Why you shouldnt quit working immediately if you win Powerball

Why you shouldnt quit working immediately if you win PowerballWhy you shouldnt quit working immediately if you win PowerballOn Wednesday night, aPowerball prize drawing took place, and one lucky person beat the 1-in-292-million odds and found themselves $700 million richer. Mavis Wanczyk, 53, of Chicopee, Massachusetts, had the lucky ticket. As one of Wanczyks first actions as a multi-millionaire, she quit her job, telling her employer, Mercy Medical Center, that she wouldnt be coming back.The lottery prize was the second-largest jackpot in Powerball history - and if no one had won, the jackpot would have been $1 billion by Saturday. That wouldve been the biggest amount in lottery history. In 2015, a rule change increased the possible numbers players can pick from, and since then, the difficulty of winning has increased along with the games purse sizes.$700 million dollars isaround $293 million after taxes. Its an incredible amount of money most of us can only dream of having. You ma y suddenly be rich enough to make it rain dollars and buy that house or that island, and never lift a hand again to work again. Wanczyk chose to quit her job right away- but should you?Dont do anything rashYour impulse after winning the lottery may be to toss your spreadsheets in the air, and walk out of your office in dramatic fashion, but what most lottery experts agree is that winners shouldnt make any rash decisions. Winning such a large amount of money can be a stressful, overwhelming situation where you act on impulses, instead of acting with your head.One thing I would tell people not to do is make rash decisions like quitting your job, going and buying a new house or a bunch of debt obligations, John Mabary, a Sherman financial advisor, said. Theres going to be plenty of time for that and think through what you want to spend money on.Not quitting right away also helps protect your privacy and not raise any suspicions about your sudden wealth. Once people know youve won a mil lion-dollar lottery, family, friends, and strangers will come out of nowhere asking for their cut. Too many lottery winners have honigwein tragic fates after they were taken advantage of, and in some extreme cases, even murdered, for winning a lottery.To avoid these endings, money experts advise hiring a financial advisor immediately and keeping the number of people who know you won very small. The Sudden Money Institute advises keeping the circle of people who know very low just one person.Dallas Mavericks owner Mark Cuban even advises Powerball winners to hire a tax attorney first before doing anything else or talking to anyone you know.Not quitting your job not only helps you fly under the radar as you plan your future cabana-filled getaway in peace, but you may also discover that you dont want to quit working. Sitting on the beach is fun for a while, but it isnt enough to keep most people going. A 2014 CareerBuilder survey found that 51% of us would want to continue working even if we won the lottery. The majority of people surveyed said they would be bored if they didnt work and that working gave them a sense of purpose and accomplishment.That makes sense. As we know, we spend one-third of our lives working.Work is a key part of our identities, giving us purpose, meaning and structure to our days.As Cuban advises, winning a lottery gives you financial security, but it wont give you everything If you werent happy yesterday you wont be happy tomorrow. Its money. Its not happiness.