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
Identity Theft Suspect Identified
Nicholasville Police are positive they have a suspect identified who is wanted in a recent identity theft case.
2014 36 Blitz: Mason Co. Royals
A look at tradition in Maysville and what it means to this season's team. Video Video
Lincoln County Woman Abducted; Held For Ransom
Stanford Police are looking for a suspect who abducted a woman at gun point, and held her for ransom Video Video
Postal Facility In Lexington Scheduled To Be Closed In 2015
The U.S. Postal Service's processing and distribution center on Nandino Boulevard in Lexington is scheduled to be closed next year to save money, according to the USPS Website. Video Video
5 Kentucky, Tennessee schools on list
Two Tennessee universities have made the "honor roll" of a publication's 2014 list of "Great Colleges To Work For."
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.