What to do after you win the big jackpot
What would you do if you won the next massive Powerball jackpot? If your answer is to run out and cash your ticket, take a moment to think about it. Once you get your winnings, things change quickly.
Before you give up your job, think about this. It might not just be a case of earning an income, it might be something you genuinely enjoy. A job, or career, is important for a balanced life. It offers daily interaction, pride and purpose.
Don’t believe us? Here’s why you shouldn’t quit, even when you win the big one.
Never Do Anything Rash, Even After Winning
After a Powerball win, you might want to throw the paperwork in the air and dramatically exit your job. Yet experts agree that you shouldn’t make a rash decision. Winning a huge sum of money is stressful. It’s overwhelming. It might lead to impulsive decisions.
Don’t quit your job just yet. There’s plenty of time to do that once you have your finances, and your thinking, sorted.
Protect Your Privacy
Not packing in your job immediately means you are in a better position to protect your privacy. As soon as people get a whiff of your wealth – be it family, friends or complete strangers – they will come knocking on your door for their share. There have been too many lottery winners who have suffered after being taken advantage of.
Hire a Professional Advisor
The first thing you should do when you win the lottery is to hire an expert financial advisor and keep those in the know very small. In fact, if you can, don’t tell anyone other than your chosen financial experts. Then, hire a tax attorney before you hand in your resignation, just to make sure your finances are in order first.
Even Big Winners Need to Carry On Working
Luke Pittard is a British fast-food worker who won more than $2 million and quit his job and spent his new-found fortune on a house, a wedding, and many lavish adventures.
But Luke found himself back at work at his local McDonald’s within 18 months of striking it lucky. The employee actually said there was only so much relaxing you can do. That’s right, Luke got bored.
There are many stories out there of big jackpot winners getting bored with their life of leisure. They miss the contacts they had and their sense of purpose.
What’s more, a few million dollars might not be enough to retire on. Financial experts say that if you want to retire happily for the rest of your life, you need a sum of about $10 million.
That means you might just need to keep on working, even a little longer, to ensure a comfortable future.
Fly Under the Radar and Secure Your Future
Like many people, you may prefer to play the Powerball lottery only when the jackpot soars to a certain level. When that happens, you probably invest in more tickets, too. It’s not a bad way to play if you want to hit the big time and ditch your job sooner rather than later.
But not quitting your job after a big win helps you fly under the radar as you plan out your life and your finances. It might also be the time you realise you don’t want to stop working just yet. Living a life of luxury and relaxation might be fun for a little while, but it’s not usually enough to keep most people going.
In fact, surveys show that more than half of us would keep working, even if we do win the big jackpot. Most people say they would be bored if they didn’t continue to work and enjoy a sense of accomplishment and purpose.
So, keep playing, just don’t plan on quitting your job. Not yet, anyway.
Find this week’s Powerball winning numbers at Powerball.ca.