We have a mentality that someway somehow, we will defy the odds and be picked as the sole winner of the lottery, yet when it comes to getting in a car when drunk or texting and driving, we gladly assume we won’t be the victim of the next deadly crash (sadly, you have better odds of getting in a car accident than winning the lottery). The reality is, you have a 1 in 300 million chance of winning the lotto, but hey, maybe today is your lucky day!



Money is essential for many things in life, and having the opportunity to win so much of it by doing so little sparks hope and excitement in the minds of many. “What if I won a million dollars? I wouldn’t have student loan debt!” “If we won the Mega Million, we could finally pay off our house and cars!” “The lottery is my only hope of doing everything I want to do in life.” No matter who you are, where you come from, or what your goals are, you can undoubtedly benefit from being chosen as a lottery winner. Wouldn’t that make things so much easier?
Not necessarily. There have been many instances of winners recklessly spending all their winnings within months or years of obtaining it, being murdered, or having their families torn apart because of poor decisions made after they won. People who win usually could end up losing it all, but it doesn’t always end up being this way. Money management is key in spending and saving your lotto winnings wisely. Here are some helpful tips to keep you sane during an insane time of your life:

• Don’t publicly give out your name as the winner. Some states will not allow you to remain anonymous if you win up to a certain amount, but others will. Do your research to find out the rules pertaining to the state you live in to see if you do not have to reveal your identity.

• Choose to have your winnings dispersed over a long amount of time, discouraging you to spend it all at once. If you decide to go for a lump sum, you will actually not get the full amount of winnings, “you will generally get slightly more than half of the advertised jackpot value… you can get the advertised jackpot value if you wisely invest your proceeds.” (finance.zacks.com, 2019). In other words, you will end up getting more money if you decide to only have so much given to you over an extended amount of time.

• Set up different accounts, some that you can draw from and others that you don’t touch. The purpose of this tip is to organize your winnings in a way that will allow you to use a portion of them, while setting others aside (think college funds, vacation funds, etc.) You will be able to do everything you want to do by splitting up the winnings and knowing how much you need to put into a necessity fund, a “have fun” fund, and a savings fund.

• Give to charities or organizations you’re passionate about. If you don’t want to be tempted to spend a majority of your money on “wants”, you can always give to a charitable organization! Sometimes helping others brings more satisfaction in the long run.

In conclusion, if you happen to be part of the small percentage that wins the lottery, you can take the right steps so that your money (and life) doesn’t spiral out of control. Good luck if you enter into the next drawing, and maybe consider sharing some of your newfound wealth with Rolling F Credit Union!

Rolling F Credit Union has been serving the Central Valley community since 1948, providing services in checking and savings accounts, loans, and online banking. Rolling F Credit Union is located at 2101 Geer Road, Suite #401 Turlock, CA 95382. To find out if you qualify to be a member, please call (209) 634-2911 or visit rollingf.org.