What To Do If You Win $500 Million

Reported by: Aaron Adelson
Set Text Size SmallSet Text Size MediumSet Text Size LargeSet Text Size X-Large
Updated: 11/28/2012 5:27 pm
Twitter: https://twitter.com/AAdelsonABC36

Winning $500 million would change your life forever.  A Richmond business expert and lottery expert has 5 tips to make sure you don't go broke.  Don McNay says 90% of lottery winners spend all their money in 5 years, or less. 

McNay's number one rule is do not tell people!  He says doing so will attract an entourage of yes-men.

"You don't get good advice.  You only have people saying yes.  So, there are no brakes, no controls.  You need people, people need someone in their life to say no, and particularly if you have that much money you need somebody that keeps you a little bit grounded, a little sense of reality," said McNay. 

Here are his other tips:
2) Don't rush to cash ticket-McNay says think about how you will spend the money first
3) Find a financial adviser with experience managing more money than you have
4) Don't take lump-some-McNay says people go broke faster this way
5) Money doesn't buy happiness-McNay says doing good things with your money will though
1 Comment(s)
Comments: Show | Hide

Here are the most recent story comments.View All

Ranger2 - 11/28/2012 5:53 PM
0 Votes
First thing to do is, Get a Tax Attorney, that is a real need. Don't broadcast it. Don't tell any one, as you will have new kin folks, you never heard of. Don't go on a spending spree, take some time and calm down.
Most Popular
Kentucky business unspooled as feds closed in
Louis Joseph Brothers used sales of military-grade electronics to Hong Kong to boost the revenue for his business, then resigned from the company he founded when federal investigators started questioning the sales and the company fell apart.
Ky. man sentenced to life without parole
A southern Kentucky man who pleaded guilty to murder, fetal homicide and other charges involving the stabbing death of a pregnant woman has been sentenced to life in prison without parole.
Jerry And Jack Cassidy Accused Of Indecent And Immoral Acts
New charges were filed against twin brothers in jail in Lexington for child pornography. On Tuesday, the two each had additional charges of indecent and immoral practices. Video Video
Update: Man Killed In Motorcycle Crash In Clark Co.
A Powell county man was killed on Tuesday night in a motorcycle crash on the Mt. Parkway in Clark county. Video Video
Man Accused of Selling Drugs in Danville Arrested in Nicholasville
A man wanted for allegedly selling drugs in Danville around a month ago has been caught in Nicholasville, according to Boyle County deputies.
Inergize Digital This site is hosted and managed by Inergize Digital.

WTVQ.com supports children's privacy rights. All persons under the age of 13 MUST have parental permission to use this website and direct parental supervision is strongly recommended.