5 Steps For Lottery Winners

There has been a lot of news about the recent lottery winners in New Jersey. In my mind, they made some mistakes which could put them at risk. So how do winners avoid the spotlight and the havoc that could wreck their lives?

Here are the first five things a winner must do:

1.      Tell just one other person. Maintain privacy.

2.      Get a new cell phone and number and give that number to only a small inner circle of trusted people. Turn your old cell phone off. Just check it periodically for messages.

3.      Sign the back of your winning ticket. Take a picture of the front and back with you in the picture. Keep the ticket and pictures in your safe deposit box.

4.      Hire a CPA®, attorney and Certified Financial Transitionist. We are trained and skilled in helping people manage financial changes.

5.      Sleep. The excitement of winning can cause sleep deprivation. Lack of sleep can lead to errors in judgment and decision-making.

Life as you have known it has ended. You have begun a journey to your new reality, which may take years to reach and you need the support and guidance of experts to help you navigate your transition to your new normal.

Be careful about sending your winnings to a bank or brokerage. That will trigger all kinds of people chasing you for business.

Now that you know how to keep yourselves safe, we wish you luck and happy winning.

Disclosure

Norman Politziner is an  Investment Advisor Representative (IAR) of Kingsview Asset Management. He is also insurance licensed in the following states. Investment advisory services are offered through Kingsview Asset Management, LLC ("KAM") an investment advisor registered with the Securities and Exchange Commission.  The opinions expressed by Norm Politziner are his and my not necessarily reflect those of KAM.  NJP Associates may offer clients other financial services/products other than advisory services offered by KAM.  Investing in securities involve risk and are not suitable for all investors.

For individual tax or legal advice, please consult your appropriate professional advisor.