Hitting the Lottery Jackpot

lottery jackpot

Winning the lottery is one way to strike it rich. But playing the lottery is also a serious income drainer. The vast majority of lottery players belong to the lower economic classes. That means, the money you win isn’t going to make you happy. So how do you handle such a windfall? Here are some tips to handle the big prize:

First, decide how you want to spend your prize. You may be tempted to take a lump sum payment, which is less exciting up front, but it will allow you to invest your money and accumulate more money over time. However, an annuity will reduce your taxes. That’s why you should consider getting professional advice before making any decisions about how to spend your newfound money. Here are some tips to make the best decision for you:

Become anonymous if you want to. One lottery winner in New Hampshire decided to remain anonymous. She sued under the name “Jane Doe.” However, this may make her more visible, so choosing another name might be your best option. Check with your local government for its rules about staying anonymous. You may want to consult a trusted advisor if you don’t feel comfortable sharing your personal information. If you’d prefer to remain anonymous, make sure to research your state’s lottery laws.

Hitting the Lottery Jackpot is a critical study of the reliance of state governments on lotteries. Nibert highlights the conflicted role of state as a gambling promoter. Advertising agencies, ticket vendors, and TV stations profit from lottery promotions. Less than half of lottery wagers are returned as prizes. And people of color and lower income groups lose more than other groups. A good book for anyone interested in the lottery and its culture