With no one hitting the Mega Millions jackpot Tuesday night, the prize has climbed to $422 million.
If you win big in Friday night’s drawing, you should be prepared to field an onslaught of requests for a piece of the bounty. While it can feel good to share your newfound wealth, doing so also can eat up more of your windfall than anticipated.
“Some people give away too much money to family and friends, and they do it to a point that it damages their own life goals,” said certified financial planner Jim Shagawat, president of Windfall Wealth Advisors in Paramus, New Jersey. “When the gifting starts, it’s difficult to stop.”