New Jersey Lottery: What Not to Do When You Win

The New Jersey Lottery Mega-Millions jackpot approached a billion dollars a couple of weeks ago. That prompted someone in our office to collect and play as a group. We didn’t win, but it was fun. We won forty-five dollars in one drawing but rolled it over into the next one.

We all dream of winning big money and how it will change our lives. Usually, while we fantasize, we dream of a life of luxury without any worries. We would buy this, get that, donate to this, and take care of these people. That would be nice.

However, there are several cases, none of which I will share here, where a big windfall didn’t go as expected. It’s like pro athletes who get that big contract but never learned how to deal with that kind of money.

The next Mega Millions jackpot is Six Hundred Million dollars. Someone is going to win it, eventually. There’s no reason why the lucky someone can’t be you.

Sure, you’ll pay a bunch of taxes, but who cares? It’s still a disgusting amount of money. If you take the cash option, you’ll end up with close to three hundred million bucks.

Therefore, just in case you win, I want you to be prepared. Forbes knows some things about money and has some recommendations should you win big. These are a few suggestions, should you beat the impossible odds to win a ridiculous amount of money.

The first is not to publicize it if possible. You can if you win in New Jersey. A law was signed a few years ago that enables Jersey lottery winners to remain anonymous indefinitely.

This will make your rich life a whole lot easier. It’ll cut down on the phone calls, texts, and knocks on the door from friends, family, and strangers.

Next, you should hire an accountant and a lawyer. I wouldn’t know what to do with all that cash. I’d probably just put it in one bank account and spend it from there. There are certain things you can do that protect that kind of money. They’ll also guide you in making proper decisions.

Third, don’t make any sudden lifestyle changes. Buying luxury cars, boats, and vacation homes could destroy your anonymity. Nefarious individuals may want to kidnap you for ransom. That would make for a really bad day.

Tip number four: any debt you currently have should be paid off first. Of course! With this kind of money, you should have zero debt. Pay off the car, pay off the house, pay off the student loan, and pay off all the credit cards. What a wonderful feeling that would be.

This last one will also give you a wonderful feeling. Donate to charity. I’m sure it’s also a good idea for tax reasons. I don’t know what these “reasons” are, but they’re probably good ones.

If you’ve read this far, then you already believe, “Anything can happen in Jersey.”