A 50-year-old woman in Michigan just hit the Powerball jackpot for $310 million, and immediately quit her job. I'm sure she'll be smart with her money, but most lottery winners aren't.

(Photo by Joe Raedle/Newsmakers)

Here are some dumb things people do after they come into a lot of money:

  • They don't pay their taxes right away. Whether you win the lottery or inherit a bunch of money, it's the first thing you should do.
  • They pay off their house. Which might feel good, but interest rates are so low, you're better off with a 30-year mortgage. That way you can invest your money.
  • Bragging about it too much. A lot of lottery winners end up having to move, because all their friends and neighbors eventually want something from them.
  • Going on a spending spree. With something like $310 million, you can spend all you want. If you inherit 50 grand and start acting like you're rich, you'll blow through it.
  • Trying to use the money to make even more money overnight. It's a major reason a lot of lottery winners end up losing all their money. If someone says they can double your money in a few months or even a few years, be very suspicious. Maybe think twice before you give your cousin half your savings to start that line of cat scarves she's so passionate about.

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