So I Just Won the Lottery: The First 48 Hours

This is the first installment of a four part mini-series on what I would do if I won a monster jackpot in the lottery or came into a massive fortune overnight. As jackpots continue to climb and billion dollar prizes become more common, creating a plan for sudden, massive wealth is an exercise worth taking. And while I may not be the lucky one to win, hopefully this guide can help and inspire the next jackpot billionaire.

TL;DR; Win the lottery. Don’t tell anyone. Hire a dream team. Define your goals. Don’t screw this up.

It’s 10:59 and the balls are spinning. You’re well aware of the odds, but numbers like 1 in 292 million don’t comprehend very well when the jackpot is at over over a billy. Someone has to win, right?

The first ball shoots to the top and it’s a match. And the second, another match. A winner already (in the participation ribbon kind of way)!

This is happening quick and balls 3, 4, 5, and the Powerball. Everything’s a blur. The numbers come out in whatever order they want, so you’re looking over your card time and time again. It’s hard to really concentrate with all these numbers, on the TV, on the card, and in your head… This is a billion dollar endeavor after all.

You check. And check again. And again and again. You hone in on the one row that looks, right. The numbers are all there. You read them aloud again, and again. You rewind the DVR and just compare the TV with your ticket. HOLY SHIT! Did I just win the lottery?

It’s now 11:03PM and in the last 4 minutes, you’ve won enough money to buy an island or an NBA team or an airplane or pretty much anything else you’ve ever thought you’d want. Cars, houses, vacations, tanks, pools… All within reach.

You instantly become part of the 1%. And you better start acting like it and quick. You don’t want to be featured on in the next The Lottery Ruined My Life: The Tale of the Bankrupt Billionaire. The next 24 hours are key to setting you up for success and more importantly, ensuring that you don’t screw up. It seems hard to blow a billion dollars, but it can be done. Always remember it can be done.

So I’m sitting here with a billion dollar ticket in my hand. What’s the first thing I should do? NOTHING. Don’t call you parents. Don’t tell your siblings. DO NOT post on social media. Just sit there. Don’t say a word. Find the safest spot in your house and put your ticket there and go to bed. Remember, no one knows you’ve won unless you tell them. Don’t tell them.

When you wake up, have a nice big breakfast, turn on the news to see if you have to split your fortune and grab your computer. It’s time to find a lawyer. And it’s not going to be cheap. Being a billionaire isn’t cheap, so get used to it.

So where do we start? The first rule of hiring a lawyer like a 1%-er? Find one that will not get rich off you… because they already need to be rich. You want Mark Zuckerburg’s lawyer. Or Warren Buffet’s. You definitely do not want Stanley Kahn from the mid-day commercials.

Hire a large firm who deals with rich clients and deal with a partner, preferably the man who’s name is on the biggest building in the biggest cities in America. A billion dollar lottery ticket can make any man crazy with greed. Hire a firm that their reputation is many multiples of your jackpot. Here’s a good place to start.

Next, start listening. You hired the best, let them do their job. They will most likely suggest a team of experts, from accountants, to tax experts, to financial planners. Make sure you keenly understand what each of these dream team members will do and understand and agree to their fees upfront. Listen to the advice, but ultimately, you are responsible for your decisions.

Your dream team will likely ask you for your future goals. Know the answers to these questions and take the time to really understand what you want to accomplish with your new fortune. It sounds easy to say you’re going to live your same life and maybe buy a few new toys, but money does change your circumstances. And you wouldn’t have bought the ticket if you weren’t interested in that change. So embrace it and prepare for it.

So what should you be thinking about? Here are some of the questions that your dream time will likely ask about.

Can you stay anonymous in your state when accepting the prize? Do you want to? Think long and hard about this. Fame is a box that can’t be unopened.

Do you want to take care of your friends and family? It may make sense to create a trust that can be drawn from for things like mortgages, schooling, etc. Don’t hand out cash, ever. This is destructive both on you (because you can never keep it even) and to them (money can and will ruin relationships if it’s not respected on both sides).

Do you have a desire to start, invest in, or mentor businesses? How active do you want to be? What are your minimum requirements for investing? And can you be introduced to industry experts that can help put your money to work? Do NOT make investing decisions alone. Your uncle’s great idea for a bar in your hometown and your cousins can’t miss new app may be a gold mind, but you probably don’t have the experience to know. It’s not fast cars, houses, and boats that bankrupt billionaires… It’s terrible investing strategies.

It’s going to be a busy first 48 hours. Lots of decisions will need to be made that can affect not only your life, but your family for generations. Don’t screw it up.

View the first month, the first year, and the rest of your life in this mini-series on my blog, Yossarian’s Name.