accountant or legal adviser to help set up a trust?Community AnswerA trust, depending on how intricate it is, costs about $1500-$2000. However, be sure to talk about fees with the lawyer up front, knowing exactly what it will cost to work with them.
- QuestionIf two people win on one ticket, do both people sign the ticket?Community AnswerIt depends on your state of residency. In California, for example, only one person can sign the ticket. Check your state lottery web site.
- QuestionHow many weeks after winning before the money is available in my bank?Community AnswerIt varies, but a jackpot win will typically take 6-8 weeks from claiming to being available to you. In the interim, you should be able to secure a line of credit.
Tips
- Give your old car to the Salvation Army or other charity.Thanks
- Use the money to first pay off your debt. Being debt-free is important to do before you buy a bunch of stuff.Thanks
- Keep yourself in check. Extravagance can make you lose yourself and your friends. It can also get you the friends you don't really want.Thanks
Expert Interview
Thanks for reading our article! If you'd like to learn more about dealing with winnings, check out our in-depth interview with Derick Vogel.
References
- ↑ https://thehill.com/homenews/nexstar_media_wire/4134148-3-things-to-do-immediately-if-you-win-the-1-25-billion-mega-millions-jackpot/
- ↑ https://www.personalfinanceforbeginners.com/what-to-do-if-you-win-the-lottery/
- ↑ https://www.personalfinanceforbeginners.com/what-to-do-if-you-win-the-lottery/
- ↑ https://news.yahoo.com/what-you-should--and-shouldnt--do-if-you-win-the-mega-millions-jackpot-according-to-an-expert-154711354.html
- ↑ https://thehill.com/homenews/nexstar_media_wire/3800913-mega-millions-can-a-jackpot-winner-remain-anonymous-not-in-these-states/
- ↑ https://pix11.com/news/9-tips-on-what-to-do-if-you-win-the-lottery/
- ↑ https://www.vice.com/en_us/article/ppvejb/a-lawyer-who-specializes-in-lottery
- ↑ https://thehill.com/homenews/nexstar_media_wire/4134148-3-things-to-do-immediately-if-you-win-the-1-25-billion-mega-millions-jackpot/
- ↑ https://www.nytimes.com/2023/08/01/world/asia/india-kerala-lottery-jackpot.html
- ↑ https://news.yahoo.com/what-you-should--and-shouldnt--do-if-you-win-the-mega-millions-jackpot-according-to-an-expert-154711354.html
- ↑ https://www.cbsnews.com/news/got-the-winning-lottery-ticket-an-economist-explains-what-to-do-with-all-that-money/
- ↑ https://www.recruiter.com/recruiting/why-keep-working-after-winning-a-mega-lottery-5/
- ↑ https://nupointfunding.com/blog/lottery-winners-pay-off-debts-first-improve-financial-security-exceptions/
- ↑ https://www.vice.com/en_us/article/ppvejb/a-lawyer-who-specializes-in-lottery
- ↑ https://www.thestreet.com/economy/mark-cuban-thoughts-on-powerball-winner
- ↑ https://pix11.com/news/9-tips-on-what-to-do-if-you-win-the-lottery/
- ↑ https://www.forbes.com/sites/qai/2022/11/12/when-are-cds-a-good-investment/?sh=127d18201913
About This Article
Reader Success Stories
- "Everything, from the start of the article about keeping it to yourself until the money is in the bank and even then be selective, to getting financial advice, was helpful. Paying off debt and not getting carried away with the thrill of having so much money helps also. Be anonymous."..." more
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