6 Things to Know About the Lottery
Winning the lottery may sound like easy money, but takingcharge of a windfall can be hard work. Here are six things you should know:
- Winningis a long shot. The odds of winningthe Powerball jackpot are around one in 175 million.
- Your lifewill become more complicated. Somefind themselves working a whole lot more while others watch their lives fallapart.
- You willbe famous. Only five states allowwinners to collect rewards anonymously. In all others, you will become a target for scammers and strangers.
- Assemblean A-team. Winners will at the veryleast now need an investment adviser, insurance expert, estate-planning lawyer,and CPA.
- Choosewisely. Some winners have a choicebetween a lump-sum payment or yearly disbursements. Each has its own pros and cons.
- Don’t actlike Santa. Giving out handouts towhoever asks can wreak havoc on relationships and bank accounts. Consider setting up a trust instead to act asa buffer.
See SusannahSnider, 6 Things You Must Know AboutWinning the Lottery, Kiplinger, November 2013.
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