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What to do if you win the lotto? Practical advice to keep the hyenas at bay.

On The Lottery

In the USA, nearly 70% of the people who win massive lotteries are broke within seven years and in South Africa winners have the same experience. Sadly, there are real risks involved in winning the big one. Suicides, murders, drug addiction and divorces are common themes in the stories of these previously ordinary people whose lives were ruined by big jackpots. So my first piece of advice to a big winner is, DON’T TELL PEOPLE!

Take things slowly

Take two or three months to think about what you are going to do, before you do anything with your winnings. If possible speak to people who are wealthy and find out how they live their lives. You can learn a lot from other people’s experiences so that you don’t repeat their mistakes.

Get used to the idea of being wealthy and try to plan your life ahead before you start splurging. Don’t quit your job immediately as this is a sure sign to all your friends and family that your life has changed. If you really hate your job or your boss, try to develop a plan for what you are going to do with your time before telling the boss where to go.

The Responsible Party

On SEBASTIAN MARSHALL

From Ray Dalio's "Principles," my favorite work of nonfiction —

While the logic here is incredibly sound, the vast majority of people do not think this way.

It doesn't help that experts encourage you to delegate your authority to them, and specialized topics are confusing.

Dalio uses the health/doctor example, which is a good one. But here is another obvious one: if you're pursuing a legal case, it is absolutely up to you to plan your legal strategy, set your budget, interview attorneys while communicating your expectations and plan, pick an attorney that "gets it" and communicate your expectations to him or her, and then manage and followup appropriately.

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