Winning the lottery is an enduring American dream, turning lucky individuals into overnight millionaires.

But what comes after the big win is often more important than the win itself. Managing your sudden wealth wisely can safeguard it for the future and help you build financial security.

Pro Tip: Protect your wealth with an asset that can hedge against the damaging effects of a recession and financial calamity by opening a gold IRA.

1. Pause and plan

Before making any financial decisions, take a moment to relish your win. Avoid impulse purchases and devise a clear plan.

Approach your newfound funds with a level head and thoughtful consideration.

Pro Tip: Maybe take a trip to calm the nerves and give you space to think. Start as you mean to carry on, responsibly, and take out travel insurance to protect what might be an expensive vacation. Here’s a list of the top travel insurers.

2. Assemble professional help

Seek the assistance of a financial advisor, attorney, and accountant.

Professionals can provide diverse yet focused perspectives, ensuring your wealth is properly managed.

Pro Tip: We can assume you now have than $100,000 in savings. It’s time to get some advice from a pro SmartAsset offers a free service that matches you to a vetted, fiduciary advisor in less than 5 minutes.

3. Keep your win private

It might be tempting to share the news, but keeping your win a secret can help maintain your privacy and security.

Avoid overwhelming requests and unsolicited advice by staying discreet.

Pro Tip: If you’ve come into a windfall, managing it wisely is important—especially if you have over $150,000. Zoe Financial can connect you with a vetted financial advisor to help you create a smart, long-term plan.

4. Secure your finances

A lottery win gives you an opportunity to secure your future. Don’t be tempted to blow it all on unnecessary extravagances.

Open high-yield savings or checking accounts to make the most of your money while keeping it accessible for future plans.

Pro Tip: Earn as much as possible on your savings. For example, SoFi Checking is offering 3.8% interest, plus a potential $300 signup bonus. (May change without notice).

5. Pay off debts

One of the smartest moves is to eliminate any outstanding high-interest debts.

This reduces financial pressure and allows you to focus on growing your newfound wealth.

Pro Tip: With or without unlimited funds, it is worth structuring debt repayments for the best financial result. If you have more than $20,000 in unsecured debt, get some professional help. National Debt Relief is a trusted source for free advice and assistance.

6. Set a budget

Even with millions in the bank, creating a long-term budget is wise.

As famous frugal investor and entrepreneur Warren Buffet advises, “Live below your means.”

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7. Think about investments

Consider diversifying your wealth by investing in steady, long-term growth portfolios.

This can include stocks, real estate, or alternative investments like art or precious metals.

Pro Tip: Whether or not you win the lottery, you can diversify your earnings with real estate and venture capital. Companies like Fundrise, offer investments as small as $10.

8. Plan for your future

Use your lottery gain to establish or enrich your retirement fund.

The advantage of compounded growth means more security for your future.

Pro Tip: We never know what the future holds, and every year you delay saving for retirement costs you. Start today with matched contributions and watch your money grow! Sign up for a SoFi IRA and take advantage of compounding interest so you can retire comfortably. Get started today.

9. Give back wisely

If you wish to donate to causes close to your heart, do so wisely.

A charitable foundation can provide tax benefits and support meaningful causes.

Pro Tip: Don’t overlook planning for your family’s future. Save time, money, and stress by sorting out your will now. Where there’s a will, there’s a way.

10. Educate yourself on financial literacy

Take the time to expand your financial knowledge, making informed decisions and retaining control of your wealth in the long term.

To get the most out of your wealth, you must also take care of your health.

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Ensure your legacy endures

Winning the lottery is just the beginning of a journey. By taking smart steps, you can ensure your windfall works for you and supports your aspirations for years to come.

Remember, thoughtful planning and prudent decisions pave the path to lasting financial security.

Pro Tip: If you’ve got at least $100,000 in investments, check out a free service called SmartAsset. You fill out a short questionnaire and instantly get matched with up to three vetted financial advisors in your area.