Next, experts say to consider the annuity option, find a trusted financial planner to help manage the cash windfall and prepare to say "no."
"People always joke that when you win the lottery, you find new cousins and new friends that you hadn't spoken to in forever," says Holeman, who warns that you should be prepared to turn away friends or relatives that may come knocking on your door. "It can be difficult. You're going to risk being called selfish or stingy, but the truth is, even if you win millions, you can't help everybody. You have to be smart with who you lend money to and who you help out."
And it's OK to treat yourself after you collect your winnings, but beware of lifestyle inflation, Holeman tells CNBC Make It: "You should be saving the majority of it and also looking to donate and help out others. Then, you can go ahead and splurge a little, but give yourself a spending cap."
As for how Gray plans to spend her newfound wealth, "I want to clear my debt, invest and I want to do some traveling," she tells the Jamaica Gleaner newspaper. Plus, "I would like to construct a community center for the youths in my community, so they can engage in something productive; somewhere where they can do information technology."
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