Learn what steps to take to protect your winning Powerball ticket and subsequent wealth with these tips and safeguarding best practices.
Like in any game of chance, there are some best practices and lessons learned worth noting. In Powerball, there are life-changing opportunities to become wealthy. But protecting yourself, your winning Powerball ticket, and your wealth are efforts you can’t afford not to make. Here are a few insights for playing it safe when winning a sizable Powerball prize or jackpot.
1. Protect your winning Powerball ticket
Don’t lose sight of the obvious amid your excitement about holding a winning Powerball ticket. You’ll want to document your win, so make copies of both sides of your Powerball ticket and secure it somewhere only you can access it. It’s also recommended that you sign the back of your ticket, making it yours with a unique marking. Remember, you’re not really a winner until the money lands in your bank account. It’s important to take every precaution to protect your ticket between the moment you realize you’re a winner and the time your Lottery Headquarters can verify.
2. Protect your privacy
Don’t brag too soon. Not all participating states will let you claim your Powerball prize anonymously, which means you might become inundated with potentially unwanted attention. Protecting your privacy is crucial when you win a significant Powerball prize, as it can attract potentially risky people and situations. There can be a flood of attention from the media, strangers, and even distant relatives seeking financial gain. So, for as long as you can, keep the details of your monetary situation to yourself. As excited as you might be, mum’s the word.
3. Hire a reputable lawyer
Nearly every expert suggests that Powerball winners, especially those with more than a five-figure windfall, hire an attorney. You’ll want someone who understands the law to represent your interests. It’s even more important to consider if you happen to win with several other people as part of a Powerball pool. There are plenty of Powerball winner stories out there that end in litigation and financial ruin because of legal issues related to spending, investing, splitting, or gifting money. Before you broadcast your Powerball windfall, and even before you contact the Powerball officials, you’ll want to seek expert counsel.
4. Discuss your finances with a financial advisor
In addition to the aforementioned legal representation, get with an experienced wealth planning professional or financial advisor. Protect yourself with knowledge about how best to claim your prize winnings. Get fresh perspectives about investing, paying off debts, and stretching your Powerball win as long as possible to secure your financial future.
5. Be modest about your public spending
It’s going to be challenging not to tell friends and family about winning Powerball. And it might be even harder to resist the temptation to purchase big, fancy, new things. However, try not to be flashy about your public spending since you might inadvertently become a target for thieves and criminals. For some past Powerball winners, buying lavish gifts, spending big in public, and buying attention-seeking items cost them.
6. Don’t carry large sums of cash
Even if your Powerball win means you can afford to carry around thousands of dollars in cash, don’t do it. Cash is easy to steal and misplace. So, plan ahead and only carry the amounts you need. Learn from former winner Jack Whittaker, who experienced loss first-hand. He carried a briefcase in his fancy, new car with more than $240,000 in it. But he lost it when someone broke into his car and stole it all.
Keep these best practices in mind whenever you play Powerball. Should you become a winner, knowing how to protect yourself, your ticket, and your winnings will be your biggest priority.