There are few things in life that can be as thrilling as winning a lottery jackpot. While the odds of winning a prize are low, they’re high enough to tempt the average person to buy tickets. And the excitement that comes with winning a lottery jackpot keeps ticket sellers selling tickets, even after taxes are deducted. So, how do you increase your chances of winning? Here are three tips:
First, remember to wait to claim your prize. After winning the lottery, it’s important to put the prize aside until you are ready to receive it. Take a picture of your ticket stub and store it safely. Then, start assembling your financial dream team. You’ll need to hire an array of professionals to help you manage a massive sum of money. The experts you hire include estate-planning attorneys, private bankers, investment advisers, and insurance experts.
Another option for lottery winners is an annuity. Annuities pay a set amount each year until the jackpot value is reached, typically between 20 and 30 years. In some cases, the annuity value is paid through government treasury securities, which are purchased with the cash value of the jackpot. The securities earn interest to make up the difference between the advertised annuity jackpot value and the cash value. Annuities can be structured to pay out the same amount every year, while others pay out different amounts.
The jackpot has increased over the years. The largest lottery jackpot in U.S. history was won in the Mega Millions lottery in Feb. 11, 2015. On May 18, 2013, a ticket holder in South Carolina won a jackpot of $656 million. The Mega Millions jackpot was hit again on May 18, 2013 and Feb. 11, 2015. The winning tickets were sold for $2 each. The Mega Millions jackpot continues to grow in size. With its countless winnings, it’s no surprise that the jackpot continues to rise.