What To Do If You Win The Lottery | 12 Tips For Winners Video

Winning the Lottery

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it’s off center you are live that was so loud

you don’t have anybody there yet it doesn’t matter we’reshooting the video live okay real life you can here Reeves hey guys

it’s Tasha and Joseph from One Big Happy and we areand we are working on trying to do more live

streams and so we decided to do a videoon what you should do if you win the

lottery because Powerball is what now It’s likeseven hundred million dollars I think

they’re still adjusting it I don’t knowwhat the final number is but I read that

they engineered the lottery to getbigger and bigger jackpots so it’s

pretty exciting700 million dollars we could all use that yeah

but we actually don’t play the lotteryand we have not bought the ticket but

just for fun.I think we’ll go buy one after this but

generally that’s not like winning thelottery as a like retirement or

financial strategy is not one that wereally recommend but so but if you like

doing that or if you just want to do itfor fun and you happen to win the

lottery we thought we would provide sometips on what you should do if you win

the lottery okay so number one don’ttell anyone do you not tell anyone that

you won the lottery because that willjust start a whirlwind of everybody and

their grandmother finding out that youhave money as a matter of fact let’s all

go ahead and practice our silent screenready one two threeand that’s all you do right you don’t

want your neighbors to know you don’twhat your family to know you don’t want

your friends to know just zip that’s number one number twolike the first thing that you do after

your silent scream you want to signthe ticket make a copy of it and then

put the ticket in a safe deposit box ata bank because you’ll need some time to

figure out all the other things and soyou definitely want evidence that you

won and also you don’t want anyone tofind the ticket or have it damaged and don’t like walk

around with it on you in your pocketlike oh my god and I like taking it out

and staring at it like oh my beautifullottery ticket no no no no no lottery

winners get killed guys like peoplestraight up will home invade a

lottery ticket winner to try to stealfrom them protect yourself so be careful

okay number three you’ll want to starthiring professionals because you’ll have

a lot of money you’ll need people tohelp manage everything for you so first

off you hire an attorneynot just any attorney not your hometown

oh this guy did my will no you find alarge law firm that deals with high net

worth individuals preferably that dealsspecifically with lottery winners or the

people that just get a lot ofinheritance yeah I mean there’s nothing

wrong not to not hometown attorneys oranything like that but practicing law

like damn near any other profession itrequires a it takes time to develop a

certain level of expertise and so a lotof hometown attorneys they wouldn’t know

what to do with someone that just won100 or 200 million dollars like they

wouldn’t really be able to be the bestat advising you okay so next

professional you get an accountant andthen a financial adviser now the reason

that you need all of these is that thereare laws and ethical

restrictions that they can’t all be inthe same company and and so they also do

different things which is why threedifferent professions exist but you’ll

need them all and you want to make surethat it’s a fiduciary relationship

particularly with the financial advisorlike the attorney is going to be like

they have to maintain your confidenceand you know keep your best interest at

heart because it’s like a tenet of theprofession

same thing with accountants butfinancial advisors depending on you know

the relationship you establish with themthey might be looking at it out for

their best interests and so mightdirectly to are like high fee

investments and stuff that you don’treally want so make sure that it’s a

fiduciary relationship and that youinterview several different companies

get referrals if at all possible andlike speak to current clients if at all

possible and make sure that you arecomfortable with the professionals that

you choose because they’re gonna besetting up things that you’re going to have

to live with for for a long time you’regonna wanna you’ll be in contact

with them plenty in between collectingyour winnings and then after that okay

so the next thing is that you want to dois decide whether you want a lump sum or

an annuity so a lump sum is where youget like a whole bunch of money at once

but you don’t get the full jackpot youget only you know a portion because you

elected to take it in a lump sum whereasthe annuity will pay a certain amount

for a certain number of years and in theend you may get more money but you get

less upfront and your attorney and youraccountant and your financial planner

would be able to help you with all threeof those I think that we would take the

lump sum just because we think that ourinvesting and would end up being better

in the long run plus with annuity youhave to worry about what happens if you

die before you collect it all and I meanyou need to take care about those kinds

of things in your estate anyway but thisis one more thing I don’t want to deal

with and I would be able to decide whereit goes right up front so that’s what I think

