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.