How to Avoid ‘Ruining Your Life’ If You Win a Big Lottery Jackpot in Minnesota
If you have the lucky numbers for Friday's Mega Millions lottery drawing your life will change forever and that isn't necessarily a good thing. You will immediately have a target on your back.
A Minnesota financial expert recently discussed the topic after the last big Powerball winner. In the podcast below, she shares real stories about lottery winners involving lawsuits and hitmen and explains how most lottery winners have to declare bankruptcy within a few years of winning.
Friday's (1/6/23) Mega Millions prize is nearly $ 1 billion. I think the hardest part of winning a huge amount of money would be all of the new friends and long-lost family members that show up with their hands out seeking financial help.
Jenna Taubel with First Alliance Credit Union in Rochester, Minnesota touches on that outlines the steps you should take to avoid "ruining your life" if you win a big jackpot.
Listen to the podcast in the player below:
I think everyone has fanaticized at one time or another about what they'd do if they won a massive amount of money. Maybe you'd go on elaborate trips or buy fancy cars and homes. It's fun to think about all of the ways you could spend your winnings but before shopping, there are definitely some things you should do right away to protect yourself and your money.
For more financial tips and advice, subscribe to the Good Money Moves Podcast. Each week, Andy Brownell, from KROC AM, and Jenna Taubel, from First Alliance Credit Union, chat about a wide range of financial topics with various financial experts from First Alliance Credit Union’s knowledgeable team of advisors.