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