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Breathe, he said.
you oughta take a moment to process what happened before making any decisions.
(With the lottery, unfortunately, some states will disclose a winners name.)
Its easy to say, Youve got millions; I just need $20,000 for X.
He pointed out that money doesnt buy happiness, but it does allow you to chase happiness.
Does helping people make you happy?
Studies always show that stuff loses its luster quickly, but we maintain longer-term memories of experiences.
However, she said, without budgeting and proper planning, it can all vanish.
First, take a deep breath and resist the urge to go on a spending spree, Cammack said.
Pop that money into a safe, interest-bearing account while you figure things out.
A wise move would be to spread your money across different accounts at different banks.
Remember, the FDIC insures deposits up to $250,000 per depositor, per insured bank.
This way, youre protecting your money while buying yourself time to plan.
Use this time to create areal game planwith a financial advisor.
You want that windfall to be your golden ticket to long-term security, not a fleeting thrill.
But ignoring your debt is one of the quickest ways to squander your windfall.
She said before you make any big purchases, you should tackle your debt head-on.
She advised starting with your high-interest debt, such as credit cards and personal loans.
Once your debt is under control, you might start making other financial moves with confidence.
You might even feel like youve got enough money to take a big risk.
The problem is, high-risk investments can drain your windfall faster than you realize.
Work with a trusted financial advisor to build a strategy that fits your long-term goals.
Its wise to consult a tax professional immediately.
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