12 Things Not to Do If You Win the $1.3 Billion Lottery

Banking, finance, and taxes

Published: January 10, 2016 9:08 am

Last Updated: January 13, 2020 3:13 pm

(Update of early version of this story)

History is in the making for the world of lotteries, at least in the United States. About $1.3 billion is now up for grabs for lottery players. Powerball’s drawing for Saturday produced no winners . This is actually unheard of in the United States, even if there have been four other lottery jackpots over $500 million.

According to Reuters, “44 states, together with Washington D.C. and two U.S. territories, (will) participate in Powerball.” What lottery players need to understand is that both of these jackpots are not just life-changing events. They are an opportunity to create dynasties with multi-generational wealth. Sadly, that comes with dark side, because many lottery winners end up broke within a few short years.

24/7 Wall St. has evaluated the behavior of many lottery winners. This led to something that should be obvious but is apparently overlooked by many lottery winners. That is, 12 things not to do if you win the lottery!

Some people actually choose the lottery annuity payment rather than taking a lower lump-sum payment. Some lottery winners give most of their winnings away or buy too many new things for themselves, friends and family. Could you imagine winning $50 million or $100 million and then being broke?