“If I win lottery, I will…. “is one of the most common phrases to say/think in the US.
However, the question is if you really win PA lottery what should you do?
There are a lot of stories out there of people who have won millions of dollars only to end up in a rented apartment or working in a store. Probably worse are the stories of people who still have the money but have lost the loved ones and made new enemies.
In simple words, winning a lottery would make you broke and unhappy if you are not careful. Here we include the steps of how to play online lottery and some precautions and tips on how to make the most of your winnings without squandering them along the way.
To Win PA Lottery
The PA Lottery is very successful since 1972. It offers millionaire jackpots and live drawing tv shows. PA lottery offers a lot of lottery games, including Scratch-offs, Multi-state lotteries, and games. Especially some top lotteries such as Match6 Lotto, Pick3, Cash5, Powerball, Cashforlife, Mega Millionaire and many more.
Residents in PA can play online lottery games 24/7 on PC or mobile at PAiLottery.com. Pennsylvania Online Lottery games cost very less. Not to mention, you can win a maximum of $250,000. The website offers about 40 different games. However, all games are available to play online if you’re within the state borders and over 18 years.
You can create an online account and get $5 free play. Furthermore, use the promo code DEP250 to avail a 100% match on your first deposit up to $250.
Consider these precautions and tips on how to make the most of your winnings without squandering them along the way.
What to do after you win PA lottery
Relax and secure the ticket
Winning a massive amount of money is guaranteed to increase stress and anxiety, which leads to bad decision making. Hence, the first step is to relax and take a deep breath and digest the news.
Protecting the ticket is always a smart move. You can secure it by signing on the back of the ticket, taking a photograph with the winning ticket, make paper copies and keep it in a safe place. Furthermore, you can store the ticket in a safe bank deposit box.
Try to keep the news private
If needed, try to keep your identity anonymous at least till you receive your money and keep it in a safe place. It is always a better option not to spread the news. Thieves, scammers and random people could suddenly want to track you in order to convert your luck to their own.
Don’t resign your Job yet
Anything can go wrong in the process of receiving lottery money like a delay in pay-out. It is a wise decision not to quit your job until the money reaches your bank.
Contact a lawyer and accountant
A lawyer will help legally with any problem you may encounter in the process. An accountant/financial advisor will help with the pay-out and taxes involved. Moreover, they can help you make the best decisions for the future.
Choosing the pay-out option
After you win PA lottery, you must choose between a lump sum or long-term payments. It is advisory to choose a lump sum if you want to invest in a business. However, with this option, after the taxes, you would receive a small amount.
Long term pay-out option is useful if you choose to spend wisely and receive a guaranteed annual payment. Whereas, with this option, you lose the chance to invest in a business and earn interest.
Both the pay-out options have their own advantages and disadvantages. Hence, it is advisory to choose wisely an appropriate option.
Spending and saving the lottery money
After you receive the winnings, the big question is what should I do with the money?
Pay off all your debts
Before thinking about shopping and vacation, pay off all your debts. The debts include credit cards, college/school loans, vehicles, and mortgages. Make it a fresh start with keeping zero balance. If you are debt-free, you can make smart money moves such as mutual funds, buying an investment property and saving money for kids’ education and family wellbeing.
Emergency and Retirement fund
Put some money aside at least 6-12 months of expenses as an emergency fund. This is just to have a secure living even at times of financial crisis. Save some money in the bank as a fixed deposit and earn interest. This makes you financially strong even after retirement.
Donate and Contribute
After saving some money and making you financially stable. Give the extra penny to a charity, church or help a family member or friend. If you help someone in need, it is always a good deed. Above all, please note that taxes don’t apply if you give to a qualified charity.
Invest more and spend less
This is the best option after winning a lottery. You have a chance to make a significant amount of money simply by investing. Invest in a property or business and earn long-term. However, be careful and make the right decision before investing.
Shopping and Vacation
With all the money after you win PA lottery, spend wisely for shopping and vacation. Always think about the future and family’s financial situation. Finally, if everything is perfect, there is no one to stop you from going around the world and shop.
To Win PA Lottery - Conclusion
Winning a lottery totally depends on luck and make a major impact on the individual. You can create an online account and get $5 free play. Yet, some people win and have no idea about what to do next. Consider all the tips mentioned above right after you win PA lottery.
The best and convenient way to play the lottery is online at your fingertips. Nowadays, the online lottery also offers jackpots. You can check all the games PA lottery offers at PAiLottery.com.
Consider playing the lottery as a game and is for entertainment purposes only. Whereas, only 18 years or above are eligible to win an online lottery.
Call 1-800-GAMBLER if you have a gambling problem.