What you should do if you get a Big Game Prize

Mavis Wanczky, a 53-year-old neighbor of Chicopee (Massachusetts), has been a millionaire for just under four months. She has won the second highest prize in the history of big games, 758 million dollars (635 million Euros). The largest was about 1,000 million. So a cloud of advisers has already addressed the woman to recommend what to do with that sudden and unexpected fortune. It would not be the first prize in a draw that squanders her sudden fortune, although in this case the amount seems large enough to assume that it is not easy to squander it. Let’s see what advice the young millionaire has received to manage her assets.

The first, according to Barry Rithold’s recommendation in ‘Bloomberg’, is that he realizes that the money he is going to actually receive is not the one that appears in the festive cardboard check and considerable dimensions with which the game is self-published in the delivery ceremony. You have to subtract the taxes. In this particular case the thing is reduced to less than half (336 million dollars). If it is granted in Spain, the amount is much lower and the Treasury is left with 20% of all prizes higher than 2,500 Euros.

It is a good idea to change your telephone number and leave for a season at a hotel in a different location than your normal residence

The second advice is for the winner to remain alert to exploited strangers and avid relatives who share their luck with them. To do this, it is a good idea to change your telephone number and leave for a season to a hotel in a different location than your normal residence. One of the winners of one of the biggest prizes did just the opposite: she kept her phone, her house, her job and her car. He did not even tell his son they were millionaires. The money stayed in the bank and she continued to make her life as if nothing had happened.

The winners of the big game, like other supervening and inexperienced millionaires, like athletes or artists, do not know very well what to do with their money and spend it on things that are not a very good idea. According to a 2014 article in Sports Illustrated magazine, 60% of NBA players go bankrupt five years after their retirement. Bad business and expensive divorces are usually the culprits.

One more , you can say obvious advice is to follow Lottoz powerball results along the years and to try and learn if there is a pattern or and clue that may assist you when you try to be the next big winner.

Advisors

So it is convenient to ask for help. As recommended by some experts, the ideal is to have a tax advisor and a financial adviser. Preferably they do not know each other beforehand. Another important aspect in the life of the novice millionaire is learning to say “no”. This essential step in the life of any individual in any context is crucial in the management of a fortune. You should not support every financial or business adventure that a more or less close acquaintance suggests.

You must understand that money is a tool to do things and not an end in itself. But this advice can also apply to anyone who has not won any big game prize, even if the things he can do are limited to feeding.