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Mega Millions Is Now Over 1 Billion + How to Avoid Losing It All If You Win!

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A billi, a billi, a billi, a billi, a billi! (Que in Lil Wayne) This will be the remix that some luck winner will be singing if luck is in their favor this week. The Mega Millions lottery jackpot has climbed to $1.6 billion, after no winner claimed Friday’s $1 billion bounty. The next draw is tomorrow night and folks are lined up to try their luck at the jackpot. Even though the odds of a person walking away with the monster-sized prize is vanishingly small — 1 in 302,575,350 there is still a lot of hope. Financial planners suggest some precautions for the winner, including to consider taking the annuity — not the lump sum — since it provides some protection against quickly spending the entire amount.You might think you’ll be fine with managing your money but that may not be the case. When winning a large sum of money you do not win the financial education that needs to go with it so many unintentionally squander the funds away. Check out the following 10 storys from PennyHoarders.com article of 21 Lottery Winners Who Lost Everything:

1. A Typical Story?

Lisa Arcand won $1 million in the Massachusetts lottery in 2004. She bought a house and went on vacations like many winners.

Of course, a million dollars isn’t much after taxes, so she also opened a restaurant to make some additional income. Sadly, within a few years she ran out of money and closed the failing restaurant. In 2007, she said of her lottery experience, “Actually, it’s been very depressing.”

2. From Millionaire to Factory Worker

Michael Carroll was a garbage man in England when, at age 19, he won £9.7 million (about $14.4 million at the time) in the lottery in 2002. A mansion, drugs and gold jewelry ate up the money quickly.

By 2012, Carroll was broke and living off unemployment checks. Now he works in a slaughterhouse, making £400 (about $511) per week.

3. Party Down… and Down, and Down

Gerald Muswagon, of Winnipeg, Manitoba, won $10 million in 1998. He bought cars for friends and family, and made his new house into a “party pad.”

Eventually, he’d spent all his money and he took a minimum-wage job to support his six children and his girlfriend. In 2005, just seven years after his big win, he took his own life.

4. Generous to a Fault

Janite Lee won $18 million in 1993. Although her gambling habit reportedly cost her more than $300,000 per year, she may have spent more on charitable and political donations. Her generosity included $1 million for Washington University to build a new library. In 2001, she filed for bankruptcy.

5. Millionaire or Murderer?

Willie Hurt won $3.1 million in the Michigan lottery in 1989. The money didn’t last long. Within two years Hurt wrecked his marriage, lost custody of his kids and was charged with attempted murder. He spent his winnings on his divorce and drugs, according to his attorney.

6. Big Winner Goes Deep in Debt

Suzanne Mullins won $4.2 million in 1993 in the Virginia lottery. She split the prize with her husband and was supposed to receive 20 annual after-tax payments of $47,778.

But when money got tight, she borrowed from a company that lends cash to lottery winners. In 2000, the lottery rules changed, allowing Mullins to collect the rest of her money all at once. She apparently spent the money rather than pay back what she owed to the lottery lender, and in 2004 a court ruled she still owed the company $154,147.

7. $31 Million Gone in Two Years

Billie Bob Harrell Jr. won $31 million in the Lotto Texas game in 1997, and he no longer had to stock shelves at Home Depot.

He bought a ranch and a few homes, gave money to his church and made loans to friends. Everyone wanted a piece of his money, and soon his marriage was in trouble as he lent and spent all of his winnings. In 1999, less than two years after his big win, Harrell took his own life.

8. Big Spending

Sharon Tirabassi, of Hamilton, Ontario, won $10.5 million in 2004. She treated friends to vacations in Cancun, Las Vegas, California, Florida and the Caribbean. She got married and bought a house for $515,000 — and got a $360,000 mortgage loan rather than paying all cash. She bought numerous cars, including one that cost more than $200,000, and gave millions of dollars to family and friends.

By 2007, half of her money was gone. By 2008, with her husband in jail for a DUI, Tiribassi lost their home. Now, to pay the rent and support her kids, she takes the bus to her part-time job.

9. Living for the Moment

Lou Eisenberg won $5 million in 1981, which at the time was the largest lottery win ever. After taxes, he received payments of $120,000 annually for 20 years. He bought a condo in Florida, took trips to Europe and Hawaii, and gambled. He also gave cash to whoever he figured needed it. Of his spending, he says, “I lived for the day.”

Shortly after cashing his last check in 2001, Eisenberg was broke. Now 81 years old, he lives in a mobile home on social security and pension income that amounts to about $1,000 a month.

