Things You Should Not Do When You Win the Lottery

We all dream about it. Very few ever have to worry about it, but in case it ever does happen to you, (or me, for that matter) I thought a little guidance might be in order. I'm talking about winning the lottery, hitting that dream jackpot of riches; paying all your bills and everyone else's in the family, traveling wherever and whenever you want and never, ever, having to live paycheck-to-paycheck again!

So you've won the lottery. Now what? Those "smarter-than-the-average-bear" money gurus at 24/7 Wall Street have done a lot of research and have come up with some solid advice for anyone facing this blessing and/or curse. They indicated that there is a wide range of advice on what you should do if you win, but not a comprehensive list of what you should not do. So, dream on, but keep this information in mind, just in case and remember to call me when you win, I want to be your friend!

• Do not tell everyone you know - Lottery winners have been kidnapped and more recently, killed. If you can avoid it and your state allows it, stay anonymous as long as you possibly can. Yes, you probably want to tell the world, but don't!
• Don't let your debts continue - Pay off everything as soon as you possibly can. That is where any money should go first in the event you screw up and lose the rest of it. At least you'll be debt-free.
• Don't automatically take the cash over an annuity - statistics indicate that 70% of lottery winners end up broke again in a very short period of time, so go to a reputable and visible tax professional and (separately) a financial advisor to weigh the options.
• Don't think you're smart enough to manage your own money - You're not. Unless you're already a tax and financial genius, (in which case, you're probably not playing the lottery anyway), you need a team.
• Don't say "to hell with a budget" - Refer to the above statistic regarding how many instant millionaires lose it all, in a remarkably quick fashion!

For more tips from 24/7 Wall Street, click here, you lucky lottery winner you!