Lotto players have seen this jackpot rise and rise, with well over 20 drawings and no jackpot winner. We started tracking it at $344 million, then $400 million, then $550 million, and then $585 million. Now the $636 million is near an all-time record. The record for the Mega Millions is up at $656 million, which was in March of 2012 and was split among three winners in Illinois, Kansas and Maryland.
24/7 Wall St. wants to warn or remind our readers that winning a vast fortune of this magnitude can come with real problems if not addressed properly from the start. We have created a simple plan of what instant winners should do (and, perhaps more importantly, should not do) if they win empire-making money of this magnitude.
Another issue to consider is that this does not pertain just to lotto winners. Those who win big judgments, those who unexpectedly inherit vast sums, those who have an unexpected windfall, athletes who get huge initial signing bonuses or endorsements, and others who come into wealth quickly or suddenly can use the same tools.
It is unfortunate to think that winning the lotto comes with some serious pitfalls. How ironic is that? Now think about ending up bankrupt in just a few short years after becoming vastly wealthy. Believe it or not, many lotto winners have lost most of their money or even gone bankrupt just a few years after winning. We do not want that to happen to any of you.
The 24/7 Wall St. 12-step program for lotto winners and those who instantly come into wealth is intended to be the first-step on how to protect yourself and your newly won empire. We have evaluated what to do for tax purposes and financial and personal security, as well as what not go splurge on, and many other things.
Sadly, many lotto winnings end in family feuds, lawsuits, and some worse. There was even a case of possible murder around one lottery winner. Don’t become a statistic or the brunt of every joke from your friends and family for the rest of your life.
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