Be Careful How You Spend Those Lotto Winnings

It’s a problem most lottery players would like to have but will never face — what to do with that jackpot?

A story in the Seattle Times explains how to deal. Step one: buy yourself an entourage:

“I think you have to hire four people” after a big financial windfall, Carter said. First, hire “somebody to screen calls from all your long-lost friends and relatives. People will pour out of the woodwork.”

Then find a certified financial planner, estate-planning attorney and a certified-public accountant, she said. The financial planner will help figure out how to allocate investments to make the money grow; the estate lawyer will help think through trust, inheritance and other issues; and the accountant will make sure the books stay clean and Uncle Sam stays happy.

The story also suggests stocking up on your reserve fund and diversifying your investments. We assume that last piece of advice translates to: “use your entire lump sum on more lottery tickets.

What do you do with all that money when you win the lottery? [Seattle Times]
(Photo: No Que Pasa)