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Powerball Lottery Now $650 Million: 12 Things Not to Do If You Win

24/7 Wall St. Logo By Jon C. Ogg of 24/7 Wall St. | Slide 1 of 13: Americans are reminded by politicians and the media that the American Dream has died. After all, a life of hard work, saving money and endless planning and investing is just too much for many people to handle. The American Dream hasn’t exactly died, but the new version of it is very different from that of your parents and grandparents. The New American Dream has become winning the lottery.Last week the Powerball lottery drawing reached a $510 million annuity value with a $324.2 million lump-sum cash payout. There was no winner in Saturday's drawing, so the Powerball lottery for the Wednesday drawing has screamed higher to a whopping $650 million annuity value or a $411.7 million cash value.Whether a lottery winner chooses to take this payout over a period of 30 years or takes the payment all upfront, this is more than enough money in either scenario to create a multi-generational empire.Winning the lottery is one of the greatest things most people could ever imagine. There is also a very sad side to winning the lottery. Many winners end up losing all or most of their lifetime gift, and some winners go broke in just a few years.There is an old adage -- no one should ever have to get rich twice. Those who become filthy rich overnight better have a serious plan in place to protect themselves from going broke. It is easy to get wrapped up in thinking about things you would do after winning the lottery. While almost everyone who plays the lottery only thinks about the things they could buy and what else they could do with the money, people rarely think about what they should do before they go start spending their millions.24/7 Wall St. has created a guide for lottery winners, the 12 things you should not do if you ever win the lottery.

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