



Find a way to turn your winnings into hard cash as quickly as possible. Get a wheelbarrow and wheel the money into your bedroom. Lift the mattress and pour the money under. It will be very heavy so you will need the help of someone you can trust. Once you have completed this first mission, wait. Okay, taking time is definitely important but the rest is highly unadvisable.
If you are given the option to take the lump sum of money or the annual annuity payment, be aware that the lump sum will amount to less money after all the applicable taxes are removed. The lump sum is ideal if you have a particular investment in mind.
3. Get the Taxes Out of the Way
Be patient and sensible with your winnings. Financial experts recommend that upon winning, you should immediately put your money into an interest-bearing bank account, so you can consult with professionals on how to maximize the interest income.
Think about you and your family’s security in the long term- retirement funds, trust funds, college funds, not to mention a sense of purpose. If you really don’t like your job, consider taking a leave of absence so you can allow yourself some time to really think about what you could do with your new-found wealth. Is there a passion of yours you can finally realize?
Don’t gamble. Just because you got lucky once, doesn’t mean it’s going to happen again. The incredible two time lottery winner Evelyn Adams, made the foolish mistake of gambling away almost all her money at the Atlantic City Casino and now lives in trailer park.
Michael Pilgrim is the Customer Relations Director of Overseas Subscribers Agents, as well as Editor in Chief of the OSA Newsletter.
View all articles by Michael Pilgrim|
said this on 07 May 2010 3:06:50 PM EDT
Thanks for the advice. Maybe one day it will be needed.
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said this on 08 May 2010 12:30:14 PM EDT
How do I check if an OAS winning notification is a good One . I
took it to the bankand they advise me they would have to hold
the posted check (about 3 weeks) before its spendable. I'm waiting for the winnings check from your agent in London Dave Woodman to arrive by post. I will owe 10 % to UK Bonds & Creditors because they played the lottery on my name.
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said this on 09 May 2010 8:52:42 AM EDT
sir,
interest from the banks is the only answer? there should be other ways of safe investments. do you have anyin mind?
thanks
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said this on 22 Jul 2011 4:06:08 AM EDT
Hahahaha. I'm not too bigrht today. Great post!
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said this on 24 Jul 2011 7:46:52 PM EDT
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said this on 30 Jul 2011 10:04:43 PM EDT
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said this on 30 Jul 2011 11:35:33 PM EDT
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said this on 04 Aug 2011 10:38:27 PM EDT
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said this on 09 Aug 2011 6:41:19 AM EDT
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said this on 09 Aug 2011 9:03:24 PM EDT
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said this on 12 Aug 2011 3:31:12 AM EDT
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said this on 14 Aug 2011 9:37:13 PM EDT
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said this on 18 Aug 2011 10:15:25 PM EDT
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