Lottery jackpots are a dream come true for many people, but winning the lottery isn’t without risks. Fortunately, you can protect your prize by signing and guarding your ticket, staying anonymous, hiring a solid financial team and spending thoughtfully.
You’ll also need to be prepared for a variety of pitfalls that can ruin your fortune, such as a run-in with the law or scammers trying to take advantage of you. These are the biggest concerns, so it’s important to prepare for them in advance.
Despite these warnings, the odds of winning the lottery are still so low that you’re much more likely to lose money than win it. So even if you win the lottery, it’s better to keep your money in safer investments than spend it on luxury items like yachts or airplanes.
If you do manage to win the lottery, here’s what you can do to ensure that your winnings last a lifetime:
One of the best ways to protect your prize is to choose the annuity option. This gives you a first payment at the time of your win, then 25 annual payments for the next 29 years.
Another strategy to help you safeguard your winnings is to bring on investors to share in your earnings. This can improve your returns and earn you a larger profit for your efforts.
In recent years, there have been changes in how the lottery games Mega Millions and Powerball are played that have increased jackpots. These changes are largely to do with lowering the odds of winning the jackpot and making smaller prizes more appealing.