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Lottery prizes are paid in either a lump sum or in annual installments. Most national lotteries set aside a portion of ticket sales to build up a prize fund that will eventually be paid out to winners. It’s important to decide how you want to receive your prize because it will have a big impact on how much you get, when you get it and the taxes you’ll owe.
When you win a large cash windfall, such as from the lottery, it’s best to make a plan for how you’ll spend it and invest the rest. If you don’t, you’ll be tempted to buy things you don’t need or go on an extravagant spending spree. You’ll also need to hammer out a wealth management plan and do some long-term thinking and financial goal setting.