DALLAS -- Wednesday night’s Powerball Jackpot is up to a cool $1.5 Billion. So the lucky soul who matches all the numbers should be on the fast track to lifestyles of the rich and famous, right?
Well, not so fast.
“Within seven years of winning, most lottery winners are bankrupt,” says Joh Pollock, CEO of Financial Gravity.
Turns out, hitting the jackpot can create more problems than it solves.
“Winning the lottery is like being in elementary school and being dropped into a Ph.D. program,” says Pollock. “People don't realize that having a lot of money is actually a lot of work.”
Between splashy purchases, bad investments, and old friends and family coming in with their hands out, it’s apparently pretty easy to blow through millions of dollars.
But if you do have the lucky ticket, and hey the odds are only 1 in 292 million, there are some simple tips to keep that money in your bank account.
“The single most important thing is to hire a tax attorney,” says Pollock. “Don’t take a single dollar until you hire a tax attorney.”
Hiring a tax attorney was also Dallas Mavericks owner Mark Cuban’s top tip for the power ball as well. The billionaire added, “If you weren’t happy yesterday, you won’t be happy tomorrow.”
Hey, maybe money can’t buy happiness, but we're willing to give it a $1.5 billion shot!