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Would you lose it all if you won the lottery?
by Staff
Hooray, you’ve won the lottery! Sayonara cash-strapped days, hello multimillion-dollar payout! Can you manage to hang on to your winnings, or will you become a lottery loser?

You've just realized you have a winning lottery ticket. The first thing you do is:

  • Tell your boss you're not coming back to work.
  • Make a mental list of everything you're going to buy.
  • Don't spend a dime! There's time for that later.

If you win a $4 million jackpot, what's the payout?

  • $4 million (duh!)
  • about $2 million
  • $3 million, more or less

What is the best post-lottery financial plan?

  • to sail around the world in my custom-built yacht
  • to map out a financial road with qualified financial advisors
  • to spend like there's no tomorrow -- starting with a massive shopping spree at Saks

With your lottery winnings in hand, it's time to join the ranks of the uber-rich. The first step is:

  • Call up a realtor who specailizes in luxury properties so you can look for a mansion.
  • Develop a long-term saving and investing plan.
  • Buy a luxury sports car with a custom paint job -- how about some fire painted on the hood?

You've just won mega-millions, whose advice should you seek first?

  • your mother
  • a lawyer
  • an accountant

Which of these would you be most likely to do with your tax refund?

  • Go on vacation.
  • Buy everyone a round of drinks at the local watering hole. That'a all it covers anyway.
  • Save the refund in an emergency fund.

What is the typical state of your checking account?

  • a healthy balance, thanks to a cushion of several hundred dollars for emergencies
  • overdrawn
  • a few dollars on the "plus" side until the next paycheck

You have a lottery ticket with the winning numbers. What should you do first?

  • Quit your job.
  • Let all your friends know about your good fortune.
  • Sign the ticket.

Should you accept the lottery payout as an anonymous winner?

  • No way! What's the point of winning if you can't make your coworkers and former high school classmates green with envy?
  • Yes. This saves you from getting lots of requests for money.
  • To compromise, send your best friend instead to collect; no one will know the difference.

Now that you've won the lottery, family members have come asking for help. What should you do?

  • Don’t give out anything. Once you start, more people will come begging for assistance.
  • Set aside a fixed portion of your winnings to help others.
  • Do it on a case-by-case basis.

Are you more likely to lose it all if you take a lump-sum lottery payment rather than annual installments?

  • yes
  • no
  • It makes no difference either way.

What's one secret to living off your lottery winnings, long-term?

  • Get a roommate to share expenses.
  • Put the money in long-term investments and live off the interest.
  • Tie up lots of the money in real estate.

You've just received the check representing your massive lottery win. Where should you deposit it?

  • a large brokerage firm
  • your regular bank
  • check cashing store

Where's the best place to stash your winning lottery ticket?

  • Have a friend hold it for you.
  • bank safe depost box
  • under the mattress

If you won the lottery, a firm understanding of which theory could serve you well?

  • prospect theory
  • peircian theory
  • "The Big Bang Theory"

What is one personal factor that can ensure your lottery winnings last the rest of your life?

  • IQ
  • age
  • gender

True or False: Lottery winners don't need budgets.

  • True
  • False

What is an unexpected pitfall after winning the lottery?

  • lack of sleep
  • psychological issues
  • weight gain

Most people think winning the lottery will bring:

  • uncertainty, because you worry about how to spend the money wisely
  • happiness, because it will solve all your financial woes
  • stress, because of all the problems associated with lots of money

What is the "lottery curse"?

  • Overall, your life becomes worse after you win the big payout.
  • King Tut cursed all future winners of lotteries and gambling.
  • Anything you invest in with lottery winnings is bound to fail.