Making the Most of Your Lottery Win

lottery winner

If you’ve recently won the lottery, you might be tempted to take a break. You may want to spend a week relaxing at home and thinking about what to do next. Or, you may want to go back to volunteering or helping with your grandchildren. Either way, there’s no need to panic or wait until it’s too late. There are many things you can do to make the most of your lottery win.

Unfortunately, some lottery winners have not lived up to their prize-winnings. For example, Willie Hurt won $3.1 million in Michigan in 1989. He divorced his wife two years later and lost custody of his children. In addition, he allegedly developed a cocaine and crack addiction. Sadly, he hanged himself seven years after his lottery win.

Winning the lottery is exciting, but it can also be embarrassing. For this reason, some lottery winners decide to keep their name and P.O. box private. Others may wish to form a blind trust to ensure their privacy. Regardless of the decision, you should do your research and learn about state laws to protect your identity.

Unfortunately, 70 percent of lottery winners go broke. They spend most of their prize money, or lose it entirely within five years. This is the result of a variety of factors. One of the biggest problems is runaway spending and poor accounting. Those who win $50,000 to $150,000 are less likely to file for bankruptcy than those who win more than that.