Do’s, Don’ts Of Winning A Giant Lottery

With a half-billion-dollar multistate lottery jackpot up for grabs, plenty of folks are fantasizing how to spend the money. But doing it the right way – protecting your riches, your identity and your sanity – takes some thought and planning.

Making sure you don’t blow the nation’s largest-ever lottery jackpot within a few years means some advice is in order before the Mega Millions drawing Friday, especially if you’re really, really, really lucky.

5 Responses to "Do’s, Don’ts Of Winning A Giant Lottery"

Nairuulagch says:
May 14, 2016 at 4:29 am
Best financial advice for instant millioner:
1. Buy average and a bit nice house, and buy not too expensive hybrid car.
2. Spend $100 a week for foods and clothing and entertainment except utilities spending.
3. Live comfortable and happy.
Reply
ws279 xL7 says:
November 24, 2016 at 7:33 am
couldn’t agreed more with this man.
Reply
ND Resident says:
January 4, 2017 at 1:54 am
1. Have an attorney and a financial adviser (I think many winners don’t do this)
2. Claim the winnings anonymously through a trust or some other means
3. Choose payments instead of a lump sum. This will keep money coming to you for a long time which will alleviate the temptation to blow it all right away.
4. Be charitable – because it’s the right thing to do. Some people do it for the sake of tax credits, but if you have the right spirit about it, you’ll do it whether or not you get a credit on your taxes.
5. Make sure yo have a will and a trust. The trust should be bank-controlled instead of executor controlled b/c then a person (personal representative, executor, etc.) could take money out whenever they wanted to. Make sure to attach a schedule of disbursements to your will and trust documents. This will tell the bank when disbursements should occur (i.e. when each child reaches a certain age, when each child gets married/buys a home/has a child, etc.).
6. Take care of those who took care of you. Even if we are not close to our parents, we still owe them the world for taking care of us.
There is A LOT more a person can do with lottery/sweepstakes winnings, but I think these are the top priorities.
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Robert Campbell II says:
January 5, 2017 at 10:46 pm
don’t put it on facebook? Then how am I suppose to tell all of my celebrity crushes if I should ever win?
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Rome Salas says:
May 7, 2017 at 3:38 am
When winning, its almost impossible to remain anonymous, if you do win, and you get divulged of your winnings, beware of the following: New Friends, New Acquaintances, Shady investment brokers, Never heard from all of sudden Kin folks (Long lost relatives) Phony tax man, never before seen shady characters, New neighbors, which all happens to show up at the time of your winnings.
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