number five so have a plan to stay asanonymous as possible again people get

killed guys It really does happenyou just don’t even want to mess with it so

don’t change your behavior don’t quityour job just yet give yourself some

time exactly you don’t want anyone togive up any hint that you have won

lottery especially a jackpot yeah youdefinitely want to get all of your

financial affairs in order and come upwith your plan before you you know

unleash the beastbecause there’s gonna be a flurry of

people that what money from you wantthis or that from you and you won’t be

able to take it back once it’s out thereso take your time be silent for a while

get your financial house in order andthen start telling people and also

hopefully you live in a state where youdon’t where lottery winners can remain

anonymous not all states are like thatour state is thankfully and your

attorney can also help you remainanonymous by the attorney dealing with

the state lottery you might be able totake their winnings in a trust that kind

of thing and that is preferableanonymity is preferable

because you just don’t even want to have to deal with thatif it does get out I would say

be prepared to hire some security orrelocate for a little bit of time at the

very least so that people just aren’taren’t coming up to your house

constantly all right number six makesure you claim your winnings before the

deadline so I think it’s three monthsand sometimes in all of this planning

don’t you know don’t do something dumband okay forget to actually claim it

yeah I mean and there are a lot ofthings for you to put in place before

you claim it so it’s not crazy that youmight be kind of bumping up against this

deadline because you’ve got to find yourthree professionals that you’re

comfortable with you want to set up awill before you claim it so that you

have decided beforehand where all thatmoney is going before anyone finds out

about it there’s just a lot of stuff sothree months can fly by in no time so

justbe cognizant of the deadlines and your

attorney will help you with that toobecause attorneys are all about getting

things in before the deadline numberseven you want to have a short term

financial plan before you just go andget your get your cash you don’t want to

put your money in a bank that’s aterrible idea

because bank accounts are only insuredup to 250,000 and while banks failing is

rare just a few years ago it washappening quite often compared to now

and so you know we can have have sometrouble or that like your hometown bank

that you banked with foreverdon’t take your money there they

wouldn’t even know what to do with with hundreds of millions of dollars and hometownbanks are small like they’re more likely to fail

than some of the bigger banks right sojust as generally a good good idea is

that you want to take your money to abrokerage account and this is something

of course to discuss with those professionals youhired but they will put you in something

safe short term like some some USTreasuries until you figure out the long

term where you want to invest that kindof thing okay so next thing is you want

to pay any outstanding liabilitiesparticularly things that you are past

due on because the last thing you wantto do is be a multi millionaire having a

hundreds of millions of dollars andowing money to to people like

particularly being behind on on yourdebt payments like that get your debt

payment at least current and yourfinancial advisor might actually advise

against completely paying off all ofyour liability just kind of

depending what makes the most financialsense for you but without a doubt they

will say come current on your debts yeahnext don’t spend any of the money just

willy nilly what you want to have is aplan to spend just the returns so just

what your investments make yeah so theidea is that you have your money working

for you you’re not spending any of theprinciple like Joseph said you’re

living off of the interest because thenyou never have to touch that that main

body of money it will always be therebecause so many lottery winners they end

up broke just a couple years later andit’s because they spend down into the

principal and then they run out of moneyyeah so you wouldn’t be able to make a

difference for your family for futuregenerations and so you can’t do it by

spending just as much as possible and so. I’m looking at a few of the comment and

