Dear Winner,
Congratulations! You've hit the jackpot of all jackpots. Exciting, very exciting!
Now, lets get back on the ground and think this through. This event has the potential to completely ruin your life. When word gets out that you won, you're going to be more popular and have more friends than you could ever imagine. I'm being a bit cynical I know, but many of your new 'friends' may not share in your values and priorities. In fact, their only priorities may be to help you enjoy your winnings.
The first call, after your significant other, should be to the best tax attorney money can buy. Hire the best talent you can find. Then, you should call.... NOBODY. You need time to think, process and prioritize. Hire someone to coach you through that discussion if you need help.
The second thing you should do, outside of a few small fun things, is to resolve not to change anything in your life for at least a year. Give yourself a chance to absorb the event and make no major changes to your lifestyle. This advice is coming from my study of athletes and famous people that seemingly had all the money in the world and then somehow ended up dead, flat, BROKE.
The problem, in the end, is poor cash flow management. It may sound crazy to say, but if you all the sudden adopted a lifestyle that required $75 million a year, you could run out of that jackpot money. Can't happen to you? Do a Google Search on "highest paid athletes to go broke" and read the articles that come up. It can happen to anyone.
Lastly, this advice isn't just for the Powerball winners. It's for everyone. Cash Flow Management is one of the single greatest determinants of financial success or financial failure. If you'd like to learn more or get another set of eyes on your cash flow, please contact me to schedule an appointment.
Have a great day!
Best-
John