A person could do a lot with the millions of dollars won from the mega lottery. But in some ways, not winning the lottery might be better than winning. Here's a list of why people are better off not winning all that money, according to Fox Business.
How could winning millions of dollars make a person more likely to go bankrupt?
"Winners are much more likely to make significant impulse purchases far beyond their previous means. So the purchase amounts will be much higher, making the interest accrued on those credit cards much higher. And because they don't stop to think the money could run out, winners don't generally think they need to create or live by a monthly budget," Scott Dillon, a senior bankruptcy attorney at Tully Rinckey in Albany, N.Y., told Fox Business.
Certified financial planner Alexey Bulankov once worked with a family that won the lottery. The family crumbled after making a series of bad financial decisions, Bulankov told Fox Business.
The husband wasn't ready for the responsibility of having such a sum of money, and consequently took to gambling and extramarital affairs.
The family is back together but the trust will never be the same, Bulankov told Fox Business.
People you haven't heard from in years will suddenly become your best friend. These people will want to get together to "catch up." But what they really want is for the lottery winner to pay for their good time.
"A family member who wins the lottery will appear as a better option than a bank for fast cash that comes with the price tag of little to no interest paid and no application process," Jeff Motske, financial planner and president of Trilogy Financial Services, told Fox Business.
Lottery winners suddenly have a lot of money. This can result in people trying to get a piece o the cash pie through different means.
"If the winnings are public knowledge, winners can bet their phone will never stop ringing. Winners hear from investors, reputable firms and scammers, and every planner/schemer under the sun," Motske told Fox Business.
People might do everything they can to get money from the recent lottery winner, according to Fox Business. In each business occurrence, people can try to get as much money as they can.
Contractors, carpenters, or any other type of service provider, the service will cost more because the providers know the winner has a lot of money from the lottery.
Sandra Hayes was one of 12 who won the Missouri Powerball in 2006. The group split the $224 million, leaving her with a cool $18.67 million.
Hayes had to be careful about who she associated with, she told Fox Business.
"It became necessary to be careful about who I make friends with because some people can be cruel and have alternative motives for befriending you. Some feel that just because you have money, you owe them money," Hayes said.
The lottery winner will be able to travel the world, fancy cars, flat-screen TVs, and other expensive items. But it can lead to the stress of financial responsibility, divorce, law suits, being overcharged, friends and family doing all they can to take advantage of their new rich acquaintance.