5 Rules If You Play An Office Lottery Pool
Mega Millions Lottery (Photo credit: Wikipedia)
When the odds of winning the Mega Millions jackpot are 1 in 259 million, it isn’t shocking that nobody won this Friday’s jackpot. What is shocking is that the lottery jackpot has climbed to $636 million. If you couldn’t get an office lottery pool together in time, you have until Tuesday when the next drawing will occur.
While playing in an office lottery pool can be fun and exciting for a group of co-workers . . . the feelings of camaraderie and excitement often turn to anger and lawsuits after a big win. The most common disputes? Someone will claim that they personally purchased the winning ticket and that it was not part of the office pool or someone who has played in the past didn’t the week of the win but feels they should have still been included. When there is a dispute, the money can be tied up for months or years while the issues get resolved.
The good news is that if you win the lottery in an office pool, it doesn’t have to end like this. As the author of The Sudden Wealth Solution: 12 Principles to Transform Sudden Wealth Into Lasting Wealth, here are five simple steps you can take with your office lottery pool to avoid most of these issues:
1. Name a leader. Name a leader who will be in charge of the lottery pool and who is responsible for buying the tickets, making copies, etc.
2. Create a contract. Create a simple contract that spells out the big issues (e.g., who is playing, how often, how much, whether you will take the lump-sum or an annuity, whether you will let the computer choose the numbers or if someone will choose the numbers, etc.) that all participants sign.
3. Make it public. Make a public list of who has signed the contract and who is participating so there is no uncertainty about who is involved and who isn’t.
4. Make copies of tickets. Make copies of the tickets before each drawing and give them to each participant to avoid the “I bought this ticket with my own money” excuse.
5. Keep the tickets safe. Keep the original tickets in a safe but accessible place.
Stick to these tips if you play an office lottery pool so you can avoid the drama and high costs of litigation if you win. And if you win the $341 million cash option, do your best to avoid these six sudden wealth mistakes!
Connect with me on Twitter @rpagliarini, my financial planning blog, or email me. This discussion is not intended as financial, legal or tax advice, and cannot be relied upon for any purpose without the services of a qualified professional.
Thinking about joining an office lottery pool? Make sure you follow these easy 5 tips…