With great money, comes great responsibility, there have been many Powerball winners that blow their money and end up broke after a couple of years. This is a combination of frivolous spending and bad decisions.
Let’s take a look at winners habits and what you can do to not fall into the same trap. When you do win the lottery, you have a choice of taking it as a lump sum or an annuity. The difference is that in the first option, you get the total winnings. The second option offers you the choice to collect money weekly for the rest of your life.
Definitely, take the lump sum, you can invest money that will return money monthly. If you invested correctly, you would be able to live off of an income from these investments. Also, you can deposit it into a bank and live off the interest. If you have no idea what, where or how, go see a broker. This is a good idea for anyone, but especially for us simpletons who became millionaires overnight.
A big mistake most people make is stopping their routine and work habits. You need to keep a job, trust this. Go have a look at self-made millionaires and see how many of them do nothing. None! We’re not saying you need to stay with the job you hate, no, get yourself something that you love! Ignite those young dreams and passions, this is the best time to do that.
Other than that, ENJOY IT!