The 6 whiteboard tips from this $192M Powerball lottery winner can help you win
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US Powerball winner Matthew Good won a half share of the 2012 Arizona Powerball and took home $192 million as his all-cash share of the $587.6 million jackpot.
Winners get plenty of advice on how to handle their win - including well-meaning tips from family. But after Matthew Good and his wife learned of their good fortune, the first thing he did was put together a team of financial advisers.
The Goods even used a whiteboard to write down how they wanted to allocate their windfalls. Columns on the whiteboard included entries for financial, legal and 'fun.'
When Forbes Magazine writer Kelly Phillips wrote about the winning couple, she said that they gave some good advice on how to handle large lottery wins:
1 - Don't be afraid to ask for help. The first thing the Arizona winners did was assemble a team of financial, legal and tax pros to offer advice. Everyone should have those folks at their fingertips, not just lottery winners.
2 - Don't overspend. The winner spent a mere $10 for the winning ticket - which he apparently broke a $20 bill to do. In his case, spending another $10 wouldn't have produced a different result.
3 - Be cautious. If you immediately tweeted you'd won the lottery - that would have been wildly silly. The winners got it right and got their heads together before they made an announcement.
4 - Pay attention to timing. It matters. Whether you're struggling with when to pay a medical bill or sell a stock, those choices have consequences based on timing.
5 - Be thoughtful. Don't rush into big financial decisions without looking at all the possibilities. Ask questions. Create spreadsheets like the Goods. Wonder 'what if?'
6 - Take chances. Do your homework but don't be afraid to take a risk. That's what keeps life interesting.
READ MORE: CNN
