Lottery players have seen a serious surprise in recent weeks as the Mega Millions lottery keeps rolling higher and higher. The odds should have generated a winner of the Megaplier jackpot by now, but the drawing for Friday, June 24, 2016, has risen to an annuity value of $363 million, or the cash value option of $244 million.
The Mega Millions drawing for June 21 had risen to $333 million in annuity value, or up to $226 million as the cash option. Can you imagine winning a whopping $363 million to be spread over a lifetime, or $244 million all at once? Maybe the question that matters is what lottery players should do, or really what they should not do, if they win. 24/7 Wall St. has come up with 12 things not to do if you are ever lucky enough to win the lottery.
Before we get into dos and don’ts, it is important to consider that winning the lottery may be the new American Dream. Just keep in mind that the odds are far worse at winning the lottery than succeeding through hard work and good financial planning.
The lure here is simple: The lottery gives people the dream of becoming filthy rich overnight, without hard work year after year and having to save along the way. What matters now is that the next winner better understand that they need to be responsible and give their new massive wealth some serious thought.
With newly attained wealth comes with the need for extreme responsibility. Sadly, many lottery winners seem to have ignored that lesson, and some of them end up absolutely broke — some in just a few years.
Maybe it seems hard to imagine that you could blow through $100 million, $200 million or more very fast. It is simple. The reality is that careless planning and careless actions can wipe out almost any sum in short order. Have you ever heard that you should only have to become rich once? It’s true. There are many pitfalls waiting for unprepared lottery winners. Again: with extreme wealth comes extreme responsibility.
A serious consideration is that vast money almost certainly will have an impact on your family relationships and friendships. Running out and bragging to everyone could be more than dangerous, it could cost you your life. Immediate financial and tax advice is a must. Even a budget is mandatory.
Playing the ATM and banker for friends and family can wipe you out. Knowing high finance is a must, and winning money doesn’t teach you that. If all these points sound outlandish, there is a serious chance that you are a prime candidate to go broke despite massive wealth.
There are many things that can be tempting. Jets, yachts, mansions, islands, extra homes, an entourage, private concerts, arts and collectibles. Any combination of those could blow through $200 million or $300 million rapidly.
Hopefully the message is setting in. The whole point of 12 things not to do if you win the lottery is that you can quite easily blow through $200 million, $300 million or more. 24/7 Wall St. simply just does not want to see anyone who gets rich go broke. Again, extreme wealth brings extreme responsibility. You should only need to get rich once!
Here are the 12 things not to do if you win the lottery.