Almost everyone is guilty of having the daydream of winning the lottery. We like to imagine what we would do if our lucky numbers happen to come up and we are suddenly flooded with a massive amount of cash. For a tiny percentage of people those dreams actually come true and they hit a jackpot. This may all sound like heaven on earth, but the problem with this is that even for those people the scenario does not always work out quite as imagined.
You May Not Receive All Of Your Money Right Away
The most familiar lottery games to most players are the Powerball and the Mega Millions lottery drawings. These games involve five numbers begin selected and then one additional number for the jackpot. The odds of winning are staggeringly low, but those who do manage to win a big payout should realize what kind of options they actually have.
Taking a lump sum payment from one of these drawings can mean that you give up a big chunk of the money upfront and that you pay a huge amount of taxes on the portion that you do receive. It means that the total amount that you are actually paid out can be reduced significantly. This is why it may be a better idea to opt for the annuity payment (aka getting paid out once per year for the next twenty-five or thirty years) and enjoy the money that way.
What If The Money Can’t Come To You Quickly Enough
It is understandable that a lot of people play lottery games in order to try to get themselves out of a financial hole of some kind. Many players are not in a position financially to pay off their debts including their vehicles, houses, etc. Lottery winnings can make that happen for them, but what can they do if the winnings are not arriving soon enough? They always have the option to sell them to a company like Peachtree or CashInYourAnnuity.
Selling one’s lottery winnings means giving up the rights to future claims on those winnings, but it also means receiving a nice chunk of the money immediately. You can have access to the funds that you require to take care of the big expenses in life that are breathing down your neck. It can make the dream that we all have of what it would be like winning the lottery look closer to your reality.
Living The Way You Want To For The Rest Of Your Life
Most of us believe that winning the lottery would set us up for life and that we would never have to worry about a thing again. However, many studies and stories have come out over the years that tend to refute this. Lottery winners end up making terrible mistakes with the money they have received. In order to avoid the same fate as those individuals it is probably a good idea to at least consider selling some of the winnings so you can put them to use taking care of the things you know you need to take care of right now.