Tuesday, August 12, 2014

The Powerball is Yours – Now What? – A Primer from Forbes Living

It is hard to resist playing the lottery and powerball lottery when the jackpots are high. Now let’s image that you wake up Sunday morning and check your tickets to see if you won and learn that you won it all. Now what? Forbes Living offers a primer.

Keep in mind that about 70 percent of lottery winners end up broke. We are assuming you filled out the back of the tickets and contacted the state lottery to let them know you won.

  • Make copies of the ticket and secure it in a safe place.
  • Ask friends and relatives for the name of a good financial advisor. This person should not be someone who will agree with you about investments of charitable giving.
  • Start making investment so you will be paid every month until the day you die. If not, it is likely you might spend all of your money on yourself and everyone else before making the life change to the other side.
  • Take time to think about what you want to do with all that money. Generally speaking, younger winners spend it all and soon are back to living paycheck to paycheck. Older winners do not. Forbes Living suggests talking it over with a trusted person in your life. Write the plan down.
  • Be careful. Don’t trust everyone you know who suddenly wants to be your new best friend/financial advisor.
  • Find something meaningful to do with your life. Go overseas and volunteer. Stay in the States and volunteer. Buy land and start your own private dog park.

Congratulations. Can I borrow a few thousand?

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