Poor little rich girl
It's so sad when you win big money.
Okay, that's a bit of sarcasm. But this long article about Tomorrow Rodriguez, a million dollar winner on Deal or No Deal in 2008, does point out some of the issues with a big windfall. First and foremost - and rather oddly not mentioned in the article - is the major tax bite.
Once you render unto Caesar, other problems come along. For instance, relatives and friends start hitting you up for cash. The article advises laying low for a week or so, but your family and acquaintances are going to know about the money, anyway.
Then there's the problem of just what to do with the bonanza. Paying off debt is probably a good idea. Socking part of the winnings away in investments won't hurt, either. The article says it's wise to get a financial advisor, which is not a surprise for a CNBC story. I dunno, I was an actuary for nearly forty years and I do most of my own financial advising. But your mileage may vary.
And then, when all the issues are taken care of, you can actually enjoy some of the loot. Which is why you went on a game show in the first place.
Okay, that's a bit of sarcasm. But this long article about Tomorrow Rodriguez, a million dollar winner on Deal or No Deal in 2008, does point out some of the issues with a big windfall. First and foremost - and rather oddly not mentioned in the article - is the major tax bite.
Once you render unto Caesar, other problems come along. For instance, relatives and friends start hitting you up for cash. The article advises laying low for a week or so, but your family and acquaintances are going to know about the money, anyway.
Then there's the problem of just what to do with the bonanza. Paying off debt is probably a good idea. Socking part of the winnings away in investments won't hurt, either. The article says it's wise to get a financial advisor, which is not a surprise for a CNBC story. I dunno, I was an actuary for nearly forty years and I do most of my own financial advising. But your mileage may vary.
And then, when all the issues are taken care of, you can actually enjoy some of the loot. Which is why you went on a game show in the first place.
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