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March 30th, 2017

Your Payment Options as a Powerball Winner

Winning a large sum of money is generally a dream come true for most people. However, it has its downside as well. For one, nearly everyone winds up all of the sudden being your “best friend” or distant relatives you have not seen in about twelve years may show up at your doorstep.

Some effort has been made to allow people to keep their anonymity. However, currently Delaware, Kansas, and North Dakota are the only states that do not require winners to release their name and city of residence when they win. South Carolina also honors requests for lottery winners to remain secret. However, you could run the risk of someone filing a Freedom of Information Act request, which you may have to fight against in order for this request to be denied.

The reason why most states want winners’ names released is because these names serve as proof that real people are actually Powerball winners. This builds confidence in the rest of the people who play the Powerball lottery, and will help encourage people to buy tickets in hopes to win future Jackpots.

What builds confidence in many hopeful Powerball lottery players can possibly become a real fear for real winners. The more people know that you have a large sum of money the more of a target you usually will become. People may break into your property, steal your car, try to confiscate your winning ticket before you can turn in it, or try to con you into handing over your winning ticket in some way.

Winners are not necessarily required to be present for press conferences or photos. However, the media is often very hard to avoid in these cases. They will usually chase down lottery winners until they get the interview or picture that they want. However, if you absolutely do not want your picture taken you may find a way to avoid the press cameras. It is difficult to do, but not entirely impossible.

Safety and security of Powerball winners is a valid concern, however. That is why there are at least a few states that allow Powerball winners to be anonymous. Perhaps in later years more and more effort can be made to assure the privacy of these winners. For now there are other precautions that winners can take.

Some winners may invest part of their lottery winning payments in an adequate home security system, and they also will put the money in one or more bank accounts. Furthermore, they will be careful to whom they give their name, social security number, credit card numbers, and other personal information.

They protect themselves as much as they can, knowing full well that people with plenty of money are often the most prime targets for thefts. Furthermore, people with a lot of money are often the ones that are the most taken advantage of.

Even if Powerball winners cannot remain anonymous, they can at least do whatever they are able to do in their power to protect themselves. Lottery winners do not have to become victims of any type of scandal, which could result in the loss of their lottery earnings.

If you are concerned about the possibility of being taken advantage of or you need advice about how to handle your lottery earnings, you may need to consult a financial adviser. That person can help assure that you receive the rightful amount that to which you are entitled. Furthermore, they can help make sure you pay the right amount of taxes so you are not later penalized for not paying enough.

Besides all that, winning the lottery can be a joyous occasion for most people. They can celebrate their winnings with their friends and family, and they can perhaps begin to have the lifestyle they always dreamed of having. Winning big as a result of playing the lottery does not happen to everyone, so those it does happen to consider it a chance of a lifetime.