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Ed Butowsky of Chapwood Investments with mistakes to avoid if you win the Mega Millions lottery.
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The recently.
We are hoping that someone watching this show right now well maybe even those people walking on the show.
Will win the Mega Millions tonight it did you stay tuned for might take at the end of the show I will tell you what to do -- with the money.
But joining us now is money manager of the -- you tell us -- not to do.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- They should not make any new friends immediately.
Stay away from any new friends because they're not gonna be sincere -- I can be honest with it.
Bottom line is they're after your money so first saint Nicholas right now of who your real friends are and don't add any new ones second second thing and it we start investing Stewart with this money.
The biggest problem people have is private equity now what does that mean.
It's new startup businesses restaurants any business that you can't get out of easily stay away from those Lotta times -- I recommend my clients is you have about 5% of your money in private -- businesses but that's for people to have a problem that's where people lose a lot of -- -- -- of computers have got this great idea for taco joint right now for not attract a -- don't -- don't do -- do not do that stay away from that if you wanna do any limit to 5%.
Of what you half thought thing.
-- thing -- really really real estate is pretty much the same thing outside of your home you should have about five to 10% potentially in real estate people forget how dangerous we'll see it is because use a lot of leverage you borrow money and that also was a problem that's help people lose a lot of wealth is with.
Bill liquid investments and stay away from.
-- The fourth -- is really overspending.
On the you know -- -- hard and we look at this much money could you overspent.
I mean you know -- my wife's gonna kill me but more like could -- -- and in the bottom line so all that is you could to put yourself on a budget and also built the last thing that I think is really crucial as having family plan you're gonna have founding members you're gonna have cousins in and cousins that you never knew what they're gonna give them something I mean you can't just.
Economists have the effect is -- -- lost what Curtis sharp one he sort of what it's like and it's mistress and I think -- should.
Well done originally it was broke your letters but let's think about that and -- -- and look we're talking about so much money right now that it's difficult to fathom overspending but at the same time the family plan.
Put a plan together tell with only members is how much you get and if you call me again -- taken aback I say don't give anything to charity for at least a year and a half so you can figure out.
Who did so loves the money you agreement that completely take your time the -- -- there don't be in a hurry to give it away or lose it if I win with the ticket which you -- performing that's right you will manage the money but I'll keep them is that okay -- -- deal I -- tight -- -- like you command performance that I can't will take care of and I hope you what a -- -- but just wanted to get -- -- and what not today -- thank you very much -- we --
