These are 12 things you should not do if your lottery win is announced

 Here are twelve things to avoid if you win the lottery

Imagine being a multimillionaire in a matter of hours. Imagine being a multimillionaire lottery winner. This is going to be a life-changing moment for nearly every lottery winner. But what if the prize is an enormous $100 million, $200 Million or $300 Million? If you do happen to be one of the lucky winners, avoid common mistakes that have led to other lottery winners going bankrupt.

Imagine you are Joe Somebody and suddenly become Sir Joe The Magnificent. Now, imagine what it would be like if Sir Joe were to become Joe the Village Idiot. According to legend, most lottery winners are broke again. It just doesn’t seem right.

24/7 Wall St. has put together 12 important things to avoid if you win the lottery. We've looked through many research papers and articles about instant wealth that focus on those who have it all. It seems cruel to think that many winners are also losers. The saying goes, "You should only get rich once." Some people are unable to avoid the traps of instant riches.

Although there are many lists outlining what you should do in case you win, you might be surprised at how few of them actually provide a scare-tactic guidance that will help lottery winners do the right and safe thing. If you win the lotto, you could become a target. Some people become their worst enemies and others make instant enemies. Although $30 million was not an easy feat in the middle of 1980s, it was possible to do so in just 30 days.

Although some points may seem redundant or overlapped, there are many pitfalls that could lead to lottery winners and those who are incredibly wealthy within a short time.

Here are 12 things to avoid if you win the lottery.

* Don't sign a ticket. We found that this is the easiest and most obvious error. Can you even imagine losing a lotto ticket? Next, imagine what might happen if someone else grabs your ticket and turns up to claim the prize. It is difficult to fight this. If the tickets and bonds are not present, lottery tickets can be considered the last form of bearer bond that anyone can collect.

Tell everyone you know. There are good chances that you will brag about winning this much money. It's impossible to do otherwise. There are many ways to put yourself in danger. Anyone who has ever done something for you might come up asking for money, or worse. Most of you have probably heard of ransom and kidnap insurance. Recent lottery winners even fell prey to what appears to have been murder. As long as you are able to do so and your state allows, it's possible to keep your identity anonymous. You will find out how you became wealthy over time, but there is no reason to hurry.

* Decide automatically to accept the cash upfront. 70% of lottery winners are broke again within a few years. You may be able to get $172million upfront, which is better than receiving $300,000,000 over the course a lifetime. This is money that can be used to create an empire. You should first consult a tax professional and a licensed investment advisor at top money management firms before making a decision about a lump sum or annuity option.

* You are the best person to manage money and finances. Does it make sense to you to live from paycheck to paycheck? If so, do you think you'll know the best ways to protect your assets and invest in them? It might not be the right choice to drink with your friend. Your buffer will protect your assets both now and in the long-term by having a strong and reliable team. Do you have the knowledge and skills to protect your assets, as well as how to preserve your estate in the event you are incapacitated or die? If your answer is yes, you probably didn't bother to play the lottery. What Are the Top 5 Lottery Mistakes?