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The Real Cost of the Lottery

By Lewis Braham - 2012-11-28T21:32:58Z

Photograph by Jennifer S. Altman/Bloomberg

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Financial Advice

There's a long history of winners who've lost everything through financial mismanagement. "If you've earned your money over time, you develop skills for managing that money," says Michael Boone, a financial planner in Bellevue, Wash., who has worked with lottery winners. "Lottery winners often don't have those skills. The sudden wealth is a huge issue."

A comprehensive financial plan costs $2,500 to $3,500, Boone says, while investing wealth so it will grow over time can cost 0.5 percent to 1 percent of assets a year.