I have heard stories about Lottery winners that wound up going broke, or otherwise messed up in life.
My idea for preventing that would be to take my winnings and put them in a series of STAGGERED Certificates of Deposit. My idea is to STAGGER THE MATURITY DATES OF THE CERTIFICATES OF DEPOSIT in such a manner that I would draw interest on my winnings MONTHLY, AND WITHOUT TOUCHING THE PRINCIPAL.
Frankly, I do not feel comfortable investing or getting into a host of so called financial vehicles I have heard about, such as Money Market, Stocks, bonds, or other things of that nature.
Would staggering my CDs be sensible?
Terry Says: Not if you win the current billion dollar lottery! Please see answer to the same question that I posted in this category a day ago!