00:00coinage life well spent presented by Geico everyone's dreamed about winning
00:07the lottery it's the fast track to easy street but your chances are one in a
00:11million right they're actually way worse than that you're looking at odds in the
00:15hundreds of millions you're more likely to be struck by lightning than win the
00:19lotto but if you beat the odds and managed to win big we have some tips
00:23for you to avoid bankruptcy first hire a lawyer and an accountant they'll help
00:27you navigate the logistics of your new windfall including budgeting investing
00:31taxes and legal documents to protect your winnings get your lawyer and
00:34accountant in place before you even redeem your winning ticket once you claim
00:38your winnings there are two options take the lump sum payment upfront or take
00:43annuity payments over time if you take the lump sum you'll pay taxes on the whole
00:47amount upfront but you'll be able to invest and see the money grow over time if
00:51you take the annual payment you'll pay taxes each year and the tax rates might
00:55change from year to year however if you're an impulsive spender it might be a
00:59better option not to have millions to blow through all at once whatever you
01:02choose listen to your legal and financial team they'll guide you away from bad
01:06investments greedy scam artists lawsuits and poor decisions coinage life well
01:13spent presented by Geico
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