|Posted: February 10, 2016, 8:04 pm - IP Logged|
As everyone knows most people spend every dime and go broke.
Everyone knows it, but is it true? Sure, there have been a few high-profile cases, but they don't constitute "most".
If anyone were to hit a huge jackpot especially with these lotteries, how do you know what the interest is and what percentage would you take to make money on it.
If I were to hit a PB or MM jackpot, I wouldn't worry about making money on it. I'd worry about making the existing money last, and I've got a fairly solid plan on that:
Step 1: Take the annuity.
Step 2: Put a chunk of each payment into long-term safe investments that I won't touch until after the annuity ends.
Step 3: No debt. Ever.
Step 4: Live well within my means.