we will get to questions after we finishup our list Thank You Cynthia as Cynthia

said I looked really cute and youthfulthank you I’m going to be doing a makeup

tutorial very soon because severalpeople have asked for it so stay tuned

for that but okay finish the things okayso of course when you win a whole bunch

of money one of the first things thatyou’re gonna want to do is give to your

favorite charities give give back and soone thing about that don’t give any

small charity too much money at one timebecause you can add they don’t know how

to deal with that money eitherand so this is something that you’ll

want to discuss with with your attorneyand then also bigger organizations

bigger charitable charitableorganizations that’s that’s where large

donations can go smaller ones if yougive them five million dollars and

their normal budget is a hundredthousand you are just going to inundate them yeah they may not manage the money well yeah it’s not to say don’tdonate them but don’t donate to them but

maybe donate to them in small chunks orput the five million in a trust that

slowly gives them chunks of money overtime so that they can grow into managing

that endowment responsibly right andthat goes the same for friends and

family if you decide that you do want togift some of the money don’t give too

much too quickly yeah because no one isinstantly great at managing finances

just because they have a lot of moneyyeah which brings us to number 11 which

is protect your money from othersobviously when you win you’re the

lottery and people find out you win thelottery they’re going to ask you for

money and you know of course youare going to want to be generous with

your friends and your family the peoplethat have been there with you through

thick and thin and we’re definitely notadvising not doing that because I know I

would totally do that for my friends andfamily but that’s sometimes you’re gonna

have to say no because some people don’tknow like don’t have a limit you know or

will get as much as they can and so ifyou don’t learn to say no then

suddenly you won’t have any money so youdon’t want to do that also part of that

it is probably going to be in your best interestto actually move from where you

currently live and the reason beingpeople people will ultimately figure out

that oh you suddenly came into a wholebunch of money it’s probably going to

happen if you live in a small town andall of a sudden you’re spending a lot of

money they’re gonna notice and so it’sbest to move away it’s before you buy

that Lamborghini and yeah absolutely andso you’re probably gonna want to acquire

assets in a trust or know a LLC’s name andso you want to kind of blend in around

other people that maybe have money soyou don’t stick out like a sore thumb if

you know anybody coming over to yourhouse and oh they slip on some ice oh

they tripped on their steps yesbasically scamming you just random

people scamming you out of your moneyokay and last one you want to protect

your money from you so there’s a reasonthat you hire all these professionals

because like I said we are not instantlygreat at handling money just because we

have a hundred million dollars in factmost people are terrible at handling

money and so you see how manyoh NBA stars and football players have

hundreds of millions of dollars over theircareer and end up bankrupt well because

they’re not really great at handlingmoney and and it’s you know I don’t know

it’s just really different right whenyou the way that you manage money when

you havenormal people money is very different from when

you have like enough money to qualify asyour own bank right so it’s it’s good to

get people who do that type of work dayin and day out that can help shield you

you know your tax liability help yourmaximize your returns while hopefully

also minimizing your fees and you knowcan just kind of say hey maybe you don’t

want to do that when they see you doingsomething that they know is not in your

best interest versus people who willjust enable you right and won’t tell you

no when they should tell you nobecause they want you to keep doing

things for them that’s one of thereasons that an annuity isn’t

necessarily bad because you can’t spendit all you know at least some of it’s going to be coming over a period of

time so that’s one thing to consideralso locking different amounts away and

in the trust making making cash harderto access you know you wouldn’t have a

million dollars in your bank account maybe only have ten thousand dollars or whateverso you just can’t accidentally get

frivolous those kinds of things so this is not actually on ourlist but I’m gonna throw it on there to

say okay so now you’re amulti millionaire

and you have tons of money and tons oftime you have time to learn all about

how to manage your money I mean I am allabout yes hire professionals but you ask

them why they’re doing what they’redoing so that you understand what’s

going on because at the end of the daythe only person that’s really

responsible for your money is going tobe you and you know so we know plenty of

people will not know but you hear ofplenty of people who are swindled out of

all kinds of money by their accountantor their lawyer so you just want

to make sure that you are awareconstantly aware of the state of your

finances and what it should be so thatif something is looking a little odd you

can catch it so that’s good so do itlet’s do comments what do we havelet’s see so we have wait let’s say hi

