What Not To Do When You Win The Lottery

Winning large lottery jackpots can be more money than many 1% of the population are going to make over their whole lifetime. This actually can come with some huge disappointments and disadvantages.

There is a dark side to winning the lottery. Many lottery winners go broke. And some lucky lottery winners are unlucky enough after winning that they can go broke in just a few years. That’s why 24/7 Wal Street created a self-help guide with 12 things not to do if you ever win the lottery.

It seems hard to imagine that a winner could burn through winnings of $100 million – $500 million. It’s even harder to imagine that you could do it in a few years or less. Blowing that much cash is actually quite simple. Foolish lottery winners who take no warnings to heart could end up broke in just months or a few short years.

What Not To Do When You Win

These tools for what not to do if you win the lottery can be applied to anyone who comes into fast and unexpected wealth from a business sale, an asset sale, an unexpected inheritance or a legal judgment, or even be applicable to those who become stock-options millionaires.

1. Do not forget to sign that winning ticket and to report it immediately.

Imagine how you would feel if you lost a winning lottery ticket. Or what about if someone else takes your winning ticket and then shows up to collect the prize?

2. Do not brag about winning the lottery to anyone.

You might get unwanted hassle from jealous peers. Keep quiet for as long as you can. Your friends or family members cannot be trusted to keep your secret.

3. Do not decide to take the lump sum cash option without considering the big picture.

Let’s say that you can choose to get over $200 million in a lump sum payment; do you know for sure without consideration that is a better choice than receiving a payout of $375 million slowly over the course of a lifetime?

5. Do not let your debt and existing obligations remain in place.

If you suddenly become filthy rich, get rid of your old financial obligations and debts immediately. If you feel like “I’m rich and don’t have to pay any more,” you are already deep into the path of dooming yourself.

6. Do not go out and live the big life way too big.

The temptation to keep buying or accumulating can cause big problems. f you go from living a simple life to instantly having the wherewithal to spend hundreds of thousands of dollars (or more) per week, what do you think happens to your expectations in life ahead?

Play the lottery at Welovetto today! You could be the next big winner. But be sensible with your fortune.