If By Chance You Win the Lottery, DON’T Do These 5 Things!
This week a 50-year-old woman in Michigan just hit the Powerball jackpot for $310 million, and IMMEDIATELY quit her job. We all hope that she will be smart with her money but most lottery winners aren't. Here are five dumb things people do after they come into a lot of money.
1. Some people don't pay their taxes right away. Whether you win the lottery or inherit a bunch of money, it's the first thing you should do.
2. They pay off their house. Which might feel good, but interest rates are so low, you're better off with a 30-year mortgage. You are also missing out on some great tax breaks.
3. Bragging about it too much. A lot of lottery winners end up having to move, because all their friends and neighbors eventually want something from them. Worse, they become a target for criminals.
4. Going on a spending spree. With something like $310 million, you can spend all you want. But if you inherit 50 grand and start acting like you're rich, you'll blow through it. Invest and let your money work for you.
5. Shady Investments: Trying to use the money to make even more money overnight. It's a major reason a lot of lottery winners end up LOSING all their money. If so sheets says they can double your money in a few months or even a few years, be very suspicious.