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In many cases, if you find a winning ticket lying around, you can still reap the rewards from to days after the drawing or official end date of the game. Unclaimed lottery prizes are often listed on state lottery websites. . Money Essentials · Relationships Essentials · Retirement Essentials · Style. Prior to giving it much thought, instinct probably would have led me to say yes. I am now solidly opposed to the introduction of a state lottery. If the relationship holds, then for every Mississippi resident, about $50 a year . percent of lotto winners end up losing the money within a few years, and billions. You can play the lottery in most of the 50 states, and you can play the lottery in a strong and positive relationship between sales and poverty rates.” poor lottery winners end up in worse situations when they started off in.
Those who become filthy rich overnight better have a serious plan in place to protect themselves from going broke. It is easy to get wrapped up in thinking about things you would do after winning the lottery.
While almost everyone who plays the lottery only thinks about the things they could buy and what else they could do with the money, people rarely think about what they should do before they go start spending their millions.
10 reasons state lotteries ruin the economy
While the odds of winning the Mega Millions are about 1 in million, the 12 things not to do can also be used for anyone who comes into vast money unexpectedly through an inheritance, settlement or lawsuit, becoming a stock-option millionaire or from the sale of a business.
There are some serious pitfalls that lottery winners and the newly rich must avoid.
After all, with extreme wealth comes extreme responsibility. Take this to heart, and it is no joke: Your life may depend on it. Most lottery winners will choose to take the cash lump sum option rather than the annuity payout over 20 years. The reason is that it is vast and instant wealth, and it is money than almost everyone can imagine making in their lifetimes. And there are an endless number of temptations that the newly rich just sometimes cannot avoid.
Again, endless temptations are coming your way. A lack of planning and refusing to live within reasonable limits must be avoided. Lottery winners should assume that their family relationships and friendships will be tested.
This may seem like a joke, even if it is far from it, but bragging about getting super-rich could literally cost you your life. Thinking that mundane things like financial planning, tax advice and budgets are out the window is a recipe for disaster. Again, no one who becomes filthy rich should ever have to worry about going broke.
Still, the endless temptations can become too strong for many people to handle. Start adding up the costs of buying and then maintaining and insuring all of the things that add up. Mega-mansions, yachts, private jets, luxury cars, lavish vacations, art and jewelry, private island retreats and other temptations. And why not have an entourage too? None of these or other things for the filthy rich are cheap.
These come with limitless price tags, and the ongoing annual costs of maintaining them only act to magnify that. Even a combination of just a few of these new vices could wreck your new vast fortune. There is one thing to take to heart before seeing the 12 things not to do if you win the lottery or become filthy rich overnight: If ANY of these points sound silly, then the key lesson you need to know right now is that you are already at severe risk of going broke if you ever become filthy rich in a short time.
Hopefully at least some reality is setting in here. The entire point of this list of things not to do if you win the lottery or become filthy rich is to keep you from ever going broke. The life lesson that it is easy to fail and hard to succeed holds true even for the newly rich.
Again, you should only have to become rich once. Getting rich is hard enough. Staying rich is even harder.
Click ahead for 12 things not to do if you win the lottery. Do not forget to sign your winning ticket, nor to report it immediately.
It probably seems crazy to think that some people might not sign a winning lottery ticket. It may seem even crazier to think that a lottery winner would forget to report the winning ticket to the state. Still, these are common mistakes that are made.
Imagine if you have the winning ticket and it gets stolen. Or think about if it burns up in a house fire. Endless millions of lottery dollars have gone unclaimed. 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 was the real owner of winning lottery tickets.
In more ways than not, a winning lottery ticket is like the last form of bearer bonds. Whoever shows up with the right paper gets paid.
Lost Lottery Ticket?
You have to sign and secure that ticket, and you then have to report to the state. Do not dare go brag about winning the lottery, not to anyone. Winning tens or hundreds of millions of dollars would be hard to not brag about.
Keep quiet, because keeping this a secret for as long you can is a must. Your friends or family members cannot be trusted to keep your secret a secret.
Telling everyone you know before you collect your winnings can put you in danger. And the danger comes 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. Have you heard of kidnap and ransom insurance before?
It is sad to report that some lottery winners have ended up being 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.
No taxes are paid when a person buys a stock or bond, a more preferred investment vehicle for wealthier households. Hypocritical when compared to state drug laws. One of the rationales for criminalizing drugs is that abuse leads to addiction, which harms individuals, families and society at large. Big winners often see their lives unravel.
12 things not to do if you win the lottery
Revenue-strapped state legislatures may see state lotteries as an easy way to bring in the hundreds of millions that they need for basic government services—schools, police, roads and social safety nets. But state lotteries have become an easy way to take from the least wealthy Americans and avoid the harder task of making everyone pay their fair share.
Steven Rosenfeld Steven Rosenfeld is a senior writing fellow and the editor and chief correspondent of Voting Bootha project of the Independent Media Institute. He is a national political reporter focusing on democracy issues. He has reported for nationwide public radio networks, websites, and newspapers and produced talk radio and music podcasts.
You'll be a target for a litany of lawsuits and scams. Hoping to carve out a chunk of your fortune, Motske says lottery winners are often targets for bogus lawsuits because everyone starts to come after them. They also need to be wary of people who purposely "slip and fall" on their property, including claims of winners rear-ending them and so on.
That includes contractors, baby sitters, friends and family who visit you, borrow your car, etc.
Should we end state lotteries? | 572233.info
Hayes says she endured some less-than-honest business deals. I experienced contractors changing their work bids to a higher price after they found out I won the lottery," she says. Please help us keep our community civil and respectful. For your safety, do not disclose confidential or personal information such as bank account numbers or social security numbers. Anything you post may be disclosed, published, transmitted or reused.
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