What to do with lottery winnings? 18 things to do immediately to avoid losing it all

Every year, many Vietnamese people unexpectedly change their lives after a lottery ticket, but the reality shows that over 60% of big lottery winners face financial difficulties within a few years because they don't know what to do with lottery winnings correctly. Holding a large sum of money can easily lead to hasty decisions: overspending, uncontrolled lending, or misguided investments.

This article will help you understand what to do with lottery winnings right from the first steps: from safe prize collection, asset protection, to wise money management and usage. If done correctly, this lucky windfall can not only change your present but also create a solid foundation for your long-term future.

What to do after winning the lottery?

Find a financial advisor immediately

• After winning a prize, the first thing you should do is find a reputable financial advisor. This is an important step to help you avoid making wrong decisions when you don't fully understand what to do with lottery winnings.
• An experienced advisor will help you plan sensible money use: spending, saving, and long-term investment.
• They also help you identify common risks that many lottery winners face, such as overspending or unwise investments.

Understand prize collection and tax obligations

• The prize money is not the entire amount you actually receive, as it involves taxes and deductions according to regulations.
• A financial expert will clearly explain how the money is paid (lump sum or installments) and how to optimize it to retain the most value.
• Understanding this helps you accurately answer the question “what should be the first thing to do with lottery winnings” without feeling disappointed later.

Choose a trustworthy financial manager

• When you have a large sum of money, self-management can lead to errors if you lack experience.
• Choose someone with clear expertise, transparency, and professional ethics to help you manage your cash flow.
• This is especially important if you are wondering what to do with lottery winnings to avoid losing money in the long run.

Create a clear money usage plan

• Define specific goals: paying off debt, buying assets, investing, or saving for the future.
• Avoid emotional spending, especially in the initial period after winning.
• A clear plan will help you turn your lucky windfall into a sustainable financial foundation, rather than just a "temporary stroke of luck."

Task 1: Keep your lottery win a secret

Don't rush to share before receiving the money

• When you first win, the natural reaction is to tell everyone immediately. But in reality, you should keep it a secret and calmly think about what to do with lottery winnings before acting.
• Only announce after the money has actually arrived in your account to avoid unnecessary trouble.
• This "silent" period helps you gradually adapt to significant financial and psychological changes.

Minimize the number of people who know

• You can share with your spouse or very trustworthy relatives if needed, but it's not mandatory.
• Avoid telling friends or acquaintances, as information spreading quickly can lead to pressure for loans or favors.
• This is an important step if you are considering what to do with lottery winnings to protect assets from the outset.

Absolutely do not post on social media

• Bragging about winning the lottery on Facebook, TikTok, or other platforms can make you a "target" for many risks.
• Besides personal safety issues, you can also be bothered or encounter unclear financial proposals.

Slow down to make the right decisions

• There's no need to rush into spending or investing immediately.
• Take your time to carefully consider each step: receiving the prize, securing information, creating a financial plan.
• Slow but steady is the best way to answer the question what to do with lottery winnings wisely and sustainably.

Task 2: Carefully check the winning ticket

Read the prize claim instructions carefully

• Each type of lottery ticket has specific rules for prize collection, deadlines, and procedures.
• Carefully read the information printed on the ticket and the official website to know exactly what to do with lottery winnings right from the start.
• Even a small procedural error can cause trouble or delay your prize payment.

Sign to confirm ownership

• In many cases, you should sign the back of the ticket to confirm legal ownership.
• However, check the specific regulations before signing, especially if you plan to authorize someone or set up a proxy collection structure.
• This is a simple but very important step to avoid disputes later.

Backup and store the ticket carefully

• Take photos or photocopy both sides of the winning ticket to keep as proof.
• Store the original ticket in a safe place such as a safe deposit box or a reputable bank.
• This helps you feel more secure while preparing the next steps when learning what to do with lottery winnings to keep money safe.

Don't be careless with small details

• Many people lose their right to claim a prize just because they overlook simple technical requirements.
• Double-check the information and handle each step carefully.
• Thoroughness at this stage is the foundation for you to fully protect your lottery winnings.

Task 3: Hire a financial lawyer

Find a lawyer immediately after confirming the win

• Once you are sure you have won, you should work with a lawyer experienced in finance or large assets.
• This is an important step to help you understand what to do with lottery winnings from a legal perspective, avoiding hard-to-correct mistakes later.
• The lawyer will accompany you from the time you claim the prize until the money is allocated and used.

