If you have won the lottery, you may wonder how to handle the massive prize. It can be tempting to cash in the winnings as soon as possible, but it’s better to wait until you’re ready to make the most of your big prize. To begin, take a photograph of your ticket and put it away in a safe place. Next, gather together your financial dream team. This group of professionals includes estate-planning lawyers, private bankers, investment advisers, and insurance specialists.
If you won the jackpot, you have two options: a lump-sum payment or an annuity. A lump sum payment will be less than the advertised amount because taxes are deducted from the payout. However, an annuity payout is usually larger, with payments increasing with inflation over time. Using an annuity calculator can help you decide which is better for you. Using an annuity calculator is especially helpful, as it can help you decide on the amount you’d like to receive in the long run.
Hitting the Lottery Jackpot is a comprehensive history of lottery games, with historical examples and analysis. Nibert begins by outlining the history of lotteries, noting that they originated in 16th century Europe and became common in 18th-century America, before declining rapidly in the early nineteenth century. The author also explores the ideological aspects of the lottery, arguing that it promotes a get-rich-quick individualism. Ultimately, Hitting the Lottery Jackpot is a powerful argument against lotteries as an unnecessary government tax.