what to do if you win the lottery reddit

The very first thing you should do if you win the $800 million Powerball

But hold your horses.

One important piece of advice for lotto winners has nothing to do with spending.

According to this hall of fame Reddit post, the first step to take if you find out you won the lottery is this:

Do absolutely nothing.

Don’t even declare yourself as the winner. Tell no one — resist from texting or calling a single person you know.

After you’ve regained composure and made sure not to spill the beans, the next item on your to-do list is hire an attorney. “Get a partner from a larger, NATIONAL firm,” Reddit user BlakeClass says. “Don’t let them pawn off junior partners or associates on you. They might try, all law firms might, but insist instead that your lead be a partner who has been with the firm for awhile.”

Step two? Claim the winnings and take the lump sum. The lottery allows winners to choose either a large, one-time payment upfront, or a lifetime of smaller annuities. According to BlakeClass, winner’s should accept that they’re going to take a hit of at least 50% of the total jackpot in taxes, but this is the best way to go.

From here, the rest of the steps follow relatively standard advice regarding investments and responsible spending. Bonus anecdotes from BlakeClass includes lots of horror stories from past winners and their terrible current circumstances. Read up the full (and lengthy) advice from BlakeClass on Reddit. The steps include divvying up the money among family members into locked funds, investing in the S&P 500 and the US treasuries.

As one fellow Redditor aptly responded: ” That was the most useful thing I’ve ever read on how to do something that I will never do.”

This hall of fame Reddit post lays it all out. You're gonna need to lawyer-up.

What to do if you win the lottery reddit

When he offered $10,000 to improve the city’s water park so that it was more handicap accessible, locals complained that he spent more money at the strip club.

Poor guy. Humans can be real nasty 🙁

The hounding sounds awful but he made some poor choices.

-He stayed in the small town. -He left huge sums in his car (had 500k and 200k stolen in separate occasions). -Pulled out 50k at a strip club and slammed on the bar

Also, he had the problem of being one of the first. We just had a 1.5 billion earlier this year, another one just happened at 1.6. powerball tonight is at 620 and no one seems to care.

>Whittaker’s car was twice broken into, by trusted acquaintances who watched him leave large amounts of cash in it. $500,000 and $200,000 were stolen in two separate instances.

The more I read lottery winning stories, the more it becomes clear that you need to move (pref to another country) and change your name on the social level.

As for the handouts and beggers, it seems like it’d be better to incinerate all of the mail and make several anonymous donations to hospitals and programs (e.g. Make a Wish) in smaller amounts ($50k – $100k.)

It also seems prudent to have a few financial managers who are basically quarantined and unaware of the total sum of your net worth.

While it would be tempting to give money to family and friends, I don’t think you can go down this route with friends. I think helping family out by paying off their mortgage is fine, but I believe that most financial exchanges between friends spoils the relationship. This also applies for treating people to fancy dinners and stuff. I think you’d have to suck it up and split cheques like the pre-lotto days.

Anyway, thinking about this is a fun mental exercise, but I don’t doubt that I’d wind up with a knife in my spine, found days later on my personal yacht (not the one I entertain on.)

But yeah, I totally agree with the top subcomment: consult an attorney. Have that attorney help you with everything, like literally everything. In fact, it might be worth getting two so they make sure the other doesn’t take advantage of you and so you’ll have backup in case one attorney is unavailable. Your attorney should be able to hook you up with a good financial advisor, insurance (you’ll want umbrella insurance along with a bunch of other insurance you probably never knew you might need).

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