10 Tips for How to Handle a Big Lottery Win

Many people dream of one day winning the lottery, but few ever think about what they would truly do if a large windfall of money actually came their way. Do you know what you would do if you won over $300 million in a lottery?

Some suggest investing everything into stocks, bonds, or trust funds with the help of a financial advisor. Other lottery winners have chosen to help others in foreign countries such as China, India or Columbia. Even more choose to travel the world as tourists. A large part of winning the lottery unfortunately is the accompanied fame. With that fame, many lottery winners find that they are often asked for support by nonprofit organizations, individuals such as friends, family, or even strangers, and last but not least, politicians. Some have even chosen to support a presidential candidate during the upcoming election that shared their views on politics and the war. Perhaps the most flamboyant use of lottery money has been seen by one winner who chose to carry his winnings around in suitcases and then spent it frivolously. This cost him dearly, in both his health and his fortune. Unfortunately, with little to no prior money management planning for such a premium change in finances, many lottery winners find problems instead of paradise. With this handy guide, you can be adequately prepared for how to handle yourself and your money if you one day draw a winning lottery ticket.

In the month of August 2007, more Powerball tickets were purchased than countless months before. This growing interest proved to be profitable for one Ohio resident who hit the jackpot winnings. David Coterel, a resident of Riverside, Ohio won the $314,300,000 Powerball lottery. This incredible drawing was named the fourth largest in the history of the Powerball Together he and his children Lynn Hiles and David Coterel, Jr., all planned to retire from their current jobs and pursue their dreams. What one does not see in the press releases and feature spots on the Wednesday evening news however, is what happens to the family after the big win, and how exactly they go about adjusting to life as overnight millionaires.