It’s back! Already! Can you believe that another major lottery drawing is here? The Pennsylvania Lottery system has not yet produced a new winner, and the Mega Millions jackpot is now up to $353 million as an estimated annuity value. And if you just want the cash, that estimated cash value is projected to be $194 million.
As no winner picked the winning numbers on Tuesday, the new Jackpot drawing will come this Friday night — March 14, 2014. The real question that lottery players should be asking themselves, outside of whether they really should be buying lotto tickets, is what they should do if they win?
24/7 Wall St. developed a simple 12-step plan for lottery winners. This would be the same sort of plan for individuals who suddenly come into vast sums of money via inheritance, a judgment or other unexpected windfalls. What makes this 12-step program different from so many other online reports is that it is presented in a “what not to do” manner to prove the point outside of financial industry jargon.
Sadly, many lottery winners end up in the poor house in just a few years after winning the lottery. Can you imagine going bankrupt a few years after suddenly coming into millions of dollars? 24/7 Wall St. does not wish for that to occur to any of its readers.
The 24/7 Wall St. list of things to do (or not to do) includes how to protect yourself from others — and from yourself. Immediate tax and financial planning is a must, perhaps even before accepting the check. Another must is a proper budget, because apparently the poor house loves to pull back newly minted millionaires under its roof. Expectations also need to be set to realistic levels.
The movie “Brewster’s Millions” from the 1980s showed that it was difficult to spend $30 million in 30 days and end up broke. It was hard to do back then, but now it is easy to do — incredibly easy. We would not want you to be the laughingstock among all of your friends and family.
The moral of the story, and the point of our 12-step program for lotto winners, is simply stated: “With great success and fortune comes great responsibility.” Obviously, taking in $353 million instantly would be dynasty money. Again, we do not want to see anyone go from a dynasty back to or into the poor house.
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