What to do when you hit the lotto

DAYTON, Ohio (WDTN) - Winning the lottery is one surefire method to ensure your life will never be the same again, but hitting the jackpot can create its fair share of problems for you and your family.

So, what do you do when match all of the winning numbers? We reached out to personal financial expert and author Peter Dunn of PeteThePlanner.com for answers.

“You have to watch out for fraud, first and foremost,” he cautions,
“Fraud can come at you from very strange sources such as financial advisors, accountants, and attorneys.”

Dunn suggests finding a trusted accountant if you win. Then, try to keep your name out of it.

“There are zero advantages to having people know that you won millions of dollars,” Dunn advises, “But there are millions of disadvantages.”

In some states winners must come forward publicly. In others, such as Ohio, winners' names can be kept out of the mix. Unless, of course, you tell all of your Facebook friends about your newfound wealth.

Rather being the end of your problems, a giant check could be the start of bigger problems.

“Lottery winnings, or any sudden windfall, can create major problems for people. This is mainly because money magnifies our character and our habits,” Dunn explains, “If we have good financial habits, then lottery winnings are likely to enhance our lives and the lives of those people around us. If we have poor financial habits, then lottery winnings will only serve to give us more resources. This isn't a good thing. People that lack resourcefulness aren't well served with more resources.”