11 Best Tips for Lottery Winners Florida – New York
See below 11 Best Tips for Lottery Winners Florida – New York:
- An adviser would help the winner “build out dreams” and make sure banked capital provided cash flow to support whatever lifestyle he or she chooses.
- Depending on the circumstances existing in the family, there would be many things you would want to set up before taking the prize.
- You would probably be looking at investment advice, and how to protect yourself from a lot of unwanted calls and people seeking money. Perhaps you would hire a lawyer to act as a personal representative to put moneys in trust.
- It’s important not to make any immediate financial commitments.
- You need to work with a financial advisor who’s trained in transition to help you understand that experience, address how you’re feeling and then make decisions over time on how to use your money.
- Before you make any rash decisions, before you start spending any money, before you start giving away all the money, you really want to sit down and figure out what the purpose of this money is.
- Setting priorities is of utmost importance to the process of creating a financial strategy after winning a large sum of money, whether that’s traveling, investing or focusing on annuities, paying off debts, helping out a family member, or buying a house or a car.
- Budgeting and flexibility are also a large part of the process of managing large lottery winnings.
- Ongoing spending should be considered with any large purchases. For instance, if a winner buys a mansion, they’ve got to budget for ongoing property taxes and maintenance, or if they buy a vehicle, they’ve got to budget for extra insurance costs.
- Winners are also advised to be wary of the reaction they’ll get from the people around them when they reveal they’ve won a prize. Anonymity or limiting the number of people who know about the win can be a helpful preventative measure.
- What might be the next steps for one lottery winner could be the opposite of the next steps for another. Either way, there are methods to the madness whether someone wins $100,000 or $1,000,000, and seeking legal and financial advice, prioritizing spending objectives, and thinking about the bigger picture are just a sample.
Mintco Financial Financial Advisors for Lottery Winners
At Mintco Financial, we are teeming with tips and advice on how to manage lottery winnings, including taking a breather before doing anything with the money, managing investments and savings, and figuring out what the winner’s goals and objectives are to tailor a financial plan to their needs.
“As with any client we sit down with, it’s about coming back to the touchstone of your values, and coming back to what’s important to you and your loved ones,” said Minter.
A financial advisor helps a winner tailor a financial plan for their winnings based on their current reality and objectives, just like a tailor adjusts clothing based on one’s current body type.
Contact Mintco Financial Advisors at
813-964-7100 or 716-565-1300