The Powerball lottery just keeps on rolling higher and higher this summer. Mega Millions crossed over the $500 million mark in recent weeks, and now we have the Powerball lottery at an annuity value of $390 million. Its discounted lump sum cash value is $270.5 million, and this weekend’s drawing is set for Saturday, July 23, 2016.

It seems evident that the American Dream has moved from a life of hard work and having a comfortable life to winning the lottery. After all, being handed millions upon millions of dollars all at once is just a lot more fun than a lifetime of hard work and living responsibly. And to prove it even more, the media keeps telling you every day that it’s just too hard to get ahead these days by hard work alone.

Whether you are talking about $390 million paid out over a lifetime or a lump sum of $270 million, this is going to be a lottery that creates multi-generational wealth. The winner is also going to need to exercise extreme responsibility. This is why 24/7 Wall St. has created the 12 Things Not to Do If You Win the Lottery.

Most people choose to take the cash lump-sum option. Even after the discount and the high tax bill, this will be more money than most people can imagine.

This is hard to say, but many lottery winners have gone broke shortly after winning the big jackpot. Wanting to buy and consume can be too much for some people, and many lottery winners ignore all the classic warnings about temptations. The reality is that it is quite simple nowadays to blow through $100 million or $200 million in a short time. The real damage comes from a lack of planning and refusing to live within reasonable limits.

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Family relationships and friendships may come under pressure. Bragging can get you killed. Thinking that financial and tax advice are not needed will wreck winners, and living within a budget is crucial. Winning the lottery does not make anyone suddenly smarter about money. If these points sound silly, then there is a real good chance you are at risk of going broke after becoming filthy rich.

There are endless temptations that cost a lot to get into and cost a lot to keep up. Is an entourage cheap? What about jets and yachts, mega-mansions and private islands? These are all expensive, and they keep eating cash while you sleep. Multi-million dollar art auctions can go up endlessly, as can the prettiest jewelry in the world. Vintage car collections and buying into a racing team are not cheap. Why not buy a ticket to go into space?

Hopefully this is a reality check here. The entire point behind the 12 Things Not to Do If You Win the Lottery is to keep anyone who becomes suddenly wealthy from going broke. This also would pertain to anyone who unexpectedly inherits millions or anyone who receives a large judgment. 24/7 Wall St. does not want anyone who comes into instant wealth to go broke. Remember this adage: You should only have to become rich once!

Here are the 12 things not to do if you win the lottery.

1. Do not forget to sign the winning ticket or to report it.

Does it seem impossible to think that some people might not sign a winning lottery ticket? Or what about not reporting that they won? Imagine if you have the winning ticket and it gets lost or stolen — or burns up in a house fire! Endless millions of lottery dollars have gone unclaimed. One of the recent lottery winners took weeks and weeks to report that they were the winners (reportedly to get their lives and plans in order).

Some people somehow manage to not report to the state that they won. Now imagine how you would feel if you lost a winning lottery ticket. Or what about if someone else takes your winning ticket and then shows up to collect the prize? Fighting over a winning lottery ticket is no simple task and disputes have arisen over who owns what ticket.

In a way, lottery tickets have effectively become the last form of bearer bonds that anyone can collect on if they show up with the coupons and bonds. You have to sign and secure that ticket, and you then have to report to the state.

2. Do not go out and brag about winning the lotto!

If you just won tens of millions of dollars or hundreds of millions of dollars, one of the first impulses would probably be to go tell everyone you know. How could you not? Do not do this! Keep as quiet as you can. Your friends or family members cannot be trusted to keep your secret a secret.

Telling everyone you know before you collect your winning can put you in danger, and in more ways than just one. Everyone who has ever done anything for you now may come with their hands out asking for something. You may even become a target.

You may have heard of kidnap and ransom insurance before. It is also sad to report that some lottery winners became murder victims, and for far less than the massive empire-building jackpots. If you can manage it, and if your state allows it, try to remain anonymous for as long as possible. How you became vastly wealthy will be found out in time anyway, but there is no need to hurry that along and jeopardizing yourself.