Reduce tax and procedural risks

• A lawyer will help you understand your tax obligations and regulations related to receiving the money.
• They help you prepare documents according to regulations, avoiding violations of the lottery issuer's terms.
• This is especially important if you are looking for ways to avoid losing money due to incorrect procedures when asking what to do with lottery winnings.

Protect asset ownership

• When news of your lottery win leaks, you may face disputes from relatives or unreasonable demands.
• A lawyer helps establish clear ownership, ensuring that only you or legally authorized individuals have the right to use the money.
• This is an important "shield" to keep the large sum of money you just received safe.

Avoid major financial mistakes

• Besides legal matters, a lawyer also coordinates with financial experts to ensure all decisions are well-founded.
• They help you control the process of transferring money, investing, or distributing assets reasonably.
• Thanks to this, you not only know what to do with lottery winnings, but also how to keep and grow that money long-term.

Task 4: Claim anonymously

Prioritize protecting personal identity

• When considering what to do with lottery winnings, an important principle is to keep your identity confidential if allowed by law.
• Claiming anonymously helps you avoid excessive attention and reduces personal safety risks.
• Check the specific regulations where you claim your prize to see if you have the right to remain anonymous.

Consider the appropriate way to receive the money

• You can choose how to receive the money or use legal structures to limit the disclosure of personal information.
• This usually requires assistance from a lawyer or financial expert to ensure compliance with regulations.
• This is a smart step if you are considering what to do with lottery winnings to protect your privacy long-term.

Avoid media attention

• If you publicly disclose your identity, you may receive interview requests or appear in the press.
• This can be exciting at first, but it comes with many unwanted nuisances.
• Your private life will be scrutinized, and you may face pressure from public opinion.

Reduce pressure from surrounding relationships

• When people know you've won the lottery, you'll likely receive many requests for help or loans.
• Some relationships may change negatively when money appears.
• Therefore, keeping the information confidential is a practical way to better control the question of what to do with lottery winnings without being affected by external pressure.

Task 5: Establish a trust

Ask a lawyer about setting up a trust from the start

• When considering what to do with lottery winnings, establishing a trust (especially a “blind trust”) is a common solution for identity protection.
• A lawyer will advise whether this form is compliant with the laws in the jurisdiction where you claimed your prize.
• This should be done before receiving the money to optimize privacy and asset control.

Keep identity confidential when receiving the prize

• A blind trust allows you to receive money through a legal entity, rather than in your personal name.
• This helps limit public disclosure, reducing the risk of unwanted attention or harassment.
• This is a suitable option if you are looking for ways to protect personal information when considering what to do with lottery winnings.

Clear authorization and asset control

• You can appoint a power of attorney to handle related procedures on your behalf.
• A lawyer will help you establish clear authority, avoiding disputes or abuse of power.
• This approach helps you maintain control while reducing the pressure of directly handling everything.

Reduce legal and financial risks

• A trust not only helps with anonymity but also supports systematic asset management.
• Lawyers will help you handle issues arising during the fund's operation.
• This is an advanced step, but it is highly recommended if you want to solve the problem of what to do with lottery winnings to keep the money long-term and safe.

Task 6: Estimate lottery winnings tax

Understand tax obligations from the start

• When learning what to do with lottery winnings, you need to clearly determine that a large portion of the money will have to be used to pay taxes.
• Depending on the regulations of each country, lottery winnings are often considered taxable income.
• If you don't prepare in advance, you might find yourself in a situation where you "win a lot but keep little."

Estimate the amount of tax payable

• In many cases, the total tax can account for a significant portion of the prize money.
• In addition to the initial tax when receiving the money, you may also incur additional tax obligations if this amount increases your income bracket.
• Therefore, ask an expert for precise advice on what to do with lottery winnings to avoid losing money due to taxes.

Calculate a reasonable way to receive the money

• You may choose to receive the money in a lump sum or in installments over several years.
• Each option will have different tax calculations and directly affect the actual amount received.
• This is an important decision that needs careful consideration instead of choosing based on impulse.

