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Step 1
Sign the back of your lottery ticket once you've verified the drawn numbers against your ticket. Without your signature, any person can file a claim if your ticket is lost or stolen.
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Step 2
Get expert help. Sleepless nights are in store for anyone holding a multimillion-dollar lottery ticket. Financial experts recommend not claiming your prize immediately. Hire a lawyer or a financial planner to help develop an investment plan.
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Step 3
Most financial experts recommend taking one lump sum over spreading your winnings over a period of time. Your lump sum will be less than the total of the payments over X amount of years. But if you make smart investment decisions, your money could double over the same period of time. However, if you can't control your spending, then receiving an annual payout might be better.
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Step 4
Don't advertise your new wealth to others until you have an investment plan. About one-third of all winners are bankrupt or in serious financial trouble within five years of winning, estimates Szifra Birke, a wealth counselor in Massachusetts. Without an objective it's hard to make rational decisions, and it's easy to spend money rampantly until your pockets run dry.
