Someone has the opportunity to come into instant riches. The Pennsylvania Lottery’s Mega Millions drawing for Tuesday, March 4, is up to $240 million in annuity value. Winners can also choose the $133,700,000 cash option. In short, an instant empire will be created if a winner emerges.

The Powerball jackpot starts at $40 million, and it keeps rising until someone hits the winning numbers. With no single winner yet, the new pot is up to $240 million. The real question that lotto players should be asking, outside of whether they should really be playing, is what to do if they win this jackpot.

24/7 Wall St. has created a 12-step plan for lottery winners, which would be the same sort of plan for people who unexpectedly inherit vast sums of money or who win large judgments. Technically, it is a list of what not to do.

It turns out that many lottery winners end up bankrupt or broke within a very short time after winning. 24/7 Wall St. does not wish for that to occur to any of its readers.

Lottery winners need to protect themselves. They need immediate tax and financial planning, as well as to know how to budget for the newly won empire. Expectations also must be set — realistic expectations. It turns out that it is just too easy to go broke now, even when you start with millions upon millions.

Coming into an instant dynasty simply comes with great responsibility. This money should last for multiple generations ahead. What is sad is that many lottery winners end up in the poor house in just a few years. Without proper planning and setting expectations, lottery winners are simply putting themselves in harm’s way.

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