Does your family have a resident prankster? Wayne Rowles from South Wales comes from one that does. And when he discovered he was a EuroMillions winner, his first thought was that his brother, Terence, had planted the ticket.
Luckily, Terence convinced him otherwise and he has now collected his check for £1 000 000.
Wayne currently works as a full-time carer and spends most of his time looking after his 82-year-old father. This win will provide him with financial security and he plans to buy a new car and treat his family with some of the winnings. That includes his daughter and his brother.
Most lottery winners can’t believe their luck when the lottery results finally roll their way. So it’s not surprising that Wayne immediately thought it was one of his brother’s practical jokes. We all imagine that winning the lottery is exciting, but for most winners, sudden wealth can be overwhelming.
They go into shock and that’s often when they make the wrong decisions. It’s also why experts advice that lottery winners start gathering a team to help them deal with their newfound wealth. Before you collect that big check, you should consult with lawyers and tax experts. Ordinary people simply don’t know what questions to ask or how to go about dealing with such large sums of cash.
Cast your mind back to the Powerball results that revealed three winners of the record $1 600 000 000 Powerball jackpot. The last couple to come forward and claim their share of the prize was Marvin and Mae Acosta. It took a few months before they were ready to come forward. In that time, they had put together a team and come up with a real plan for the money. They set up a trust and will be donating most of it to charity.
Even if you aren’t planning on giving your millions away, it helps to get expert advice. In the case of American lotteries such as the Powerball and Mega Millions, you will have to pay tax on your winnings. US citizens pay 25% in federal taxes, while non-US citizens will see 30% of their winnings withheld. And then there are the state taxes, which vary according to the state in which the winning Powerball ticket was purchased. Even if you buy Powerball tickets online, you’ll still be eligible to pay tax on your winnings.
You might be able to avoid tax if you play one of the Euro lotteries such as the EuroMillions or EuroJackpot, but you’ll still need expert advice to help you handle your money. It’s not a good idea to simply transfer your winnings to your bank account. You need to invest it wisely and resist the temptation to spend wildly. Experts would normally advise you to wait for a whole year before you purchase a new house or even a new car. Big assets can attract more tax and before you know it, your money will be gone and you’ll have to sell them off.
If you manage to pick the winning lotto numbers, your first priority should be to pay off your debt. And this is often the reason why people play the lottery in the first place. They have mortgages and student loans that they want to get off their backs. Financial security is important to everyone, but when you’re blinded by all those zero’s, it can be difficult to think clearly.
Many of those who do win the Powerball lottery are pretty sensible. But there are others who have gone on to squander their winnings in a matter of years. Sometimes, it’s simply because they’ve been too generous with their winnings. And while it’s nice to treat your family and friends, some of those winners have a real problem with saying no. As a result, they loan money to almost everyone who asks for their help.
But if you have a team of advisors in place, they can help you figure out who you can lend money to. That’s why lottery winners prefer to keep their identity a secret. They know that they’ll be bombarded with relatives and friends looking for a loan or someone to invest in their business. Advisors can help you navigate those choppy waters without losing your heart and your money on a dodgy investment.
So the next time you buy your Powerball tickets online, take a few moments to think about how winning the jackpot would affect your life. Are you ready to deal with everything that comes from being a big winner? If not, don’t be shy to do some research and start putting your team of expert advisors together. That way when the lottery results make you a winner, you won’t think it’s a prank. You’ll be ready to take on the world and make the most of your jackpot.
