Why I didn’t cash my multi-million dollar lottery ticket until the required date?
Imagine, you find out you have one millions in a national lottery. Of course, you are silly with excitement but you realize there is no advantage to cash the ticket. Why?
Well, in my state all winners have to collect their prize in person and disclose their identity. For obvious reasons, I prefer not to do that. So, in order to stay anonymous for as long as is legal, I will sign the ticket and place it in secure place.
Now, the “fun” begins.
My first challenge will be: do I engage an attorney or an accountant first? Which attorney or accountant do I choose? How do I find these experts…online or make telephone calls? In order to prepare for the millions, do I get cash or stick it in a bank? Do I spend the money I have now or borrow against the winnings? Do I buy now and pay later?