These Powerball lottery winners gave great advice that could save you millions
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$293 million Powerball winner Cindy Hill holds the microphone to daughter Jaiden, as husband Mark and sons Jason and Cody look on. They won half of the $587.5 million Powerball jackpot in that draw. Photo: Dave Kaup/Reuters
When a Forbes Magazine writer wrote about an Arizona Powerball win in 2012, she gave some good advice from the anonymous winners on how to handle their win.
Here’s a roundup of the advice that still applies today:
Don't be afraid to ask for help. The first thing the Arizona winners did was assemble a team of financial, legal and tax pros to offer advice. Everyone should have those folks at their fingertips, not just lottery winners.
Don't overspend. The winner spent a mere $10 for the winning ticket - which he apparently broke a $20 bill to do. In his case, spending another $10 wouldn't have produced a different result.
Players buy tickets on November 28, 2012 for the record Powerball jackpot, which swelled to $587.6 million.
Be cautious. You and I both know that I probably would have immediately tweeted had I won the lottery - and that would have been wildly silly. The winners got it right and got their heads together before they made an announcement.
Pay attention to timing. It matters. Whether you're struggling with when to pay a medical bill or sell a stock, those choices have consequences based on timing.
Be thoughtful. Don't rush into big financial decisions without looking at all the possibilities. Ask questions. Create spreadsheets. Wonder 'what if?'
Take chances. Do your homework but don't be afraid to take a risk. That's what keeps life interesting.
Source: Kelly Phillips Erb, Forbes
