Winning the Lottery

I would probably try to keep cool. Maybe drive out to a nice hotel and just sit there all night, ordering things online. I’m talking about what I would do if I won the lottery. I think I could avoid the Lottery Curse by asserting my privacy rights and getting a different address. 

The Lottery Curse refers to things going sour after winning. Sometimes it paradoxically results in bankruptcy, and other times, murder. Abraham Shakespeare was a lottery winner who was manipulated into signing over all of his property before his partner “disappeared” him.  

Problems with the IRS are also a common occurrence for lottery winners. Finding a great CPA should be one of the first things you do in your life as a wealthy person for that reason. It’s a great idea to talk to a Certified Financial Planner (CFP) to make a plan for the future.

Another thing to take into consideration is your money mindset. You’ll benefit from working with a money coach and asking questions like: 

• Where did my money habits come from? 
• How can I change them now that I have all this money going forward? 
• How do I reconcile the habits I made during periods of hardship?

I think an inexorable part of winning the lottery is becoming disappointed in people who view you like an ATM. Winners have described a change in their friends that happens suddenly, and I’m guessing that it’s devastating to experience. In fact, one lotto winner said, “I wish I could go back to getting paid every two weeks.” 

I think the lives and stories of lottery winners probably overflow with irony. It’s important to have your own financial team being your biggest fan — Contact us to learn more.