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You Won the Lottery, Now What?

You Won the Lottery, Now What?

| June 10, 2020
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iTunes: Mind of a Millionaire

Stitcher: Mind of a Millionaire

 

Whether you’re one of the lucky few who picks the winning numbers or you benefit from a substantial windfall, there are steps that you should take prior to making large financial decisions. This week, we are discussing the path you should take if you ever receive a substantial payout.

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Why do a third of lottory winners go bankrupt? [2:31]

Take Your Time [4:50]

Hire a Professional [6:21]

What does it mean to stay annonymous? [7:54]

Lump Sum Payout vs. Lifetime Annuity [9:21]

  • How much are you actually getting paid? [10:49]
  • How does age impact the payout? [11:53]

 Tackling the Babysteps [13:53]

Don’t increase spending until you determine a plan [15:14]

What’s important to you? [18:10]

  • How are you going to give? [19:11]

Learn to Say No [21:34]

 

Thank you for listening. If you have any questions regarding your specfic situation, please do not hesitate to call our office – we are always happy to discuss.

 

Securities offered through LPL Financial, Member FINRA/SIPC. Investment advice offered through Providence Capital Partners, Inc., a registered investment advisor. Providence Capital Partners, Inc. and Denver Wealth Management are separate entities from LPL Financial.

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

All investing includes risk including the possible loss of principal. No strategy assures success or protects against loss.

This information is not intended to be a substitute for individualized tax or legal advice. We suggest that you discuss your specific situation with your tax or legal advisor.

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