Hit it big on MEGA MILLIONS® or POWERBALL© and your mind probably jumps straight to the fun stuff. Sports car? Dream vacation? But before you start browsing luxury yacht listings, there’s one purchase that should come first — and it’s not quite as exciting as a jet or mansion.
The first thing you need after a major Lottery win is professional financial advice.
Not exactly the most exciting thing, but it’s the smartest move you can make. Get this sorted early, and everything else becomes easier to manage, more secure, and better aligned with what you actually want long-term. Whether you play MEGA MILLIONS or hit big on another draw game, the next steps are crucial in securing your wealth.
Why financial advice comes first
A massive Lottery win isn’t just money landing in your account. It’s a life-altering event that brings decisions and responsibilities. Taxes, estate planning, charitable giving, investment management — these areas can get complicated fast without someone who knows what they’re doing. A certified financial advisor can walk you through:
- What you’ll owe in taxes (it could be more than you think)
- Whether a lump sum or an annuity payment makes the most sense for your situation
- How to manage, invest, or gift your winnings
- State and federal requirements you’ll need to meet
- Ways to keep your privacy intact
Even if you’re good with everyday finances, handling a massive Lottery prize is entirely different. Professionals who specialise in high-value windfalls can steer you clear of the most common mistakes.
Make a plan before you spend
You’d be surprised how many people blow through massive prizes in just a few years because they didn’t plan ahead.
A financial advisor helps you slow down and think strategically. That doesn’t mean you can’t celebrate. However, having a solid plan means your celebration won’t compromise your long-term financial security. Many winners hold off on big purchases until after they’ve had a thorough financial review. You can still book that holiday or buy the car — just with a clearer sense of what you’re actually working with.
Setting up for the long run
Winning a multi-million-dollar jackpot doesn’t have to be a one-time thing. With proper planning, you could set up income streams that last your entire life. That’s where financial advice shifts from helpful to absolutely necessary. You’ll work with professionals to:
- Set up trusts or funds for your family’s future
- Create donation plans that reflect what matters to you
- Build a diversified investment portfolio that grows over time
- Organise automatic budgeting or regular disbursements
And with newer tools like Jackpot Threshold Auto-Renewal on iPLAY, managing how you play games like MEGA MILLIONS® has become more flexible than ever. But the same idea applies here — a bit of planning and personalisation goes a long way.
Winning responsibly
The West Virginia Lottery makes it straightforward to manage your play online, with secure tools, deposit limits, and transparent account tracking. If you’ve landed a win, those same tools — plus the guidance of a qualified professional — can help you manage what comes next.
Remember, a win is never guaranteed. All Lottery games are random and unpredictable, and no previous outcomes influence what’s coming next.