If I were Filthy Rich
By Curious_Werewolf5881+27 How long 'til you have money to spend?
So let's start off with: obviously if you are living comfortably, this isn't a concern for you. I'm asking for those of us struggling to get by, who don't have the ability to just get a loan or credit card to use until we receive our winnings. And I'm not talking about being able to buy a new home or anything. Just access to money so you can splurge on dinner out or more groceries.
What happens when you win? How long does it take to have some access to money or credit? I've heard that people can get credit while they are waiting to actually receive their money, but how would you do that if you aren't telling people you won? And of course, before claiming it, I would meet with a lawyer and/or financial planner, and I would most likely claim it through a trust. Not sure how that would affect the timerline.
Thanks!
Recent responses
+19 @Terradactyl87 I think if you have an attorney handling claiming it through a trust or something similar, they may be able to also facilitate some kind of small loan or something of the sort.
+13 @SthrnGent6670 You can also get your lottery lawyer who initially helps you set up your trust. He can also help introduce you to a wealth management firm(JP Morgan private bank and similar) and once they have solid verifiable proof through the lawyer and your trust they can help arrange a Bridge loan(short term loan for like $500k to $1m) to help pay your team initially and give you a bit of a cushion to live off of till the lottery claim is paid. The loan is paid off immediately once your winnings are deposited into your trust. That would be guaranteed and signed contract for the loan to happen is that they get their money as soon as it's paid out.