Powerball jackpots are known to reach massive heights because they rarely have a rollover limit. Whether you participate in the US Powerball or the SA Powerball lottery, you are bound to win big, if you do. Sure, winning the jackpot is undoubtedly exciting because it is going to change your life. However, it is up to you to decide if it will be a positive change in the long run or a negative one. The decisions you make immediately after winning will have an impact on your future so you need to be smart in this situation. Luckily, there are some smart lessons that Powerball winners can teach you. Want to know what they are? Read on to know:
Lesson 1: Take your time in claiming the prize
A deadline is provided to the winners for claiming the prize and this is the first thing you need to check to ensure you don’t miss out. Once you know how much time you have left, there is no need to claim immediately, especially if the deadline is far away. It is recommended that you take a few days or even months to formulate a plan of what you will do with the winnings before you claim it. Once you have the money, it can be difficult to resist the urge of spending and impulse buying can lead you to bankruptcy.
Lesson 2: Get reliable legal and financial representation
After you have checked the deadline for claiming your prize, it is best to focus on getting some solid financial and legal advice about your winnings. AU Powerball jackpots are usually multi-million prizes and you need a team of experts to help you in figuring out how you can maximize your earnings and keep yourself safe. At a minimum, you need an accountant, a lawyer and an investment advisor who are familiar with how to deal with such windfalls.
Lesson 3: Protect your privacy
Even though it is tough, it is important to keep your big win quiet. Yes, it is very tempting to shout about your prize from the rooftops, but you will become a target once people find out that you are now a multi-millionaire. The only people you can disclose this should be those who are close to you, whether they are friends, family or relatives. If the lottery rules allow, claim your winnings anonymously so you don’t have to be in the spotlight.
Lesson 4: Don’t make major changes in your life
Lots of Powerball winners made sudden changes in their life when they won the lottery like quitting their jobs or buying a mansion. It sounds exciting, but these changes can be jarring and the novelty doesn’t last for long. You have to have structure in your life because this also helps you in keeping your money and earnings returns on it instead of simply squandering it away because you have nothing better to do.
Use these lessons to make the right decisions and you will be a happy Powerball winner.