Let It Ride

lottery winnerLottery game Powerball had a jackpot of over a half of billion dollars. Thousands of people played hoping to be the next millionaire. Dreaming of spending the money on new cars and homes and fabulous vacations once they received the jackpot. Making plans of leaving their jobs and relocating to a new state. Over 75% of the people who win the lottery for big bucks usually go broke within the 3-5 years after winning.

Recent Studies

A recent study was conducted on past lottery winners that showed almost 75% of them were broke for one reason or another. Winners did not think about how to make that money last. They bought unnecessary personal items, gave a great deal away, or just flat out miss managed it. Most of them did a lot of compulsive spending on things that should have been planned for. Once the money was in their hands they lost their minds. Many even lost it all gambling. Spending and buying stuff that they thought would bring them even more joy to have. Now because of their careless actions they are right back where they started. Some are even worse off now than they were before winning the money.

Ways To Hang On And- Keep Your Winnings Safe

When you become a millionaire you will be overwhelmed by all the people who will want to get a piece of the pie. It’s sad to say that becoming a millionaire has some bad sides as well as good. There have been cases where the winners have been murdered or robbed for their money. One of the first things you could to prevent becoming a victim is to make sure you have your money deposited into a bank account. Contact a local accountant to help you oversee the money before you start spending any of it. Make a list of the big ticket items that you want to purchase before you run out to buy that new car or house. Prioritize the big ticket items based on necessity first.

Have your accountant help you to file the proper tax forms to avoid income tax fraud. The IRS will want to know how much money you have won for tax purposes. You don’t want to lose money on back taxes this could put a very large dent in the winnings. Sit down with your family and discuss the best plan of action for you.

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