Consider the benefits of a trust

• Putting money into a trust can help optimize taxes and simplify asset distribution later on.
• A trust can also help reduce legal costs related to inheritance.
• If you are looking for what to do with lottery winnings to keep the most money, this is a solution worth considering with a lawyer and financial expert.

Work with experts to avoid errors

• Taxation is a complex field, especially when dealing with large sums of money.
• A wrong decision can cost you more money or lead to legal trouble.
• Proactively calculating and planning taxes is a step that helps you sustainably protect the fruits of your good fortune.

Task 7: Create an agreement for sharing lottery winnings

Clearly confirm rights if buying tickets jointly

• When multiple people contribute money to buy a ticket, the question of what to do with lottery winnings needs to be agreed upon from the start.
• Clearly define who participates, the contribution ratio, and corresponding rights.
• If there is only a verbal agreement, consider the legal implications to avoid disputes later.

Agree on transparent prize sharing principles

• The group should sit down and agree on how to split the money: equally or based on investment ratio.
• Document the agreement in writing to serve as clear evidence.
• This helps you avoid unnecessary conflicts when a large sum of money appears.

Consider establishing a legal entity or legal contract

• Instead of having one person claim all the money, you can create a legal agreement or formal partnership.
• This approach helps ensure the rights of all parties and transparency in the money collection process.
• This is an important step if you are wondering what to do with lottery winnings to share money fairly and safely.

Avoid risks when one person acts as representative to collect money

• If only one person claims the prize, there are potential risks regarding trust and legal issues.
• Subsequent distribution can be difficult without clear documentation.
• Therefore, addressing it from the outset with a legal agreement is a way to protect everyone.

Consult a lawyer to ensure legality

• A lawyer will help you draft an agreement that complies with legal regulations.
• They will also ensure that the money is received and distributed according to proper procedures, avoiding regulatory violations.
• This step helps you thoroughly solve the problem of what to do with lottery winnings when multiple people are involved.

Task 8: Hire an accountant and financial advisor

Work with experts before spending money

• As soon as you win, find a reputable accountant or financial advisor to professionally guide you on what to do with lottery winnings.
• You can choose a versatile individual or combine several experts within the same firm.
• Absolutely do not rush to spend without a clear plan.

Create a spending, saving, and investment plan

• Experts will help you allocate money appropriately: how much to spend, how much to save, and how much to invest.
• They also provide long-term financial scenarios such as retirement age or expected returns.
• This is a core step to solve the problem of what to do with lottery winnings so the money doesn't "evaporate" quickly.

Separate accounts to control cash flow

• You should consider opening a separate account (or a separate bank) to manage your lottery winnings.
• Investment and savings money should be separate from daily spending accounts.
• This helps you control cash flow better and limit impulsive spending.

Build a family financial plan

• Establish long-term funds for children or relatives, potentially through structures like trusts.
• This helps ensure assets are used for their intended purpose and maintain value across generations.
• If you are considering what to do with lottery winnings to create a sustainable foundation, this is a highly worthwhile path to invest in.

Long-term partnership to optimize assets

• Managing a large sum of money is not a one-time task but a long-term process.
• Having an expert accompany you will help you adjust strategies at each stage of life.
• Thanks to this, you will not only preserve your money but also increase its value over time.

Task 9: Choose to receive money in one lump sum or over several years

Understand the two prize reception options

• When considering what to do with lottery winnings, you usually have two choices: receive the entire amount in a lump sum or in installments over several years.
• Each option has its pros and cons, suitable for different levels of financial literacy and personal goals.

Annual payments: safe but limited growth

• Receiving money annually helps you avoid spending too quickly when you're not used to managing large finances.
• This is suitable if you want to "gradually learn" how to use money without the pressure of managing the entire sum at once.
• However, the value of money may decrease over time due to inflation, resulting in lower overall real benefits.

Lump sum: flexible and optimized for profit

• Receiving the entire amount upfront allows you to invest early to grow your assets.
• With a good plan, this is a way to maximize the value of your lottery winnings.
• This is a popular choice when researching what to do with lottery winnings to generate effective returns.

Consider based on goals and management capability

• If you have no investment experience, the annual payment option might help reduce risk.
• If you have a financial advisory team and a clear plan, receiving a lump sum will offer a greater advantage.
• There is no "absolutely right" choice; what matters is what suits your circumstances.

