With the first ever Billion Dollar Powerball jackpot on the horizon, we at PlayUSALotteries.com want to make sure that our online lottery players are ahead of the game and more than prepared to handle a huge lotto win like this.
Come October, Powerball lottery players will be in for a treat, when a slight number format tweak will take place. It’s this rule change that could see the Powerball jackpot soar to 1 Billion Dollars.
Related article: PowerBall Changes Could See A $1 Billion Jackpot
The last we would want is one of our loyal online lotto players to end up without a penny to their name (or worse) by not having the tools required to handle such a large sum of money.
So, even though we have written numerous articles about what NOT to do after winning a lottery jackpot, we feel the need to remind anyone out there, feeling lucky enough to win the lottery, to avoid some of the simple and sometimes complex mistakes that have caused other lottery winners into bankruptcy.
Following a list of things to do or not do sounds easy enough. Unfortunately, life sometimes gets in the way of logic, so make sure you carry one reading this article, if you are serious about playing the lotto:
It’s rather eye-opening to hear about how some lottery jackpot winners handle their huge windfalls, and I guess for some individuals the mere thought of having literally millions at their disposal within a blink of an eye, can cause mayhem. Some people just cannot help themselves in avoiding the pitfalls of instant wealth.
The following is a list of things NOT to do if you win the 1 Billion Powerball jackpot:
Don’t do drugs:
In February, the world was happy to hear that a mother of four won $188 million on the US Powerball. But, when the police came round to arrest her roommate, for violating the terms of his release, they found marijuana and paraphernalia in the house that her children live in. The 26 year-old mother of four young children was cited and arrested for possession. It’s such a heart-wrenching story, as at the time of her lottery win, she said that the money would make a big difference for her kids.
It’s quite understandable that the first thing you want to do after winning the lottery, is to shout it from the rooftop. This however, is seriously, not a good idea. Telling your family, and celebrating is one thing, but bragging about your lotto win to every Tom, Dick and Harry is another. With so many con men out there, you could be setting yourself up for disaster.
People will come out of the woodwork and beg you for a handout and half the time it will be for something they could and should quite easily do themselves. Thankfully, playing the lottery online at PlayUSALotteries.com allows you to claim your winnings and remain anonymous. How you became vastly wealthy could be found out in time anyway, but there is no need to inform everyone before you have all your ducks in row.
Don’t think you know it all
Approximately 70% of lottery winners end up broke after just a few years. Scary! One minute the worlds your oyster and you are under the impression the rest of your life is in the bag, and the next you are scrounging around and panicking that the money is running out, fast. Most people prefer taking the cash pay-out. If this is the route you would take, then make sure you speak to a financial advisor, visible tax professional and a reputable investment advisor. Remember your standard of living will be a lot higher that what you were accustomed to and if you are currently living from one pay-check to another, the chances that you know how to invest such a substantial amount of money is rather slim. With so many options to invest and protect your new found wealth, looking after it is paramount. In fact, speak to them before you decide about taking the lump-sum or annuity option.
Forget about your debts
Don’t laugh. There have been many lottery winners, who have for some reason or another simply not paid their debts. They go along, thinking they will pay up later and happily go along increasing their debts along the way. Sort out your debts first. Buy less and make sure you never have another single debt again. If you ever find yourself in a sticky situation, you could always fall back on paid up properties etc. and hopefully learn from your mistakes.
Become a legend for all the wrong reasons
There are various types of millionaires out there. What type of millionaire would you become? After winning the lottery and enjoying your wealth, it will be so easy to want more and more. Living like a high-roller and becoming a legend in your own mind can be dangerous. The more you have, the more you want. Don’t get me wrong, it’s not a bad trait to have, but make sure you know exactly what you are doing. Jetting off to Vegas and gambling out hundreds of thousands is simply not a good idea.
Never saying no
After telling everyone you come across that you won the lotto and promising everyone that their lives will now change for the better too, cannot end well. Going out and buying them cars, houses and whatever else, will only end up making you their personal welfare department and they will expect you to keep up showering them with gifts for the rest of your life. It’s something that we hear about all the time, friend and family of the lottery winner pitching endless business ideas. While it’s always good to strive to find financial independence and be a go-getter in life, people who have suddenly come into a vast sum of money should not necessarily be the be all and end all of their business ideas. That dream belongs to the lottery winner. Some of these ideas will sound fantastic (if only there was financial backing) but do these individuals, who have still not come up with their own backing, have the business skills to run a business? Make sure you protect yourself and keep your own dreams alive.
Budget. What budget?
This might sound like the last thing you want to hear, but you will still have to live within your means with your life-changing, empire-making money. It’s completely natural that you will make some big purchases after winning the lottery but make sure you set yourself limits. The less limits you have, the quicker your funds will diminish.
Keeping up with the Kardashians
Having enough money to keep up with the Jones’s is fine, but yearning to keep up with the Kardashians or other celebrities is crazy. Yes, we know you want to own your own private jet, super-yacht and a Picasso, but if you having nothing in place to ensure that your money is in fact working for you, then we suggest that you reign in your dreams just a tad.
Sod the law
The richer you are, the better your legal defence. Hold your horses! What happened to common decency and abiding by the law? Living a reckless life without any concern about the law is a no-no. This will definitely end up badly for you. Nothing in life comes easy; even winning the lottery. Think about it - just how many times did you play your favourite lucky numbers before hitting the jackpot? So protect your winnings and remember, you can’t take it with you…
Give the whole lot away!
It happens. Believe me, it happens. There are people out there that have given the whole enchilada, or a substantial part thereof to charity or their religious institution. It’s good to be charitable, but give it all away? Definitely not! What if someone you care about finds themselves in a crises and you no longer are able to do something about it? You will be kicking yourself and disappointed in yourself for being too generous in the past with your winnings. Like we’ve said time and time again, keep a good chunk for a rainy day.
Play the lottery online
There’s nothing stopping you from hopping on to a plane and flying off to the USA in October and buying a Powerball ticket at the local store, but then again, you could quite easily be part of all the US Powerball lotto action in the comfort of your own home, no matter where in the world you reside.
Buy lottery tickets online at PlayUSALotteries.com. Register online and within a few clicks of the mouse you will be ready and able to stand a chance winning millions.
Other jackpots on offer this week are:
149 million Dollar US Powerball TODAY
121 million Euro SuperEna Max on Thursday
82 million Euro La Primitiva on Thursday
106 million Dollar Mega Millions on Friday
Wishing you tons of luck in these exciting Powerball times!