Labor Day weekend is going to be a big one for lottery players in 2016. These might not be record-breaking lotteries, but this weekend’s news flow may have more to deal with than Hurricane Hermine. There are two lotteries with a combined jackpot north of $250 million.
Friday’s drawing will be the Mega Millions lottery, with an estimated annuity value of $92 million. Then comes Saturday’s Powerball lottery, with a $170 million annuity value. Even if you consider that the discounting gets factored in on the lump sum values, the Powerball has a $118.1 million lump sum value and the Mega Millions has a $63 million lump sum estimated value.
What matters here is that both lotteries are likely to create multi-generational empire money. The harsh reality is that it is just too easy to blow a fortune these days. That is why 24/7 Wall St. has created 12 things not to do if you win the lottery.
Before you think it is silly that you could go broke after winning the lottery, consider that many new lottery millionaires have gone broke. Some have even gone broke in a relatively short time.
Many things need to be considered here. Some of these won’t be pleasant. Is it fair that the rich actually need a budget like the rest of us? Can’t a lotto winner now afford all the flashy cars and houses they want? Can’t they afford to take all their friends and families along for the ride? Can’t the rich get away with whatever they want if they just throw money at any problem? If you think these are not real issues, please understand that if you win the lottery the odds are very high you could be among the lottery winners who end up broke.
Most lottery winners take the lump sum option. After all, this is instant millionaire money. Most lottery winners also have severe lifestyle changes. They can now afford to buy more things than they ever would have imagined they wanted. And the reality is that there are just too many temptations to pass up.
Again, if you think this sounds silly then you are at risk of going broke if you become filthy rich overnight. 24/7 Wall St. does not want to see that happen to anyone. You should only have to become rich once.
It seems that the new American Dream is winning the lottery. Becoming filthy rich overnight even sounds better than a life of hard work, savings and being responsible. And the lottery takes away from everyone telling you how hard it is to get ahead and to succeed in life these days. Just do not ever forget that sudden and extreme wealth brings the need for sudden and extreme responsibility.
Here are the 12 things not to do if you win the lottery.