to everyone too everyone who commented sowe have that valine hi hi Cynthia

Cynthia um muff paid great advice I justgot a lotto ticket last night and I can’t

wait to check the numbers yeah I thinkwe might do it too just for fun just for

fun but we have we I mean almost neverplay so Wow

so when should you get a lawyer and howmuch would a lawyer cost to represent

you so I would say immediately that’sprobably third right you wanna don’t

tell anyone that’s number one um make acopy of your ticket sign it sign it and

make a copy of it and hide it away in asafe deposit box at a bank and then

number three is getting an attorney so youshould be able to do all of that

basically the next day to start findingan attorney and how much will an

attorney cost so a partner at a big lawfirm can easily go for a thousand

dollars an hour yeah it’s gonna beexpensive

and although you might not have all thatcash up front

I’m sure if you show them your winninglottery ticket they’ll work something

out yeah definitely the the photocopycopy it hi Muhammad are we reading the

comments we are now hey Yasmine Tara. Thank You Tara she says we are so

inspiring great advice she’s totallygetting her husband on board well so

we’re not advocating that you guys goout and and play the lotto we’re just say

that if you do happen to go and play andif you do win that these are good things

tips to follow yeah in reality yourexpected return the amount the jury that

you expect from playing the lottery isvirtually none the odds are just

terrible so um so some samaya asksshould you buy lotto ticket and what’s

your what’s your what limit and what’sour advice for spending on you know

basically gambling okay so in terms ofinvestment is it a good idea to play no

not it’s a terrible idea to play youlose your money yeah but we do a lot of

things that are like terrible like whoneeds to eat a Twinkie but and I haven’t

eaten the Twinkie in a long time but I’mnot opposed to eating a Twinkie even

though it is a terrible idea sometimeswe do things small things that are

terrible ideas so the way to view thelottery like many things is you are

paying some amount for entertainment yesjust like gambling it is a purely

entertainment and so what you want to dois figure out how much entertainment

you’re gonna get is this gonna beexciting for 10 hours or is this gonna

be exciting for about 10 minutes andthen decide how much you would spend on

10 minutes of fun if it’s 10 dollarsokay more than I planned on yeah but

let’s say you get excited for an hourwell yeah and I would say it’s also a

matter of if you feel like suddenlyyou’re spending way too much time and

too much money investing in the idea ofpossibly maybe winning the lottery then

you might need to cut back right becausesome of these types of activities can be

really addictive like that anticipationthe highs and the lows and so you just

want to be cautious that it doesn’t thatit moves doesn’t move from fun to

obsession so for us personally we don’tever play the lottery like almost never

I think it’s been years since the lasttime we played the lottery so in

Philadelphia I haven’t lived in.


