We all dream about winning the lotto (some of us endlessly), but in all our imaginings of big houses and fancy cars and five-star trips away, we rarely stop to think about what, if anything, could go wrong in our new luxurious lives.
While it's tempting to think that as a millionaire lotto winner, your life will be simple and stress-free forever after, experience and many, many news articles have taught us that often the opposite is true. Believe it or not, winning the lotto has been the downfall of many players, who have seen debt, bankruptcy, marital feuds and family rifts go hand-in-hand with champagne, celebrations and huge, oversized cheques.
These lottery tales of woe often provoke a common reaction amongst lottery fans - the "that would never happen to ME" attitude. Of course it's easy to think that when reading about the misfortune of others, but if winning the lotto were ever your reality, would you find it easy to stay out of debt and manage your millions perfectly? Or would you fall into the trap of giving to loved ones, buying outlandish purchases and donating to charity, courting bankruptcy with every dollar or pound spent?
It's difficult to say what we would do if we ever won the lotto for real, but with the Powerball, Mega Millions, EuroMillions and UK Lotto draws coming up this weekend, it's important to take lessons from the mistakes of others. After all, if you buy your lottery tickets online with GiantLottos.com in time for the weekend draws, winning the lotto could soon be a reality you have to face! That's why we've put together a list of the top do's and don'ts for new lotto winners - the perfect guide to managing your money carefully, and ensuring you still have plenty of your winnings left five or ten years down the line.
It may sound ridiculous, particularly when your bank account has eight or nine zeroes in it, but spending carelessly could land you with no money at all. Just ask Canadian lotto winner, Sharon Tirabassi, a single mother who splurged endlessly on houses, cars, trips and parties, and now has to take the bus to her part-time job, before heading home to her rented flat.
All the money in the world and all the time to spend it in? It sounds like a dream! But keep your wits about you, because giving into your impulses could land you in hot water. At least that's what winners Michael Carroll and Evelyn Adams found out, when they lost their lotto fortunes in a matter of years - Michael spending his on alcohol, cocaine and hookers, and Evelyn gambling hers away in Atlantic City.
It's tempting to want to keep all those zeros for yourself, but no matter how much you try to hide your lotto winnings from your spouse or syndicate partners, karma will always find you. Denise Rossi was eventually ordered to pay her full lotto jackpot to her husband after she tried to divorce him in an attempt to keep it all, while Americo Lopes was successfully sued by colleagues after trying to keep a syndicate win all to himself. And although Waffle House waitress Tonda Lynn Dickerson tried to be clever by hiding her winnings from her colleagues in a corporation, she was eventually forced to pay gift tax as a result, depleting her winnings by a whopping $1,119,347.90. It turns out that the saying is true after all - cheaters never prosper.
But perhaps the biggest piece of advice we can give you is to have a solid consultancy team in place before one cent of your lotto jackpot ever changes hands. With a trustworthy financial adviser, tax advisor, legal adviser or real estate consultant by your side you can't go wrong - and you'll be able to live the life of luxury and leisure you've always dreamed of, without ever going near the bankruptcy courts!
The weekend lotto draws will soon be here, and now that you have a better idea of how to manage your lotto jackpot, it's time to win one for yourself! Buy your lotto tickets online with GiantLottos.com while there's still time, and look forward to millions in lotto winnings pouring into your bank account, and staying there!