How to Protect Yourself after Winning the Lottery

Date posted: March 24, 2013

“It could happen to you.”

The famous line that the Lottery used to feature in advertisements in past years, to make you feel like you’ve actually got a shot at winning a multi-million dollar jackpot and living lavishly for the rest of your life. Despite the odds of winning (see “Your odds of winning the lottery” below), you still buy some tickets every once in a while, because, who knows, you just might win. You’ve probably even thought about it before, what you would do if you ever win. It probably goes a little something like this: “I’d quit my job, pay off my mortgage, buy a Mercedes-Benz, and travel the whole world!”

An oversimplification, perhaps, but you get the idea.

One concern that everyone has about winning the lottery (and also one reason people end up losing everything) is other people finding out that you’ve won, like your friends, family, and co-workers, let alone strangers and criminals. How are you going to protect yourself from them? Some people are going to call you up asking for some money, and others might just devise a plan to try to take it from you.

Fear not, for we have some help for you; but first, the fun stuff.

Your odds of winning the lottery

When you buy a lottery ticket, do you know your chances of winning the jackpot? Your typical answer is “really low,” but here is the real calculation:

If you’re playing the California State Lottery’s Superlotto Plus, you are selecting 5 numbers from 1-47 and 1 number from 1-27. When the drawing begins, they will have a container with 47 numbers in it. When they draw the first number, your odds of getting the first ball correct is 5 in 47. Assuming you get the first number correct, your odds of getting the second number is then 4 in 46 (you have 4 more numbers out of the 46 numbers that remain). This continues for the rest of your numbers, giving you a 3 in 45 chance for the third number, a 2 in 44 chance for the fourth number, and a 1 in 43 chance of the fifth number. The mega number, which is drawn separately from the other five, gives you a 1 in 27 chance. Your odds can also be calculated as so:

(47/5) * (46/4) * (45 /3) * (44/2) * (43/1) * (27/1) = 41,416,353
Your odds of winning the Superlotto Plus jackpot is 1 in 41 million!

You beat the odds and won??? Congratulations!!!

If you somehow beat these insane odds and won the jackpot and became a millionaire, then congratulations; you are among a very small and select group of people who have ever won the jackpot. The joy you’re feeling must be immense, and we’re pretty sure that at this point, you probably don’t really care about the mathematics of how you won, right? Well, maybe we should consider some things that you actually will care about, and that’s how to keep yourself protected now that you’ve got all of this money.

Protecting yourself and your money with the right decisions and the right security

While we’re not going to talk about how to invest your money and where you can put it so that it stays safe forever (you can talk to a financial planner, an attorney, and an accountant about those matters), we can help you with how to stay safe now that you’ve got this wealth.

First of all, it’s best not to change everything in your life just yet. If you quit your job and buy a Ferrari, people are going to start asking questions. Plan your future first, decide how you’re going to tell people and if you are willing to share your money with them, and then start to take the next steps. If you’re not happy with where you’re currently living, plan to move to a nice, safe neighborhood in which you don’t feel like you have to worry about people trying to plot to take your money or steal your valuables. Try to move discreetly if you can. A Uhaul truck is probably not the best idea if you’re trying to be discreet, because now you have to explain to your neighbors where you’re going.

Once you’ve moved and settled in your mansion, you may want to take measures to protect yourself and your family. Naturally, you’ll want to have a decent security system in place to keep an eye on your property. You can even hire a security guard to stay on your property full-time to guard your property and to check with visitors to see if they have permission to enter your property. Of course, this may seem a bit extreme, and it does depend on the size of your new home. Even if you move to a new home that is not very extravagant, you may want to have security guards in place anyway for a few months just to keep an eye on things if anything unusual is going on.

Posted by Zabi Kator | Google+

 

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