The numbers start falling into place, and you realize you’ve just won a Powerball prize. Learn what steps to take next in claiming your cash.
Maybe you’re an avid Powerball player with planned numbers you play every week. Or maybe you’re an occasional Powerball player who just grabs a Quick Pick ticket when you’re getting gas. Either way, you’ll need to prepare for the moment when you realize your numbers line up with those in the drawing. Once you discover you’re holding a winning ticket, jackpot, or other prize, what should you do first? Who should you call? And what do you really need to do to safeguard your ticket until you’re able to connect with your local Powerball office? Today, we’ll outline all these “what do I do now” questions so you can assume your prize.
Keep Winning to Yourself for Now
If your winning Powerball ticket is of substantial value, which could be $50,000, $100,000, $1 million, or a multi-million dollar jackpot, you’re going to be over the moon excited. But fight those urges to broadcast your good fortune. You don’t want to prematurely let the cat out of the Powerball jackpot bag just yet about your winnings. Even friends and family can get dramatic and cause unnecessary stress. And avoid any posting on social media since you could become the target of scams. Instead, keep your Powerball-winning good news to yourself for now.
Make Copies of Your Ticket
Make copies of your winning ticket. And if you don’t have a way to make a copy, take pictures of it with your phone. Most experts suggest signing the back of your ticket, too. But before doing that, research your state’s rules of play. Some states won’t honor the ticket if it has writing on it of any kind. Keep your winning Powerball ticket in a secure and safe place, like in a plastic zip bag that will protect it from spills. There are horror stories of past winners who lost their tickets, accidentally threw them away, or ran them through the wash.
Call a Trusted Financial Professional
The very first call you need to make when you realize you’re a Powerball winner is to a trusted financial advisor. You’ll need guidance from a pro to understand tax payments, decide how to collect your winnings, and what to do with your newfound wealth. Get a pro to explain all the pros and cons and suggested best practices. Past winners who’ve tried to go it alone will often share spending mistakes they wished they’d done differently.
Make a Few Key Decisions
Prepare to make a few key decisions before you start buying new cars or paying off the mortgage. The first decision you make involves choosing the annuity payment versus the lump-sum payment. You’ll also need to officially decide if you plan to come forward yourself or if you’d prefer to set up a trust to collect your winnings. And in some Powerball-playing states, you can choose to remain anonymous, which might be a best-bet option for you to protect your identity.
Plan for Long-Term Investments
When you win a Powerball prize, the goal will be to invest wisely and in a way that will allow you to keep as much of your winnings as long as possible. You’ll read countless Powerball winner stories about those who spent their fortunes too quickly or irresponsibly and ended up in worse financial situations than before they won. Be smart about what you choose to buy, where you invest, and how much you share with others. Have a newfound wealth strategy in place that you can stick to so you can stretch every Powerball prize dollar.
Now that you're clear about what precisely to do next when you realize you’re a Powerball winner, you're ready to win. Find an authorized Powerball retailer near you and have fun knowing you have a plan for that fortune should you become a winner.