3. Do not decide to take the lump sum cash option without knowing your options.

Most winners are going to choose a lump sum payment of $270 million rather than $390 million being paid out over 20 years or so. Just do not ignore or forget that the media’s most commonly used figure is that close to 70% of lottery winners end up broke again. Some of the newly rich even manage to go broke within just a couple or a few years. Let’s say that you can choose to get $270 million in a lump sum payment, do you know for sure without consideration that is a better choice than receiving a payout of $361 million slowly over the course of a lifetime. Again most people choose the lump sum rather than the annuity payment as it is instant empire-making money.

Go see a reputable and visible tax professional and a reputable investment advisor at a top money management firm with a widely recognized company name and a long corporate history. This theme of “reputable and visible” will echo throughout. Do this before you automatically make the decision about a lump-sum or annuity option.

4. Do not think you are now the smartest person about finance.

Most people know very little about the world of finance. Lottery winners and other instantly wealthy people need to get immediate outside financial advice. If you have been living paycheck to paycheck before the lottery, does it seem possible that you now suddenly know the best things to invest in? How likely is it that you will immediately know the best tax and asset protection strategies?

There are many ways to invest and to protect that new fortune. Strategies of the extremely wealthy often go way beyond just buying stocks and bonds and letting those investments ride. As far as who to use, or who not to use, chances are very high that your drinking buddy might not be the best choice as an advisor and expert.

Having a solid and respectable team of financial advisors and managers from reputable firms will act as your buffer to protect your assets now and in the future. Do you know how to protect your assets against all threats and know exactly how to protect your estate in case you die or become incapacitated? Here is a very real hint: If you answered yes, you probably did not bother playing the lottery.

5. Do not let your old debts and obligations remain in place.

Do not let the woes of your old life carry forward. If you suddenly become filthy rich, get rid of your old financial obligations and debts immediately. If you think that “I’m rich and don’t have to pay anymore” is a fun way to be, you are already deep into the path of wrecking yourself. Whether you take the lump-sum or the annuity option, if you have a single penny of debt in the immediate future and distant future, then something is seriously wrong. For that matter, you should not have a single debt ever again. One lottery winner in California was reportedly strapped with debt from property purchases.

Now imagine if you manage to go broke down the road and still somehow have a mortgage, car payments, student loans, credit card debt and personal bills. Do you think for an instant that your friends and family members will not ridicule you every day for the rest of your life?

6. Do not live the big life, at least not way too big.

You can spend as much as you want, and that will wipe you out. There are many temptations awaiting those with what seem like endless avenues of riches. If you go from living a simple life to instantly being able to spend hundreds of thousands of dollars (or more) per week, what do you think happens to your expectations in life ahead? Chances are high that you will want more of the same.

If you start gambling in Las Vegas and are not happy until you are gambling with hundreds of thousands of dollars (or more) per play, you are dooming yourself. Now just wait until the real con men find you. Taking you and your favorite 500 people on a luxury cruise around the world can become very expensive, very fast. Having an entourage generally only works for people who keep making more and more money – and they usually end up broke for that cost.

7. Do not run out and buy everything for everyone, and not even for yourself.

Most people have a list of things they say they would like to own. Buying nice things can be fun. It can even create a rush for some people. Now imagine getting to buy whatever your imagination can think of. Now, let’s take a breather for a moment.

Society and the endless commercials trick the public into thinking they need to own endless amounts of things. It’s just stuff! Do not go out and buy dozens of cars. Do not go buy multiple houses. Do not run out and buy things endlessly for friends and family members (nor for yourself). This will put you on a bad path if you do not avoid the impulse buying. Do you really want to be your friends and family personal welfare department?

If you start buying everything for everyone, chances are high that they might expect that to last forever. The other end of the story is that you do not have to be a cheapskate either. Still, after hearing a real life personal story of one lucky winner buying more than 30 cars and multiple houses in three months it is just crazy.

