How to Cash in Your Lottery Jackpot
A millionaire can’t afford to cash in his or her prize on the same day as winning the lottery. It’s not a good idea, especially if you don’t have the money to pay a legal representative. It’s advisable to wait until you are ready. To avoid losing any money in the meantime, take a photograph of your ticket stub and keep it in a safe place. Once you’ve received your winning ticket, you can start to put together your financial dream team. A group of experts including a certified public accountant, estate-planning attorney, private banker, and insurance expert is a great idea.
A large number of lottery winners, such as those who won the Powerball in Maryland, chose to receive their prize as a lump sum. They called themselves “The Power Pack” and purchased their ticket at the Coney Market in Lonaconing, Maryland, on Jan. 20. On Jan. 22, 2021, a group in Detroit claimed a $105 billion Mega Millions jackpot. Despite being a four-member lottery club, it’s worth noting that these lucky lottery winners would have received $557 million in cash after tax.
Hitting the Lottery Jackpot is a provocative book about the history of lotteries. Author David Nibert makes a compelling case for the political and economic history of lotteries. It focuses on the role of the state as a gambling promoter, with the money from lottery tickets going to ticket vendors, advertising agencies, and TV stations. Meanwhile, less than half of the prize is returned as a prize, making it especially difficult for people from lower-income groups and people of color to take home a big lottery jackpot.