5 Mistakes People Make After They Win the Lottery

A 50-year-old woman in Michigan just hit the Powerball jackpot for $310 million, and immediately quit her job. So, she's sure to be smart with her money, right? Well not really.

According to Business Insider, most lottery winners aren't. Here are 5 big mistakes people make after they come into a lot of money.

1. They don't pay their taxes right away. Whether you win the lottery or inherit a bunch of money, it's the first thing you should do.
2. They pay off their house. Which might feel good, but interest rates are so low, you're better off with a 30 year mortgage. That way you can invest your money.
3. Bragging about it too much. A lot of lottery winners end up having to move, because all their friends and neighbors eventually want something from them.
4. Going on a spending spree. With something like $310 million, you can spend all you want. If you inherit 50 grand and start acting like you're rich, you'll blow through it.
5. Trying to use the money to make even more money overnight. It's a major reason a lot of lottery winners end up losing all their money. If someone says they can double your money in a few months or even a few years, be very suspicious. And maybe think twice before you give your cousin half your savings to start that line of cat scarves she's so passionate about.

Source: Business Insider