Entering Contests and Sweepstakes can be really fun……… but we should never do it with out thinking ahead a bit and giving it some thought.
1. Is It The Real Deal: Do real people really win these things? Yes, I can attest that real people do, because we here at PaPa’s Cents are real and We Have Won Multiple Times(I am pretty certain that we are real people, the last time we checked) Just be certain the sweepstakes is offered by a legitimate company – If you do not recognize the sponsor of the prize, you do not enter….. pretty simple.
2. Your Time Is Valuable: Since every time you fill out a sweeps entry your time is involved, it is important for you to understand that ALL Contests and Sweepstakes Prizes, AND ODDS Of Winning should be taken into consideration when determining if you even want to sign up and try for the prize. We do not enter every thing we come across but we do enter a great number of them.
3. Do You REALLY Want It: Do you really want that prize? or does it just sound kool at a glance…. is you End Up WINNING……. DO YOU REALLY WANT IT? Ask yourself if you really would want the top prize should you win it…. if the answer is NO then do not fill out the submission form. There are a lot of sweeps with Grand Prizes offered in California and New York, so if you live in one of these states, you probably would not care to win a grand prize to the state where you live, unless of course the is a “CASH OUT” option available to you that looks nice.
4. Your Private Information: It is important for you to understand that if you win a large prize – you will undoubtedly have to give someone your Social Security Number at some point and time…. This is one of the scariest areas there is when it comes to entering contests and sweepstakes. You need to
5. Do Not Forget About Our Dear Friends – The IRS: Anything over about $1199 will have taxes withheld if It is a cash prize and if it is a physical prize YOU ARE RESPONSIBLE FOR TAXES on the VALUE RECIEVED and You will want to make sure you take this into consideration…… So far we have WON A LOT OF SMALL TO MEDIUM SIZED PRIZES so we haven’t had to deal with this issue yet.
6.Did I Really Win: This is the best part for sure, this is where you start squealing and yelping “Did I Really Win” ” NAW This Is A Scam or Something” – Verify the Contest or Sweepstakes…. Did you enter it? Do you actually remember entering? Is it something you would enter? Then VERIFY That YOU ACTUALLY WON…. LOOK Up The CONTEST Online….Google it – something…. make sure its real before you hand over private information or rely on it ( such as a trip). Keep in mind that most prizes not categorized as “GRAND PRIZE” will typically just show up at your door one day or you will get an email saying please confirm your address and then you will receive your prize.
7. Legal Aspect Of Prize Winning: Once you have won that big prize, you are going to have a ton of legal ling to tangle with. Generally you will have about 72 hours to accept the prize and sign the paperwork. If someone is pushing you decide quicker then that other than verify address…especially if it is on the phone – think “probable Scam”. You may have to sign a W-9 with personal information
***IMPORTANT*** NEVER give your Social Security number out OVER THE PHONE OR without being 100% that you need to and that you have really won a Grand Prize and remember you can always contact an attorney if you have questions.