Name: What to Do If You Win the Lottery
Uploaded: 2017-05-01
Duration: 1 min 16 s
Description: If you beat the odds.

What to Do If You Win the Lottery

coinage life well spent presented by Geico, everyone's dreamed about winning the lottery. It's the fast track to Easy Street, but your chances are one in a million right there, actually, way worse than that. You're looking at odds in the hundreds of millions. You're more likely to be struck by lightning than win the Lotto. But if you beat the odds and managed to win big, we have some tips for you to avoid bankruptcy. First hire, lawyer and an accountant. They'll help you navigate the logistics of your new windfall, including budgeting, investing, taxes and legal documents to protect your winnings, get your lawyer and account in place before you even redeem your winning ticket. Once you claim your winnings, there are two options. Take the lump sum payment up front or take annuity payments over time. If you take the lump sum, you'll pay taxes on the whole amount of front, but you'll be able to invest and see the money grow over time. If you take the annual payment, you'll pay taxes each year, and the tax rates might change from year to year. However, if you're an impulsive spender, it might be a better option not to have millions to blow through all at once. Whatever you choose, listen to your legal and financial team. They'll guide you away from bad investments, greedy scam artists, lawsuits and poor decisions. Coinage life well spent presented by Geico.