A friend who passed away a couple years ago, Don McNay, wrote a book on this subject and had a nice wealth management practice based around this issue.Son of a Son of a Gambler: Winners, Losers and What to Do When You Win the Lottery: Don McNay: 9780979364402: Amazon.com: BooksHis big takeaways are that lottery winners often make big mistakes due to ignorance, insecurity, trust and good-heartedness.Isolation- If you can, donu2019t let a soul know that you won the lottery/got drafted first round in the NBA/NFL/MLB or won that huge lawsuit. Not your neighbor you tell everything to, not your mom who tells all the ladies at the office your business, not your preacher, not your cousin, nobody. Donu2019t do local media, if your state makes you do publicity donu2019t show your face (I have seen pictures of winners wearing balaclavas and shades to the big check photo-op).Dont take the lump-sum payout- Don made the reasonable point that if you take the lump sum and you make the normal mistakes you can blow thru every dime of 50 million in a year or two. But, if you take the annuity you get several yearly payouts to figure out how not to blow through a big chunk of change in a flurry of rotten decisions.Get a fee based financial planner who is held to a fiduciary standard-De-link the advice you get from the amount of money you have. Sure it might cost you several thousand bucks to set up wills, trusts and estate plans but getting out of the penny-wise pound-foolish mindset is essential if you want your money to outlast you.Remember, every person who finds out you have money will come by asking for some. You donu2019t deserve it and you didnu2019t earn it (even if you did NBA star!) and motivated logic on the part of the down on his luck childhood friend will lead you to buy a house here, a car there and before you know it you are selling meat Ickey Woods - Wikipedia.Newly rich people end up with people knocking on their door and asking for money. Their phones ring off the hook and it gets in the head of their preacher that the new roof on the parsonage is a holy mission that might help you show god a little love back. All these requests seem reasonable because that person would have been on the other end of the request and it really isnu2019t fair that it was me and not them.I am well off and live close to really rich people. Know what I donu2019t have? Strangers showing up at the door asking for money, neither do my neighbors. They were mostly well-off from birth or got wealthy year by year and not all at once. They learned how to say no or separate themselves from commoners.In small towns or close-knit communities you sometimes see desperate people on your doorstep asking for help but it is really rare. My parents get it sometimes and in NYC or most affluent cities they wouldnu2019t even rate as upper-middle class but wealth is relative. It is super awkward but you can usually steer them to the social welfare people - churches, charities and government - without too many tears.My neighbors, myself and my parents have the excuse that we arenu2019t literally sitting on a hundred million in shiny new cash. Cash a lottery ticket and go from 40k a year to Scrooge McDuck money bin levels of wealth and you donu2019t have any experience, defense, or ready rationalization as to why you canu2019t give that lady at your doorstep 500 bucks to feed her kids and get the heat back on.God forbid you actually do give her the money because there are fifty thousand other equally deserving people out there who will hear how blessed you are and what a good Christian.And wait till you hear about the awesome investment opportunity I have for you! Just float me a loan for two million and I swear we will be set for life!