Consult an expert before making a decision

• This decision directly affects the long-term value of your assets.
• Discuss with a financial advisor to calculate factors such as taxes, inflation, and investment strategy.
• A correct decision at this step will help you solve the problem of what to do with lottery winnings effectively and sustainably.

Task 10: Spend wisely after winning the lottery

Allow yourself to enjoy, but with limits

• After winning the prize, you can certainly treat yourself to a small expense to "release emotions."
• However, when considering what to do with lottery winnings, set clear limits to avoid overspending from the start.
• A moderate expense helps you enjoy the joy without affecting your long-term plan.

Avoid large purchases immediately

• Many lottery winners quickly spend money on houses, cars, or luxuries and then face financial difficulties.
• Major decisions should be delayed until you have a clear financial plan.
• This is an important principle if you are trying to understand what to do with lottery winnings to avoid losing money quickly.

Prioritize saving money and creating income streams

• Most of the money should be saved or invested to generate interest and passive income.
• The goal is to live off the profits generated from the money, rather than gradually spending the principal.
• This is a sustainable way to solve the problem of what to do with lottery winnings to stay rich long-term.

Balance between present and future

• Don't be too strict and prevent yourself from enjoying life.
• But also don't let short-term emotions ruin your long-term plans.
• A smart balance will help you live comfortably today while ensuring solid financial stability for the future.

Task 11: Donate and contribute to charity appropriately

Utilize gifting for tax optimization

• When considering what to do with lottery winnings, gifting a portion of your assets to relatives can help reduce tax pressure if done correctly.
• There is typically an annual tax-free gift limit, and you should consult an expert to apply it correctly.
• This is a way to both support your family and optimize financial obligations legally.

Prioritize long-term support for relatives

• Instead of giving money directly, you can help pay off debts or support important expenses like education or housing.
• This approach offers more sustainable value and prevents money from being wasted.
• This is a smart direction if you are looking for what to do with lottery winnings to effectively help your family.

Charitable giving with selection and transparency

• Donating to reputable organizations not only has social significance but can also provide tax benefits.
• Research the organization's activities thoroughly before donating to ensure the money is used for its intended purpose.
• This helps you both create community value and solve the problem of what to do with lottery winnings responsibly.

Keep information about gifts confidential

• When giving large sums of money, you should request confidentiality to prevent the information from spreading.
• This helps limit risks such as harassment or receiving additional financial requests.
• Keeping information confidential is also a way to protect yourself on the journey of safely managing what to do with lottery winnings.

Always plan before giving

• Giving money or doing charity should be part of an overall financial plan, not an impulsive decision.
• Clearly define the budget for this to avoid affecting long-term goals.
• Giving correctly will help you both preserve your assets and spread positive values.

Task 12: Should you quit your job after winning the lottery?

Keep your job for stability

• When thinking about what to do with lottery winnings, many people want to quit their jobs immediately, but this is not necessarily the best option.
• Work helps you maintain a stable routine, avoid feeling "empty," and limit impulsive spending.
• You can reduce working hours, work part-time, or take a temporary break to balance your life.

Seize the opportunity to pursue passions

• With a financial foundation, you can try jobs you truly love but never dared to do before.
• For example: starting a small business, creating art, or moving into a new field.
• This is a meaningful way to answer the question: what to do with lottery winnings to live authentically.

Invest in learning and personal development

• You can return to education, take courses, or training programs that interest you.
• There's no need for excessive pressure on degrees; expanding knowledge and mindset is what matters.
• Specifically, financial courses will help you better understand how to manage money effectively.

Understand your money to control it better

• When working with a financial advisor, you should still have basic knowledge to understand reports and make decisions.
• This helps you not be entirely dependent on others.
• If you're looking for what to do with lottery winnings to avoid being passive, then learning is a very worthwhile investment.

Build a life with long-term goals

• Money can provide freedom, but it cannot replace the meaning of life.
• A clear job or goal will help you maintain motivation every day.
• This is the factor that helps you retain both assets and long-term balance.

Task 13: Pay off debt after winning the lottery

Prioritize settling all debts

• When determining what to do with lottery winnings, paying off debt should be a top priority.
• This includes things like mortgages, student loans, credit card debt, or personal loans.
• Eliminating debt early helps you reduce financial pressure and avoid long-term risks.