two and a half yeah so I was you knowwith the new office and they did a pool

and so for a few months I joined thepool and so fun together when no yes but

it was fun it was about camaraderiegetting into the great okay so a video

on taxes we might do something on taxesprobably not specifically watering

winning taxes but yeah taxes reallyreally complicated

so we can do like basic tax stuffyeah but we’re but we’re not gonna

really get into the specific difficultscenario because yeah we can say

generally how personal income taxes workin the United States

okay so Lala 324 SS but you pay okay allyour taxes up front with the winnings so

unfortunately that’s not entirely trueso when you win some of the taxes are

withheld at a certain rate but not allthe taxes that you might need to worry

about so that because there are so manydifferent levels of taxes your state

taxes and your federal taxes local taxesthere is a really good chance that

you’re gonna have to pay ten fifteenpercent more than they automatically

withhold and so that’s why you get anattorney and yes it’s actually

professional that knows oh no don’tdefinitely don’t spend that money we

need it in cash because you’re about tohave a gigantic bill and so you’re gonna

have to pay us some estimated tax tocover that and they’ll help you with

that but it’s not but they don’t takecare of you all upfront by just

withholding the proper amount that’d benice though when you give family money

can you make a profit off of it and getmoney back at the end of the year okay

so you could that’s making a loan to youyeah if it’s a gift then no because

that’s not like donating to a non profitwhich you can use to reduce your tax

liability it is just a gift to a familymember and your family member depending

on their relationship to you and thesize of your gift it may have to pay

taxes on your gift so yeah so that’sdefinitely true also if you’re making a

loan if you want to make loans to yourfamily members which I say it’s always a

terrible idea you just consider it agift and let it go but always give it

and readyso everybody knows how they’re gonna pay

it back well that probably just let thatgo

it’s a gift it’s easier that way if youare hurt feeling than the end yeah next

Hey so pale Ella and then Rudy on I’m sosorry if I’m mispronouncing anyone’s

name.Amy hi thanks for watching and we are

happy to provide this if I see that justa lot of fun and Deborah hi she doesn’t

play the lotto um but these are greattips she can use if she gets a large

inheritance from loved ones so that’strue yeah you probably well you’re not

gonna publish publicity from that butyou’re probably unless you have a famous

rose yes but you also won’t be able tokeep it secret more likely than not

because the will will be available toall of your family members so they’ll

know right away and that’ll be in publicrecords too um but you know some of this

stuff so like if you just get a regularsized inheritance so I would say like a

hundred thousand dollars or less yourlocal attorney should be able to help

you with that and it’s a local atstate’s attorney that’s that’s normal so

don’t feel like you need to go get anattorney at a big fancy law firm and pay

a thousand dollars an hour when you havea smaller inheritance that’s absolutely

trueyeah how can they open a account

what do you you know honestly I have noidea it has been so long since we

created this channel because like oh doyou know I do not okay like three years

ago when I cut on my hair off I justrandomly made a video and stuck it up on

and even I think the way thatyou make a account is different

now because back then it wasn’t evenlinked to Google and write to your

Google account the way it is nowbut I’m sure there are tons of tutorials

out there tons of videos out there evenon people like how to start a

channel so that’s what I wouldrecommend and if you guys are interested

we can do a video on how like our theprocess that we go through to make

videos the things that we use yeah yeahmaybe we’ll do that what they says that

we look great thank you thank you Icombed my hair just for you guys I’m a

hair was in a bun I wanted. I can’t show up with my hair in a bun

again so I’ve spent like 30 minutescurling my hair and so I hope you guys

like itthen Sofia has how do you increase your

chances of winning so in terms of I meantechnically if it’s buying more tickets

but in reality you were going to losedon’t think that you’re actually going

to win it it’s just recommend that youtry to increase your chances of winning

we can only say for you to play on theoccasion for fun I mean there is no

there is no guaranteed way to win thelottery everyone will see an article

that will tell you well this is how youdefinitely can win the lottery because

when the jackpots get so high welltechnically you can buy all the

combinations but if there’s anotherwinner you have to split it with them so

there’s no guarantee that you’ll everget all of the money so there’s no way

to win the lottery guaranteed there’s noway to really significantly increase

your chances of winning money so just aticket maybe a couple yeah you’d be

better off spending that money in thoseyears like study like going back to

school and finding a job that’s gonnapay you more money over the course of

your lifetime absolutely good point okayoh budgeting with a college student

income so what I would say there ifyou’re trying to just be as cheap as

possible because we don’t know whatstudent loan programs are gonna be you

