How Not to Invest Your Lottery Jackpot

The article “How Not to Invest Your Lottery Jackpot” published by Bloomberg on July 17, 2018 tells the stories of individuals for whom the advent of sudden wealth led to negative consequences. In the article Michael Cole, CEO of Cresset Family Office, offers insight into his experiences working with the recipients of financial windfalls, including lottery winners. He points out that the thrill of suddenly having more money than you know what to do with can indeed evaporate as you start not knowing whom to trust, everyone wants something from you, and you tire of shopping sprees. Cole believes the key to not squandering a sudden fortune is to work with a trusted advisor to formulate a plan for aligning the wealth “with a sense of purpose and passion.”

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