Save on future interest payments

• The longer your debt, the more interest you'll pay.
• Paying off debt means you "earn more money" by not having to pay interest anymore.
• This is a practical step if you are looking for what to do with lottery winnings to optimize personal finances.

Improve overall financial health

• When debt-free, you can focus on saving and investing.
• A clean financial record also makes it easier for you to pursue major plans later on.
• This is a solid foundation for effectively managing what to do with lottery winnings.

Reduce psychological stress and live more comfortably

• Debt is often accompanied by prolonged stress and anxiety.
• Paying off debt helps you feel relieved and more in control of your life.
• A "debt-free" financial standing is the best starting point for smartly using lottery winnings.

Task 14: Invest lottery winnings effectively

Put your money to work instead of letting it sit idle

• When considering what to do with lottery winnings, investing is a step to achieve long-term asset growth.
• If you only keep cash or low-interest savings, the value of your money may decrease over time due to inflation.
• The goal is to generate income from the money, rather than just gradually spending the principal.

Diversify your investment portfolio

• Don't put all your money into a single channel like stocks or real estate.
• Allocate to various asset types: stocks, bonds, real estate, or more conservative channels.
• This is an important principle if you are looking for what to do with lottery winnings to reduce financial risk.

Control your risk level

• High-return investments usually come with high risks.
• You should limit the proportion of risky investments and allocate a portion of your assets to stable channels like bonds or fixed-income products.
• This balance helps protect assets when the market fluctuates.

Ensure returns outpace inflation

• A crucial principle is that investment returns need to be higher than the inflation rate.
• Otherwise, the real value of money will decrease over time even if the nominal amount remains unchanged.
• This is a long-term perspective when solving the problem of what to do with lottery winnings to preserve asset value.

Manage money in banking and investment channels

• You shouldn't keep all your money in a single bank account, especially with large sums.
• Allocate it wisely between safe deposits and profitable investment channels.
• This helps you ensure safety while taking advantage of opportunities for asset growth.

Learn to understand investments or seek expert help

• If you lack experience, you should learn basic knowledge or work with a financial advisor.
• Understanding how money works will help you make better decisions.
• This is an important step so that you not only know what to do with lottery winnings, but also how to turn them into a sustainable asset.

Task 15: Don't flaunt your assets

Maintain a discreet and simple lifestyle

• When considering what to do with lottery winnings, not flaunting your assets is a crucial principle for self-protection.
• Avoid sudden image changes such as extravagant spending or excessive displays of wealth.
• Living discreetly helps you avoid unnecessary risks and maintain peace in your life.

Be cautious with new relationships

• When you have money, you may encounter many new people approaching you for financial gain.
• Don't be quick to trust or share personal information, especially about your assets.
• This is a necessary step if you are considering what to do with lottery winnings to protect your money and relationships.

Cherish long-term relationships

• The people who have been with you before are often more trustworthy.
• They understand you for who you are, not for the assets you possess.
• Maintaining these relationships will help you maintain balance and avoid isolation.

Limit unnecessary attention

• External attention can lead to pressure, rumors, or financial demands.
• Maintaining a stable and private life is a way to better control your journey of what to do with lottery winnings.

Focus on long-term value instead of appearances

• Sustainable wealth lies not in showing off, but in how you manage and grow your assets.
• When you control your money well, you won't need to prove it to anyone.
• This is the mindset that helps you retain both money and safety in the long run.

Task 16: Smart spending of lottery winnings

Always calculate total costs before buying

• When considering what to do with lottery winnings, don't just look at the initial purchase price and overlook long-term maintenance costs.
• An expensive item often incurs many other expenses such as maintenance, operation, or taxes.
• Simple rule: if you can't calculate the long-term cost, don't rush to buy it.

Be cautious when buying a house or large assets

• A house isn't just the purchase price, but also taxes, maintenance costs, repairs, and monthly utilities.
• Real estate values can increase or decrease with the market; it doesn't always yield profit.
• This is an important step if you are learning what to do after winning the lottery to avoid financial burdens.

Avoid emotional purchases, especially with vehicles

• Cars, especially luxury cars, often depreciate quickly after purchase.
• Maintenance, repair, and tax costs are also much higher than for regular cars.
• A hasty decision can cost you money without bringing long-term value.

