TRENDING LOTTO: 10 Things You Should Do If You Win the Lottery

23 July 2022
TRENDING LOTTO 10 Things You Should Do If You Win the Lottery

Lottery winnings are a beautiful fantasy for those who are hopeful, or a big plan for those who are persistent and prepared to put a lot of money into chance. To be honest, it's impossible to ignore the prevalence of lottery play in the Philippines. Everyone, including those who don't generally participate in games of chance, is willing to enter a lottery if the pot reward is enormous.


Whatever the case may be, despite whatever fancies you may have, what's certain is that the chances of becoming a multi-millionaire just by placing a wager on your lucky numbers are little to none. Even yet, you shouldn't give up hope like the millions of Filipinos who want for a better and more secure life.


We're well aware that winning the lotto isn't without its challenges, and we're here to help you through them. If you've just won a large lottery prize, now is the time to discover what you should do with such a windfall!


Things to do if you win the lottery

Even though there is no right or wrong method to spend your own lottery wins, earning a big amount of money may either cure all of your financial troubles at once or bring new, even worse difficulties to your life.


If became one of the lucky lottery winners, here are some smart ideas on how to put your lottery winnings into good use.


1. Ensure that your identity is protected as one of the lottery winners.

Lottery winnings can get the excitement better of you. Hashtag blessed messages on social media accounts might attract thieves as well as family and friends who want might ask you some money and split your blessings, so think carefully before posting them on your accounts!


Fortunately, the PCSO adheres to a policy of keeping the identity of every lottery winner secret. Ensure that your identity is protected by doing your part. Keep your lotto victory a secret from everyone except the people you trust, and don't reveal your identity to the media. Below are some of the steps that you can do right after you learn that you won the lump sum amount from the lottery:


Make Sure You Have the Winning numbers

First and foremost, be certain that the numbers you have on your ticket are in fact the winning ones.


Put your signature on the winning ticket

The winner of the lottery is whoever has the winning ticket in their possession. It's a good idea to put your name on the back of your lottery ticket as soon as you find out and confirm that you've won the lottery. In order to collect their reward, winners must provide their name and signature on the ticket, which is required by the Philippine Charity Sweepstakes Office (PCSO).


Safeguard your winning lottery ticket

If you win the lottery, be sure to keep your ticket safe since the PCSO will not accept any damaged tickets. Wrinkled, damp, or ripped lottery tickets won't be able to be scanned by the PCSO's lotto terminal. When claiming your reward, the serial number at the bottom right of the ticket must be clearly visible and legible to you.


Ticket thermal paper may readily be destroyed by exposure to heat, water, or oil when it is exposed to these elements. So, store yours in a secure location. To be accepted by the PCSO, it must be free of any erasure, stain, wrinkle, or mutilation. Never give your winning ticket to anybody until you have collected your reward.


Before claiming your prize, take your time and consider your options

If you win the lottery, your safety might be in jeopardy. It's prudent to wait at least two to three months before claiming your lump sum payment since the public attention has waned. In addition, you'll have more time to think about how you'll get the money and manage it after you have it. Lottery jackpot winners have up to a year to come forward and collect their reward before it is rescinded. Regardless of how eager you are to get your new wealth, it is important to take your time and relax.


Be aware that Manila isn't exactly a secure location, so be cautious before you collect your lottery reward. Make sure to bring along a trusted family member or friend whenever you embark on a trip.


2. Take a Breather and Calm Yourself Down a Bit.

You'll be torn between beginning that company of yours that you've always wanted to have and investing in high-risk mutual funds. To be honest, you may want to admit how ecstatic you are. It's best to let go of the exhilaration first since it'll distort your judgment. To begin, keep the money in your bank; it won't disappear!


You should not quit your job or tell everyone about you winning the lottery

Even though the thought of quitting your work when you find out you have a winning lottery ticket seems appealing, it's not the best moment to make the leap into financial independence. Your good fortune should not be shared with anybody outside of your close family members, including your children, who are inclined to boast about it. This includes your coworkers as well.


You don't want your employer to start hunting for a successor for you based on the idea that you've checked out and will be leaving shortly. Even if you are correct, there is a risk that you are holding the winning ticket by mistake. It's possible that you entered the number incorrectly or misread a vital digit.


3. Avoid making a Big Change in Your Lifestyle Right Away.

Put yourself in a better position and reflect on what you really want to accomplish, rather than going on a month-long trip in Europe, purchasing an expensive apartment, or beginning a collection of Rolex watches, or even leaving your work. People will pay attention if you do all of this. Wait until you have solid personal and financial goals in place before making major purchases. For the time being, stick to a tight budget and celebrate your victory in a low-key manner.


