12 Things Not to Do for a $348 Million Lottery Winner

Investing

Published: May 3, 2016 9:55 am

Last Updated: January 13, 2020 9:57 am

May is starting out with a Powerball lottery that has an annuity value of $348 million. The reality is that this is an instant creator of multi-generational wealth. It’s nothing short of king-maker money, and it will make the winner have the mega-rich status overnight.

24/7 Wall St. has tracked many lottery winnings over the years. Unfortunately, many lottery winners end up broke. Some winners even end up in the poor house after just a few years. That is why we have created a how-to guide for lotto winners with 12 things not to do if you win the lottery!

The Powerball jackpot starts at $40 million and then grows at each drawing until someone matches the winning Powerball numbers. The current estimated annuity value of $348 million for the drawing on Wednesday, May 4, comes with a lump sum estimated cash value of $221.6 million.

Most people who win the lottery choose the lump sum payment rather than drawing it out over a lifetime. The official Jackpot odds are one in 292,201,338 for the larger sum. For a $1 million lottery winning without the extra ball, those five numbers for the $1 million prize come with odds of one in 11,688,054.

So what happens if you win the lottery? It is without a doubt that you just became filthy rich. What matters now is that this newly found wealth comes with an extreme responsibility. Again, many lotto winners end up broke again.