You have quite a few decisions to make when you win the lottery. One of which is obviously how you will use the money, and another concern related to lottery winnings is making the decisions how you will receive your earnings.
You usually have 60 days, which is approximately two months, to make the decision about how you want your winnings paid out to you. One way is that they can receive their winnings in one lump sum of approximately 50 million dollars in cash, or in the form of an annuity of 100 million dollars over a period of 29 years. This of course depends upon the total mount of the Powerball jackpot.
Some people do not mind cutting a loss and cashing in on the entire lottery winnings sum immediately. After all, even after a loss of almost half of a 50 million-dollar lottery sum a person can walk away with approximately 20-25 million dollars. Even with today’s inflation rate, that can seem like a huge sum of money, especially for those who earn as little as minimum wage.
Some people prefer to take the long road to cashing in on their lottery earnings, however. The other option usually is to accept annual payments plus interest over a period of 29 years for Powerball earnings. This may seem a little more unpredictable of an approach. However, lottery sales are not likely to drop very much, because wanting to get rich quick is a timeless dream that most people have.
For a cash jackpot of over 50 million dollars annuity payments of Powerball earnings the winning amount can increase to as high as 100 million dollars or more. Those who believe in a more long-term approach and those who want to stretch their earnings out over a long period of time (not spend all their money in one place) can enjoy the benefit of an annuity.
If you just won a big lump of some as a result of some innocent Powerball number picking you may want to also seek professional investment advice. The same financial counselors and legal personnel that can give you investment advice may also help you decide how you want your money. They can inform you about the advantages and disadvantages of the various methods of cashing in on your won Powerball earnings.
Keep in mind also one other thing regarding your Powerball earnings. If you want professional advice regarding how to cash in on the money you have won it is important for you to know if you can trust the people who are giving you the advice. You would want to be sure that they are handling your lottery-winning concerns in a manner, which is ethical and truthful. Furthermore, it is important that the person you seek legal advice from regarding your Powerball earnings is competent.
If you have a truthful and competent financial advisor you will be more likely to get the most out of your Powerball winning experience. The person will know exactly how much you will be liable to pay on your earnings, and that person will not try to embezzle your earnings. It is important to find someone who will stand by you during the time you are about to cash in your earnings.
Another great source of help for Powerball winners is the Powerball website. In fact, at this site you can find a list of Frequently Asked Questions (FAQ’s), and an e-mail link to state lottery correspondents. They will promptly answer any questions you have regarding the process of playing Powerball, as well as how to handle your current winnings. If they do not know the answers themselves, they will direct you to the place where you can get the answers.