8. Do not think that budgets are not just for the poor or the middle class.

Even billionaires know that they have limitations. Maybe it sounds silly that you might need a budget and might need to consider limitations if you have $100 million or $200 million to burn through. The reality is that creating a budget and sticking to that budget are not just menial tasks for the poor and the middle class. The very wealthy, at least those who stay that way, know that a vast fortune can vaporize if not handled properly. Major lottery winners generally become wealthier in an instant than everyone else they know combined. This also goes back to having advisors and being prudent, but at the end of the day you do still have a finite sum of money. Chances are very high that you will make some serious purchases and your lifestyle will be changed forever.

Without setting limits for yourself and for what you do with others is a recipe for disaster. Again, many lottery winners go broke. If they went broke in a very short time, what do you think the reflection about wishing for a proper budget would be? In short: Do not think you don’t need a budget!

9. Do not become the big business backer for all your friends and family.

Get ready to start saying “No!” Chances are good that many friends or family are about to ask you for cash or to back their latest “million-dollar idea.” If you knew little about money or finance yesterday, do you wake up and suddenly understand venture capital or merchant banking? It may sound powerful and enticing to be sought after by everyone but do not dare allow yourself to fall into this trap. One common theme that has come up with lottery winners who suddenly get vast sums of cash is that their friends and family start pitching them on endless business ideas. Sure, some will sound great and some will sound crazy. This could expose you to more than just a loss. You could end up with endless liabilities in some cases.

If someone has no knowledge of a particular business and does not know what it takes to actually run a business, will they do better because a lottery winner who lucked into vast wealth gave them money to start it? If your answer is yes, you seriously need to protect yourself (from yourself).

10. Don’t give your fortune away — you might need it!

Many lottery winners and many who become filthy rich allow themselves to be tricked into thinking that they should give away or share all that new money with society. Maybe it is a church or a charity. Maybe it is the children in poor nations. It probably seems like a nice effort to give away vast amounts of cash to charity or to religious institutions. And maybe it sounds mean that someone would tell you not to share it all.

Giving away an entire fortune or a large part of it to a charity or to religious institutions needs to be given great consideration. You can be generous without giving it all away. Rather than giving everything away now, the current charitable theme of the extremely rich is to plan for how their estate will distribute their money and assets upon their death, and while still often leaving something for their heirs.

Imagine what you will feel like down the road when a serious crisis arises in your life or your family’s life, knowing that you no longer had the means to change it. This new money will give you a chance to be very charitable. You should be charitable. Just do not dare give a fortune away all at once.

11. Do not start envying the rich athletes and celebrities.

Many movie stars, entertainers, and athletes live a life of extreme luxury. It may even be almost too hard to imagine (almost). Lottery money gives a winner the chance to live like the lucky few, and comes with pitfalls that can make them go broke. Keeping up with the Joneses is bad enough. Trying to keep up with the Kardashians or other celebrities is a recipe for disaster. It has to seem cool to own a 200-foot yacht. It may seem practical that certain celebrities have an entourage, or to have a film crew following you around. It may seem cool owning castles in Europe. Owning an original Picasso painting sure sounds impressive.

Having a big new private jet makes sense for a lot of people. Trying to dodge taxes might even sound appealing to misguided people. Now go add up the price tags of these things, plus the cool cars and houses and the rest of it. You can go broke really quickly. Just ask actors and athletes who did this how they feel now.

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12. Do not think that laws or decency standards are history.

Some people think the rich can do whatever they want without consequences. It is true that the wealthier you get, the more high-class trouble you can find. It is also true that the rich can afford better attorneys and legal defense then the rest of us. Still, living a reckless life without concerns about the law will not keep you from going to prison, or worse. A good sports coach will tell any star athlete upfront that chances are high they will have to be human for far longer than they are going to stars.

It is quite frequent that movies and television shows glamorize scoundrels. The reality in life is that fictional scoundrels would be scoundrels in real life. What good would it do you if you are incredibly wealthy and such a pariah that no one will associate with you? Remember, you don’t get to take any of your wealth with you.

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