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Like millions of other Americans, she's clueless about financial matters, starting with her decision to buy a house with all cash, and what the hell did she need a second home for, except for investing purposes?
She should have sought out a financial advisor as well, but then personal finance isn't something taught in our high schools, which is pathetic. Had she done so, he would probably have been advised not to take that lump sum payment and a huge tax hit on top of that.
Paying all cash for a car is fine; that's very intelligent.
It's now being reported that she's been removed from the state's welfare rolls, and won't be getting any more checks from them.
In general, winning the lottery can in some ways often be detrimental to your financial and other well being, because it will attract a lot of unsavory attention from people who want to exploit the recipiant, and it's not uncommon for such jackpot winners to end up bankrupt and broke.
Major points for any jackpot winner:
1) Don't talk about it.
2) Surround ones' self with trustworthy people, more than ever.
3) Get sound legal and financial representation
4) Take your time in claiming the prize. Think hard about the ramifications
I love how people resort to 'I didn't know' and 'I deserve it' when they're caught scamming the system.
Yeah, when I walked out of the store with the Breitling Montbrillant watch I was looking at, and nobody stopped me, I thought it was okay.
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