4. Consult with a Financial Expert or a Financial Advisor.

When you are alone, dealing with an unexpected windfall of cash is challenging. You're going to make a lot of unwise financial judgments. Consulting firms that specialize in financial management will be necessary if you want to learn how to properly manage your funds. Here are some of the professionals that can help you manage money wisely:


A certified public accountant (CPA)

Helps rich families arrange their money and assist you through the yearly tax preparation procedure, which is likely to be quite difficult.

A family law or estate planning attorney

Customizing wills, trusts, and prenuptial agreements is the specialty of a family law or estate planning attorney.

A financial advisor or financial planner

A fiduciary is a person or organization pledged to operate in the best interests of their clients. A fiduciary is bound by law to behave in your best interests, not theirs, while handling your money. This won't cost as much as you think it would.

A tax attorney

The services of a tax attorney or a tax advisor focused on assisting high-net-worth individuals to reduce their tax burden and increase their tax benefits without compromising their legal obligations.


5. Take Care of All Your Debts.

With the money you've won from the lottery, you have the opportunity to start fresh. Don't miss out on this chance to pay off all of your bills, from credit card debt to mortgages.


Once you have your SuperLotto Plus winning numbers and have claimed your reward, the most crucial thing to do is pay off all of your obligations, including credit card bills and personal loans. It's not unusual for lottery winners to file for bankruptcy within a few years after earning their prize money, however. As a result, paying off all of your bills prior to deciding how to invest your money is strongly suggested.


This money may be used to pay off all of your bills, even if you only win by a modest sum, such as Php 500, 000 or less. It is now possible to invest the remaining assets and choose low-risk investments and mutual funds without having to be concerned about accruing new obligations of any kind. A more reliable source of income for the rest of your life will be made available to you this way.


6. Allocate some of your winnings for your emergency fund.

It's not uncommon for millionaires to get into financial difficulties. A good place to start with your winnings is to build up an adequate emergency fund or add to an existing one. In the event of unforeseen bills or unemployment, having an emergency fund on hand will be invaluable.


When it comes to the amount of your emergency fund, it all relies on your personal finances. Set up 3-6 months' worth of living costs in your savings account if you have a consistent salary. At least, make sure that you must have six months' worth of expenses stashed up in your emergency fund if you are jobless or have inconsistent income.


Even if they don't have to worry about food, lottery winners may nevertheless have difficulty in other aspects of their lives. In other words, before making any decisions about how to spend the money you won from the lottery, set aside at least $3,000 to cover any unforeseen bills. You may assure that your lotto wins will allow you to have a carefree life by doing this.


7. Save some money for your Retirement.

You should put a percentage of your lotto winnings in tax-free retirement savings. In the Philippines, you can choose to have your retirement plan either through Pension Plans, PERA or the Personal Equity Retirement Account, Insurance Plans, Financial Plans, and other options. Consult an investment advisor if you need help or some legal advice regarding this.


8. Check Your Estate Planning Documents.

If you win the lotto, one of the first things you should do is ensure that your estate plan is in order by going over it thoroughly.. If you don't have to spend your money on essentials, you may want to think about creating a trust fund for your loved ones.


For example, if you are married and have children, you may use the money to set up a trust fund to ensure that your family would be financially secure in the event of your death. Another option is to utilize it to pay for your children's schooling and build an investment portfolio in which they will be able to draw a salary after they have completed their studies. It's strongly recommended to revisit your estate plan at least once every six months. Make sure to save your updated papers in a secure location where you can access them at any time after making any changes. In addition, tell your loved ones about your wishes and choose a trustee to oversee the trust fund.


9. Make a Charitable Contribution.

Most people believe lottery winners are selfish and just care about themselves when they win a large quantity of money. This is a misconception. Many lottery winners opt to give their wins to charity rather than spending the money on themselves, which may be true for some.


Consider donating a portion of your lotto winnings to charity before determining how to spend the rest. With your wins from the lottery, you may use them to make the world a better place while simultaneously using them to benefit yourself.


10. Start an Investment Strategy.

A failure to invest will result in the loss of even a 10-figure sum of cash. Picking the appropriate investing techniques might help your money work for you. Your financial advisor can help you to devise long-term investment plans that will see your money appreciate over time.


Diversify your holdings in order to keep your wealth safer. There are a number of investing options available to you, including mutual funds, unit investment trust funds (UITF), variable unit-linked life insurance (VUL), bonds, equities, and real property.


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There are a lot of great investments available these days in the market. You just have to be smart and considerate about the possible consequences and drawbacks of a particular type of investment from others.


Real estate is among the safest and most lucrative investments you can make today. Aside from having a space that you can call your own and ditching your monthly rental fees, you can even use your property to earn some passive income by renting it out.


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Don't waste your chance as a jackpot winner and be part of this great investment and think about a sustainable and practical future with Lumina Homes!

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