want to take out a few loans as youpossibly can I mean until in terms of

income side look for a part time workwork for look for work study look for

both worked our way through college andwe still we came out with a small

relatively small amount of debt fromundergrad I had twenty thousand now keep

in mind that you know I had a child sothat made my I could only get my living

expenses so low and I came out withtwenty thousand and Joseph you came out

what I think I had fifteen yeah and inreality I should have had fifteen I was

working enough that II could have paid more and so so I

should not have had 15 yes so I wouldsay one of the things that I used to do

because you only get your your fundsfrom this hole twice a year so I would

put all of those funds in a separateaccount and then I would have a monthly

budget that I would just transfer overonly the amount for that month so that I

didn’t run the risk of spending moneyand running out of money at the end of

the semester alternatively you don’thave to have your maximum aid package

just burst to you at one time so likeit’s really trying to keep keep it low

on the loans but you know you’re gonnahave some well you get your reward

amount and then only take the smallestor the smallest amount that you can live

on they’re not gonna give you a monthlydisbursement but periodically but but

then trying to leave some of itunderstand then and that’s not something

you don’t have to pay back yeah and thenso some other practical tips haven’t

have a whole bunch of roommates rightcook at home as much as possible because

I just found I always lived off campusobviously because I had a child but I

considered getting a meal plan because Iwas at school for so many hours of the

day but it just is so much moreexpensive to buy into the school’s meal

plan than to make your own food if youlive in a place that has a kitchen now

if you live in the dorms and in myopinion dorms are what I have found is

that dorms are usually more expensivethan living out off campus with

roommates so if you have a kitchen makeyour own food and then lastly pregame at

home okay so in terms of givinganonymously to family or church so if

you if you have a an attorney thatyou’re working with or even a financial

adviser I mean they could they candefinitely send anonymous donations yeah

that you can still get credit for onyour

extra turns on your filing and then itdoesn’t have to have your name attached

to it they can handle all of thatnow I mean say same even for your family

as long as they don’t know who yourattorney is because otherwise they’re

probably gonna put that together yeah Iguess if you didn’t want to use an

attorney which we recommend that you doyou probably go get a money order right

and then just make it out to the churchand just mail it to the church and so

then don’t have a certified check mightnot wouldn’t have your name on it it

would just be drawn to your financialinstitution so that’s another way to be

another house they have a mailingaddress make sure they open their mouth

yeah I think that’ll or send itcertified mail so you know someone has

to sign for it someone definitelyreceived it so that’s that’s another

option or it’s like what we do they’retrying to get people lemony we’re just

gonna leave it around the house he’stalking about the little girl that comes

and watches taxi sometimes she sometimesdoesn’t want to take money okay all

right next time we’re in sidetrackedokay you want to open a lottery business

so that’s probably gonna be illegal thestates runs along Liam but if you if you

happen to gain a casino license key no Ithink is basically the lottery but with

much lower winnings I think that’s whereyou pick numbers right so you know but I

bike to you because those people seemrich yeah most states don’t let you

gamble you know open up gambling spotsalthough we got realizes yeah from what

I understand it’s this huge hassle yeahoh wait

Amy says she played the pic three andfour for ten years before her numbers

were called what you scribbling well I’mgonna keep leaning over make sure sorry

he says I’m encroaching on okay so yeahso I’m all for you know oh you’ve never

bought tickets you just kind of pickedthree minutes that’s all I understand I

like thatso Amy would just pick the numbers but

not actually buy the tickets and justwait and see if her numbers came up but

I have so that’s fun but I have to sayman would I be sad if I picked this pot

and then didn’t win it I’d be devastatedwell but I’ll pick three you pick four I

mean I guess even if she won the jackpotwouldn’t be like a 700 million dollar

jackpot I don’t know that I could everget over that it’s like a big fish story

that just won’t quitwell all right guys we are going to sign

off now thank you so much for watchingand joining us and hopefully if you ever

win the lottery you will be prepared andalso send us down because you know we

didn’t wait for you here we did this foryou and something you have to give us

moneyso stay tuned coming up this week we

have a an Alexis vlog which we likedoing vlogs to just kind of show more of

what our regular life looks like so wehope you guys enjoy watching them and we

are working on a massive video just kindof going through Dave Ramsey’s baby

steps and showing where you would end upfinancially by what we would end up

financially by following Dave Ramsey’sbaby steps versus following our kinda

plan so stay tuned for thatall right thanks for watching hi guys

all right okay how do we turn it offgoodyou. .

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