What to Do If You Win a Big Pay Out
It’s only natural to think about winning big, especially if you enter sweeps on a daily basis which have big payouts. You may be someone who thinks of all the things you could do like travel, buy a new home, help your family, shop for holiday gifts, and treat yourself and your loved ones to some of the finer things in life which you all deserve. There are some sweeps sites, such as ours, which have enormous cash prizes and it’s a good idea to be prepared in a practical sense with a plan of what to do if you win a big payout.
The first bit of advice is, keep it to yourself, at least until you actually have the prize money secure in your possession. It’s okay to tell trusted family members or close friends, especially if they can help you with the practical aspects of winning. But making it publicly known too soon could invite people out of the proverbial woodwork who are just looking to ride on your coat tails or take advantage of you. Don’t let something like that spoil your fabulous experience of being a big winner!
It’s wise to choose an accountant and possibly a legal advisor to help you navigate an enormous amount of money, which you may have never handled before. You’ll want to hire a Certified Public Accountant since large cash prizes also involve paying income taxes. You may need a professional to help you handle the paperwork for such a large cash prize. You may also want an attorney who has experience representing people with money, such as sports figures and movie stars. If you don’t already have access to these types of professionals, do some research to find those who will be ready if and when the big day arrives, and you win that cash jackpot prize on one of your favorite sweeps sites.
With certain large cash prize awards, the winner has the option of a lump sum payment or taking payments over time, whether it’s by the day, week, month, or year. Taking a lump sum up front usually pays less, but for someone who just wants the cash up front, that’s the way to go. Others may want the security of knowing they have money coming into their bank account automatically at those certain predetermined intervals, and that may make it easier to manage, budget expenses, and pay income taxes on it and so on. So, that’s something else to consider and give thought to which way you would go if you won that large cash prize award.
Winning a large cash payout is super thrilling, so don’t let the mundane aspects discourage your excitement. Of course, you’re going to shout it from the mountaintop, shop till you drop, throw a giant party and invite everyone to celebrate with you, take a dream vacation, buy a new house or fancy car, and do all those things on your dream list that you never had the money for! Just be sure to plan wisely so if the big day does arrive, you’ll be prepared to enjoy it to the fullest.