WINNING AT SWEEPSTAKES
Some of the sweepstakes being offered are game changers in life. Indeed, a $50,000 or $300,000 win could make a big difference to many of us. Perhaps you are at retirement or are closing in on it. Would you be able to use the cash winnings from one of these big sweepstakes? Maybe you have a kid about to go to college and you are stressing on how the expenses will be paid for. Understand that all these big value sweepstakes are long-shots, but somebody has to win, and it could be you!
The odds of your winning any single sweepstakes are tiny, but “sweepers,” those who enter many giveaways a week, do win: vacations, jewelry, cars and cash. Whether entering pays off depends on how much time and energy you’re willing to devote, and it won’t be worth it unless you…
Step 1: Organize your sweepstakes entries.
Step 2: Decide which sweepstakes are worth your time.
Step 3: Enter as often as rules permit but use valid contact information! Lots of entry forms are disqualified as soon as they detect that your contact information is falsified.
Step 4: Use a valid email address – even if it is used for nothing but sweepstakes entries. Check that email address often. Check your junk/spam folder also to make sure no sweepstakes notice were missed.
Step 5: Make sure you know the rules of the sweepstakes. If the rules say you must do things such as FOLLOW their Facebook or Twitter page, then make sure you do so.
Step 6: Keep a log of your wins. Even non-cash prizes are taxable income. Sponsors will send 1099 forms for winnings over $600. Start a spreadsheet for the rest, and pay up on April 15.