Don McNay: Is Paul White of Ham Lake, Minn. the next Lottery Loser?
Huffington Post - over 4 years
I've written three best-selling books on what to do when you win the lottery, but really it can be boiled down to five simple points.
Paul White of Ham Lake, Minnesota violated all five of my rules within 18 hours.
My five rules are:
1. Don't tell anyone that you won.
2. Take some time to get your financial systems in place before you claim the ticket.
3. Find financial advisers who have worked with more money than you have.
4. Take the money in annual payments, don't take the lump sum.
5. Give money back to charity.
People with millions of dollars blow all their money, all the time. A report by the National Endowment for Financial Education said that 70 percent who receive a lump sum, from any source, run through it in a few years.
Since most people blow the money, Mr. White is bucking the odds under any circumstances, but he has dramatically made his life harder.
An article by Jenna Ross in the Minneapolis Star Tribune noted that "winners typical...
Article Link: Huffington Post article