Now let the lottery fever begin as the Mega Millions jackpot is expected to surpass the $1 BILLION DOLLAR mark this week.
All over social media, everyone is talking about what they would do with that money if they hit all the winning numbers, but what you DON'T do is just as important to know. Around 70% of people who get a huge windfall of money blow through it in a few years.
You don't want to be known as the "billion dollar winner that lost it all" do you? With the help of USA Today, here are 5 things you SHOULD and SHOULD NOT do if you get to this money.
You SHOULD sign the Back of Your Ticket
If someone steals your ticket, your signature on it actually protects you. So sign it IMMEDIATELY after you purchase it to be on the safe side.
You SHOULD NOT tell ANYONE.
Keep your mouth SHUT if you are a winner. Don't tell anyone, even if you trust them because its who THEY COULD TELL that could lead to drama and problems down the line not just beggars but criminals as well. You've heard the stories of folks being robbed and even some cases murdered after winning.
You SHOULD NOT take the lump sum.
As you well know, taking that lump sum will lead to a significant portion of your jackpot being shaved by more than half so its best to take the annual payout and be smart about the money as you'll get more money over time instead of burning through it immediately. Again, you'll be amazed at how FAST you can spend that money, even if its a billion.
You Should Not Start Backing Friends & Family Business Ideas
Your family members will be coming out of the wood work asking you to start a "record label" or "clothing line" or a restaurant and your best option is to say NO. Again, its YOUR money not theirs, use it to make YOUR dreams come true and don't start buying cars and houses for family either.
You SHOULD Call A Lawyer
You should call a lawyer AFTER you sign your ticket. An attorney will help you navigate the whirlwind of activity that's about to happen. If you want someone that has experience with lottery winners you can contact The Lottery Lawyer Jason Kirkland, who has advised several winners over the years.