NASHVILLE, Tenn. (WKRN) – Becoming a billionaire overnight may sound like a dream, but it could turn out a nightmare.
“The reality is you could buy anything you want from jets to cars to houses and it would be a very small dent,” Chris Stout with Evergreen Consulting told News 2.
Sounds dreamy, if you don’t blow it.
“I can tell you the psychology behind money that is given to people that have not earned it, it’s unbelievable how quickly they go through it,” Stout explained.
Many lottery winners end up broke again, some even bankrupt.
Stout, who is a wealth strategist, said, “I cannot express how critical it is to have a proper team in place that you can trust.”
Stout manages the money of professional athletes, entertainers and business owners.
“I help them with attorneys with their taxes manage the assets their insurance needs all of those items.”
Stout has some advice so you don’t go from riches to rags.
First, keep your winnings quiet.
“If you do start to tell everyone they are going to come out of the woodwork as instant experts on how to handle all that money of course with their hands out,” said Stout.
Try to live somewhat of a normal life while you figure out your plan.
You will likely want a financial advisor and an attorney, perhaps even a psychologist.
“When you have teams like that working together, when you have a CPA that works together with me, when you have an attorney that works together with me and vice versa things run very smoothly there’s a level of trust that really you couldn’t put a price tag on it.”
While your team will cost, Stout says it’s a priceless investment.
“One-point-four million a year is what it would cost a year for me, out of the gates to run all of that,” he said.
You can watch the next drawing Wednesday night on News 2.