Prioritize utility over appearance

• Focus on things that truly serve your life, rather than just showing off.
• Every expense should have a clear reason and bring specific benefits.
• This is a practical approach when solving the problem of what to do with lottery winnings to avoid overspending.

Build a habit of planned spending

• Create a clear spending budget, even if you have a lot of money.
• Controlling cash flow helps you maintain assets long-term and avoid the "get rich quick, lose it quick" scenario.
• Smart spending is the key to preserving the results of your good fortune.

Task 17: Share money with family appropriately

Give with limits, don't shoulder everything

• When considering what to do with lottery winnings, sharing with family is natural but needs limits.
• You are not obligated to solve everyone else's financial problems.
• Appropriate support helps you maintain both relationships and assets long-term.

Allocate a clear budget for relatives

• A practical rule is to only use a certain percentage (e.g., around 10–20%) to support family and friends.
• Setting limits from the beginning helps you avoid overspending.
• This is a smart approach if you are wondering what to do with lottery winnings to help relatives while keeping your money.

Prioritize practical values

• Instead of giving money indiscriminately, support truly important needs such as education, healthcare, or debt repayment.
• This helps recipients improve their lives more sustainably.
• It also prevents money from being used inefficiently.

Maintain fairness and transparency

• When supporting multiple people, it's good to have clear principles to avoid comparisons or conflicts.
• You can publicly state your support criteria so that everyone understands and respects your decisions.
• This is an important step to effectively manage the question of what to do with lottery winnings in relationships.

Remember that you also need to be protected

• Family is a support system, but you also need to maintain control over your finances.
• When you are stable, you can help others for the long term.
• Giving correctly not only helps others but also helps you secure your own future.

Task 18: Set up a CD ladder

Understand how a “CD ladder” works

• When considering what to do with lottery winnings, saving with a "CD ladder" is a safe and interest-optimizing method.
• Instead of depositing all your money into one term, you divide it into multiple accounts with different terms.
• When each account matures, you can redeposit it at the new interest rate, helping your money "revolve" efficiently.

Optimize interest rates by stages

• Start with short-term deposits to flexibly adjust when interest rates rise.
• Then, continue to reinvest in more suitable terms to achieve better returns.
• This is a suitable option if you are considering what to do with lottery winnings to be both safe and have stable interest.

Divide money to reduce risk

• Do not put all your money into a single deposit.
• Dividing it helps you flexibly use money when needed without affecting the entire plan.
• At the same time, you also minimize risk when market interest rates fluctuate.

Combine safety and financial flexibility

• A "CD ladder" helps you always have a portion of your money ready to mature regularly.
• This creates a balance between generating returns and having access to money when needed.
• This is a practical approach to the problem of what to do with lottery winnings to keep money safe while still generating profit.

Seek assistance from banks or experts

• If you are unfamiliar with how it works, you can ask a bank to advise on setting up a suitable structure.
• A clear plan will help you optimize interest rates without overly complex monitoring.
• Starting with simple steps will help you manage a large sum of money effectively and sustainably.

Manage lottery winnings wisely

Prioritize paying off debt before spending

• When determining what to do with lottery winnings, the first thing is to clear all debts to reduce financial pressure.
• Paying off debt early saves you interest and builds a solid foundation for future decisions.
• This is the most basic yet most effective long-term step.

Declutter assets and give wisely

• You can donate old assets like cars or unnecessary items to charities.
• This act both helps others and helps you start a new, cleaner phase.
• This is also a positive approach when thinking about what to do with lottery winnings to live a meaningful life.

Prevent yourself from being drawn into an extravagant lifestyle

• Excessive luxury can lead to loss of financial control and a negative change in character.
• Furthermore, it can attract insincere relationships.
• Maintaining a balanced lifestyle is how to protect both your money and important relationships.

Avoid impulsive decisions

• Don't buy things you don't truly need just because you "have money."
• Think carefully before every expenditure, especially large ones.
• This is a core principle if you are learning what to do with lottery winnings to avoid overspending.

Set financial boundaries with family

• Relatives may expect you to provide financial support, but that does not mean it's an absolute obligation.
• You have the right to decide how to use your money based on your personal plan.
• Maintaining clear boundaries helps you both sustain relationships and effectively control your lottery winnings journey sustainably.

References

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Content editor: Leigh Kennedy Ly.

Information consulted and verified by expert: Tiffany Vaught.