What You Should — And Shouldn't — Do If You Win The Mega Millions Jackpot
What You Should — And Shouldn't — Do If You Win The Mega Millions Jackpot, according to an expert
Kate Murphy ·Reporter Updated Tue, December 24, 2024 Yahoo News
There’s still a chance — 1 in nearly 303 million — for a lucky winner to score the Mega Millions jackpot, which climbed to an estimated $1 billion ahead of Tuesday's 11 p.m. ET drawing.
While securing the golden ticket is all a matter of luck, holding on to one’s newfound fortune after such a windfall requires some strategy.
In fact, compared to the average American, lottery winners are more likely to declare bankruptcy within three to five years, due to a lack of financial planning.
Yahoo News spoke to Andrew Lokenauth, a personal finance expert and founder of thefinancenewsletter.com, for some tips on what to do, and not to do, if you are the jackpot winner. Some answers have been lightly edited for length and clarity.
Someone just won the lottery jackpot, what should they refrain from doing?
Andrew Lokenauth: One: Don't sign the ticket, because once people know who claimed it, everyone is going to be rushing after you. I would say put it in a safe place, and depending on the state you're in, you can claim it anonymously (Delaware, Kansas, North Dakota, Ohio, South Carolina or Maryland).
Two: Don't tell anybody. This leads back into the first point because you could become the victim of robbery, or people can try to extort you.
Go private until things get under control. You'd want to delete your social media or make it private until you figure things out. Legally change your address to a P.O. box. And get a new phone number and email address, because it can be easy to find both online.
What actions should lottery winners take?
Make digital copies (on encrypted storage) or print copies of your ticket. If you lose it or someone steals it ... these are time-stamped items of proof that you actually own the ticket.
You're going to want to look into hiring six different professionals. The first would be a lawyer, who would help you structure a legal entity [and set up a] trust that protects your money.
Who else should you hire?