Oct
8
Are you someone who knows you are going to win the lottery? What do you do to prepare for such an enormous change in your life? Is there anything you should do to help make the proper adjustments prior to winning? Here are the Top 5 solid tips regarding what you should do before you win it big. Play Online Blackjack for Free or Real Money.
1. Repeatedly recite the word, “No.” Saying no will be the most important suggestion in preparation to winning the lottery. There is a sea of horror stories about people going bankrupt after winning the lottery. Too many winners do not know how to say, “No.” Think about it. If you have a long list of free-loading relatives, friends in need, people constantly asking for handouts and help before you win the lottery, then imagine what it will be like after it has been announced that you won. It is essential to practice saying, “No,” or else you may be another member of the Winning it Big and going Broke club.
2. Save all your losing lottery tickets. Many people are unaware but your losing lottery tickets are tax deductible against your lottery wins. Also, your receipts for other gambling losses are deductable against lottery wins too. So start filing you losing receipts away until the big day arrives. The more organized you are the more money you shall be able to save in the long run. Thus, it is important to begin the filing system right away. The sooner you start the better.
3. Store your lottery tickets somewhere safe. As mentioned above, organization is the key to ensuring you win and return with as much money as possible. Same concept with storing your tickets. For the majority of state lotteries only give you 30 days to claim small wins from lottery agents. So if you won and you do not know where the lottery ticket is stored, time is ticking away threatening you to lose out on the prize all together. You may mail in your ticket after the 30 day mark, but what if your electricity bill is due and you need the money immediately? Keep your lottery tickets stored away in a safe place, and check them immediately after each drawing.
4. Do not waiver from your budget. If you have a budget and playing the lottery would be a stretch on the budget, then don’t play. It is that simple. Nothing positive comes out of playing the lottery when there is already a strain on finances. If you must play, then play with a group of friends and/or family members. Gather your money together, place it in a pool, then play. It provides you with a bigger lotto budget and allows you to play the larger lotto wheels, which otherwise would be out of range.
5. When you play the lotto with a pool of people require everyone to sign a Pooling Agreement. Nothing tears friends and family apart faster than money. Winning the lottery and/or lotto is no different. To avoid issues from arising then have everyone sign a Pooling Agreement. It prevents discrepancies from occurring later on. Plus, when you win millions you aren’t arguing over a few dollars but a lifetime worth of money. Pooling Agreements are always a must.
If you keep these 5 tips in mind prior to winning the lottery, then you shall be more prepared then lotto winning predecessors.
Less headaches, fewer complications and more enjoyment shall result from winning the lottery, which is how it should be when you hit it big.
The more advice you are able to absorb, the more prepared you become before winning the lottery, then the more fun you shall have playing the lottery.
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I did not know that losing lottery tickets are tax deductible, that is a great tip. Thank you very much!
Hee!
this five tips is really very useful and good indeed.
But you think applying these tips will so easy for new players ?
Very interesting topics to have a discussion. Although it is too far from reality.
I really liked the first one that learn to say “NO”. It is really keep away a lot of trouble from yourself.
Placing your tickets in a safe place that you can remember! So important. Just has a multimillion dollar winner here in Florida, never claimed the winnings.. unreal!
Good advice.
Yes, you can deduct your gambling losses up to the amount you win.
What are your thoughts about taking the annuity option?
Great post - never realised lottery tickets are tax deductable!
Nice tips mate. Will definitely help people who’s getting started in this.
Cheers
This applies not only to lottery tickets, but other gambling income/losses too.
Back when I was a professional poker player my accountant told me that I could actually deduct my loses in the casino to offset my poker income.
It really helped at the end of the year since I’m very good at winning at poker, but no so good at the other casino games
Great tips, specially when a bunch a people want to bed in a big jackpot.
really a nice gambling blog..interest to exchange link?
These stories about people going bankrupt after winning the lottery or the jackpot are so popular because all the people who have never won anything love to read them…
These are great tips before the win. Haha learning to say no can be hard for anyone. If I may give a tip: Be greedy! After you win anyone who is bored or lazy will come seeking for your cash. Greed is the only thing that will hold your cash in your pockets. It’s your winnings slam your door shut
Thank you for sharing this.
As always a very nice quality article for real gamblers mate
Great top 5 I would include keeping my daily job while using my winning as a bonus later on in life because you never know!