What to Do After Winning a Lottery Jackpot

lottery jackpot

Getting a lottery jackpot is a dream for many. But the fact is, it’s not a surefire way to solve all your life’s problems. In fact, it could lead to more financial problems, if you’re not careful.

The first thing you need to do after winning a jackpot is to read the rules of the game. Then you need to decide whether you want the prize as a lump sum or as an annuity. If you choose the annuity, you’ll receive payments over 29 years. If you choose the lump sum, you’ll get the prize in a single payment. But keep in mind that you could be facing an additional 13% tax bill if you live in states that tax lottery winnings.

There have been stories of people who have won big lottery jackpots multiple times. In fact, the jackpots of some lottery games have increased significantly in the last few years. Those jackpots have attracted a number of gamblers from around the world. Several people have even traveled across state lines to purchase a ticket.

There are also stories of people who have died after squandering their winnings. One couple won a 148 million lottery jackpot more than a year ago. But they are now divorcing. The wife, Denise Rossi, kept the winnings secret during the divorce proceedings. But she was caught and sued.

Another story involves a man who spent his entire lottery jackpot on a vacation to the Canary Islands. He returned to his job at McDonald’s a year and a half later. He then allegedly picked up a cocaine addiction.