The Dos and Don’ts of Winning the Lottery

Hitting the jackpot can have serious consequences.

Multi-million-dollar Lottery Scam Artists Busted in Jamaica - Tommy Lee Sparta, a Jamaican dancehall deejay, and four others have been arrested and charged in a multi-million-dollar lottery scam. Police found names and addresses of U.S. citizens in a home in Kingston where the group ran the scam. Sparta has been granted bail for $400,000.(Photo: Jo Yong-Hak /Landov)

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More Money, More Problems - Some experts say you are 50 times more likely to get struck by lightning than to win the lottery in your lifetime, but that isn't discouraging people around the country from playing for the $550 million Powerball jackpot. As history has shown us, however, winning may not change your life for the better if you don't have a plan to safeguard your fortune. — Britt Middleton and BET.com Staff (Photo: Jo Yong-Hak /Landov)

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Do Get Out of the House - To protect yourself and your earnings, go to a safe place such as a suite at a hotel. Everyone can find out where you live instantly, including people from second grade who may show up at your door, financial expert Carmen Wong Ulrich told MSNBC. (Photo: Jose Luis Pelaez Inc/Getty Images)

Photo By Jose Luis Pelaez Inc/Getty Images

Don't Go Crazy With Big Purchases - Financial experts estimate that 70 percent of all lottery winners will squander their winnings in a few short years, so be mindful of how those fancy vacations, lavish gifts and multi-million dollar homes will pan out in the long run. (Photo: Jean-Bernard Carillet/ Getty)

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Don't Go Crazy With Big Purchases - Financial experts estimate that 70 percent of all lottery winners will squander their winnings in a few short years, so be mindful of how those fancy vacations, lavish gifts and multi-million dollar homes will pan out in the long run. (Photo: Jean-Bernard Carillet/ Getty)

Evelyn Adams - Evelyn Adams won the New Jersey lottery in 1985 and 1986, for a total winnings of $5.4 million. However, she reportedly blew all her cash gambling in Atlantic City and today lives in a trailer park. (Photo: Wikimedia)

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Evelyn Adams - Evelyn Adams won the New Jersey lottery in 1985 and 1986, for a total winnings of $5.4 million. However, she reportedly blew all her cash gambling in Atlantic City and today lives in a trailer park. (Photo: Wikimedia)

Do Create a Trusted Personal Network  - You won’t necessarily need a bodyguard, but it is a good idea to surround yourself with three to five people you’ve trusted the most in your life. They can filter calls, emails and requests that you won't want to deal with. (Photo: Getty Images)

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Do Create a Trusted Personal Network  - You won’t necessarily need a bodyguard, but it is a good idea to surround yourself with three to five people you’ve trusted the most in your life. They can filter calls, emails and requests that you won't want to deal with. (Photo: Getty Images)

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Abraham Shakespeare  - After winning $30 million in the Florida lottery in 2006, Abraham Shakespeare was befriended by Dorice "Dee Dee" Moore, who would be charged with shooting him and burying his body beneath a concrete slab at a home owned by her ex-boyfriend in 2009. Moore is also accused of seizing millions in Shakespeare's assets and sending text messages pretending to be him to his family to cover up his disappearance. (Photo: ABC NEWS)

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Abraham Shakespeare  - After winning $30 million in the Florida lottery in 2006, Abraham Shakespeare was befriended by Dorice "Dee Dee" Moore, who would be charged with shooting him and burying his body beneath a concrete slab at a home owned by her ex-boyfriend in 2009. Moore is also accused of seizing millions in Shakespeare's assets and sending text messages pretending to be him to his family to cover up his disappearance. (Photo: ABC NEWS)

Financial Planner - While an accountant is important at tax time, a financial planner takes the long view of your fiscal situation and helps you reach your money goals. A “fee-only” advisor may cost more than a “no-fee” advisor, but they aren’t beholden to companies that sell financial products, so you can be assured they have your best interests at heart. Find one at NAPFA.org. (Photo: GettyImages) 

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Don’t Touch the Money…Yet - After winning the lottery, you can’t walk up to a teller with a check for hundreds of millions of dollars. Therefore, it’s imperative to equip yourself with a financial planner, an estate attorney and a tax specialist, especially if you plan on gifting the money to others. (Photo: Getty Images)

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Do Know When to Give  - While you may want to give generously to family members and friends, remember that it's not your responsibility to absolve anyone of their financial woes. This is where having a trusted financial team can help you in the long run. (Photo: Monashee Frantz/Getty Images)

Photo By Monashee Frantz/Getty Images

Jeffrey Dampier  - As money can bring families together, it can also tear them apart. Jeffrey Dampier and his wife won $20 million in the Illinois lottery in 1996 and used the money to buy their extended family houses and founded a gourmet popcorn company. But when going to visit a sister-in-law who claimed she was having car problems, the sister and her boyfriend pulled out a gun, kidnapped Dampier and killed him. (Photo: SCOTT SHAW/The Plain Dealer /Landov)

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Jeffrey Dampier  - As money can bring families together, it can also tear them apart. Jeffrey Dampier and his wife won $20 million in the Illinois lottery in 1996 and used the money to buy their extended family houses and founded a gourmet popcorn company. But when going to visit a sister-in-law who claimed she was having car problems, the sister and her boyfriend pulled out a gun, kidnapped Dampier and killed him. (Photo: SCOTT SHAW/The Plain Dealer /Landov)

Do Be Transparent When Necessary - In the eyes of the law, lottery winnings can be considered as marital property acquired during marriage, and therefore may be subject to division upon divorce. (Photo: Ingram Publishing/Getty Images)

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Do Be Transparent When Necessary - In the eyes of the law, lottery winnings can be considered as marital property acquired during marriage, and therefore may be subject to division upon divorce. (Photo: Ingram Publishing/Getty Images)

Denise Rossi - A shining example of what not to do comes by way of Denise Rossi, who won $1.3 million in the California lottery on Dec. 28, 1996, and filed for divorce from her husband 11 days later. She told no one in her divorce case about the money. Her husband uncovered her lie two years later, and a judge awarded him all of the money. (Photo: David Chasey/Getty Images)

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Denise Rossi - A shining example of what not to do comes by way of Denise Rossi, who won $1.3 million in the California lottery on Dec. 28, 1996, and filed for divorce from her husband 11 days later. She told no one in her divorce case about the money. Her husband uncovered her lie two years later, and a judge awarded him all of the money. (Photo: David Chasey/Getty Images)