Winning lottery can create financial pitfalls - WLOX.com - The News for South Mississippi

Don't go on spending spree if you win Powerball

The Powerball jackpot reached $425 million. (Source: CNN) The Powerball jackpot reached $425 million. (Source: CNN)

(RNN) – Those buying $2 Powerball tickets for Wednesday's drawing are fantasizing what to do with the $425 million jackpot.

Buy a boat? Travel on a boat? Buy your mom a boat? Party so hard with all your new friends that you would put the Rolling Stones to shame ... on a boat?

"First thing, you should not get any new friends, you've already got enough," said Nathan Bachrach, of Simply Money.

Then take a deep breath. Don't rush into any decisions regarding your windfall.

"Emotions are a horrible tool when it comes to making money decisions," he said.

Bachrach suggests putting the money in the bank and going to a professional financial adviser – don't go crazy buying things for you and everyone else.

Paying off any debt is a good first step, and make a list of things you want to do with your winnings. Work with the adviser to make sure you have enough to live on and retire comfortably.

Managing money is not a do-it-yourself proposition. Bachrach pointed out that if training for the Olympics was easy, the athletes would be using coaches recorded on video.

"There are two things we've never learned in school: We never learned how to raise kids and we never learned how to manage money," Bachrach said. "Just because you won the lottery doesn't mean you know any more about money than you did before."

Copyright 2013 Raycom News Network. All rights reserved.

  • Don't go on spending spree if you win PowerballMore>>

  • NEWSMore>>

  • Scattered Storms Possible Memorial Day

    Scattered Storms Possible Memorial Day

    Saturday, May 27 2017 1:38 PM EDT2017-05-27 17:38:58 GMT
    Marginal Risk (Level 1 out of 5) for severe storms Memorial Day AfternoonMarginal Risk (Level 1 out of 5) for severe storms Memorial Day Afternoon

    After a few dry days, the weather pattern changes as we head into the second half of Memorial Day Weekend. 

    More >>

    After a few dry days, the weather pattern changes as we head into the second half of Memorial Day Weekend. 

    More >>
  • Police investigating death on Biloxi Beach

    Police investigating death on Biloxi Beach

    Saturday, May 27 2017 12:38 PM EDT2017-05-27 16:38:08 GMT
    Biloxi police are investigating a dead body found on the beach. (Photo source: WLOX)Biloxi police are investigating a dead body found on the beach. (Photo source: WLOX)

    Biloxi Police are investigating a dead body that was found on the beach Saturday morning. The body was found in the sand in front of St. George Avenue. Witnesses say two women went to retrieve a fishing pole out of the water and discovered the body. It's unclear at this time how the person died or whether the death is suspicious. Police are on the scene. WLOX News Now is also there and will update this story as soon as more information is available. Copyright 2017 WLOX. All rights ...

    More >>

    Biloxi Police are investigating a dead body that was found on the beach Saturday morning. The body was found in the sand in front of St. George Avenue. Witnesses say two women went to retrieve a fishing pole out of the water and discovered the body. It's unclear at this time how the person died or whether the death is suspicious. Police are on the scene. WLOX News Now is also there and will update this story as soon as more information is available. Copyright 2017 WLOX. All rights ...

    More >>
  • Stolen vehicle found in Gulfport; suspect arrested

    Saturday, May 27 2017 9:16 AM EDT2017-05-27 13:16:23 GMT
    Bailey Jade Ford (Photo source: Biloxi Police Dept.)Bailey Jade Ford (Photo source: Biloxi Police Dept.)

    A vehicle stolen in Biloxi was located in Gulfport a few hours later and a woman was taken into custody for the theft.

    More >>

    A vehicle stolen in Biloxi was located in Gulfport a few hours later and a woman was taken into custody for the theft.

    More >>
Powered by Frankly