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We've all fantasized about it.
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Winning the lottery, getting a huge sum of money, and putting all of your troubles behind you.
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But does winning the lottery pay off?
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Does it make you happier in the long run?
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With the largest jackpots being in the hundreds of millions or even over a billion dollars, there's no doubt that winning would change your life.
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But what many lottery winners have found is that it didn't change their life for the better.
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Over 70% of lottery winners end up right back where they were─broke.
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Here's a few ways that things could go bad for you if you won the lottery.
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The easiest mistake to make is simply not planning for the future.
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Millions of dollars might sound like a lot of money but there isn't an infinite supply and it won't last forever if you don't have a plan.
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Getting an experienced and trusted financial advisor who knows how to handle large sums of money will help ensure that it's there for years to come.
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Another common problem is spending too much.
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Everyone, even millionaires, have to live within their means.
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Fast cars, big houses, fancy vacations, it all sounds great but it can add up fast.
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Spend without limits and you won't be going on those amazing trips for very long.
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But maybe the hardest issue to tackle is dealing with your friends and family.
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It's natural to want to share what we have, helping out our friends and sharing the wealth with our loved ones.
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Many lottery winners have talked about how hard it was to say no to all the people who came to them after they won seeking help.
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And many of those lottery winners couldn't say no, even as they gave away everything they had.
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While there's plenty you can do to help your chances of staying rich after winning the lottery, like laying out a smart financial plan from the get-go, being responsible with your purchasing decisions, and staying strong when it comes to those looking for a handout.
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The odds are still stacked against you.
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And more likely than not, after all is said and done, you'll end up right back where you started.
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