10. Elderly Lottery Winner Looking for a Job

Vivian Nicholson, of Castleford, England, won £152,300 in 1961, the equivalent of about £3 million today ($3.5 million). She famously vowed to “spend, spend, spend!” She bought expensive designer dresses, vacations, and a new car every six months.

By the 1970s, Nicholson was broke. In 1998, she received money from “Spend, Spend, Spend,” a musical about her life, and spent it all quickly. By 2007, at age 71, she was living on a pension of £87 weekly ($102), and was looking for a job. After sending out 25 resumes, she still hadn’t found one. She died in 2015.

Ash Exantus aka Ash Cash is one of the nation’s top personal finance experts. Dubbed as the Financial Motivator, he uses a culturally responsive approach in teaching financial literacy. He is the Head of Financial Education at BankMobile and Editor-in-Chief at Paradigm Money. The views and opinions expressed are those of Ash Cash and not the views of BankMobile and/or its affiliates.

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T-Mobile’s Dream of Telecommunications Domination Gets the OK + How to Create Mental Toughness While Pursuing Your Dreams

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T-Mobile’s $26 billion takeover of Sprint finally got approved by a federal judge, a move that will leave most wireless consumers with three major operators to choose from, including Verizon and AT&T. More than a dozen attorneys general had sued to block the merger that had already been approved by the Justice Department and Federal Communications Commission. The administration has required T-Mobile and Sprint to sell some units to pay-TV operator Dish Network as part of the deal.

Dream chasing isn’t for the faint at heart. It can take years before one sees the financial payoff of what was once an idea. T-Mobile is probably patient on the outside, but internal it is jumping for joy. It took them a few years to get to this point, but I’m sure they will be relieved at the fruits of their patients.

When building a business, your goal has to be more than money, or you will ultimately fail. Your drive has to be based on principle, change, and something greater than yourself. Here is how to stay mentally tough while pursuing your dreams.

Personal Development. The road to success is paved with character and growth. Personal development is one of the key drivers that sustain you on the path of your dreams. Trustworthiness, keeping your word, and dependability are imperative to any industry. It doesn’t matter if you’re a musician or painter, lawyer or doctor, these traits and non-negotiable and forever transferable to success.

Take Breaks. To get there, you must rest one mile at a time. The grind is overrated. Reflecting on how far you’ve come energizes you for the road ahead. Burnout is a danger to your accomplishments and leads to a failure by default.

Stay Hungry. Stay Foolish. Steve Jobs popularized this quote from an ad in The Whole Earth Catalog. It read Stay Hungry. Stay Foolish. We come to a point when we are happy with a level of progress and think we’ve learned everything. Accepting the truth that we never stop growing, and there is no limit to our success gives us the ability to keep going. To continue, you must never settle. You must always seek new ways of fixing things and solving problems. Discover new opportunities and be open to learning more.

Faith. Steve Jobs also mentioned faith throughout his journey. Believing so deeply in an idea that you make it come to life. Belief takes ideas and materializes them; and when you realize you can actually make something come to life, the sky becomes your launching pad, not the limit.

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Amazon Plans to Add 15,000 Jobs + How to Prepare for the Job You Want

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Amazon says it will hire 15,000 more people at its Bellevue, Washington, campus, as part of the company’s effort to allocate new workers after it abandoned its plans for New York City. The e-commerce giant had issues in New York trying to open a facility there, called Bellevue, where 2,000 employees are already located, a “business-friendly city.” It’s also close to the company’s Seattle headquarters. This is good news for those in the job market but if this isn’t what you are looking to do then how do you make yourself valuable in the job market?

Here are four ways to prepare for the job you want no matter your age:

1. Focus on Your Strengths, Not What You’re Lacking

Whether you are 20 years old or over 40 instead of focusing on your age, you need to focus on your strengths. Many young people with limited experience or older people who may not be up to date with the latest technologies focus on what they’re lacking, and this is a big mistake. Do you have the qualifications for the job? Can you bring value to this position? Whatever your strong suits are you should play that up in your resume, cover letter or communications with the recruiter. It’s easy to focus on why you can’t get the job, but the trick is not to let that get to you. Focus on your value!

2. Attack Your Job Search from All Angles

Networking, Answering ads and/or working with recruiters are the most effective ways to land a job. It is important that you just don’t focus on one method but all three. Networking obviously is the ideal way because it allows you to communicate your value directly, but the other methods have their benefits as well. Be proactive and use each method effectively.

3. Show/Explain Your Leadership Abilities and/or Innovation

Leadership and taking the initiative have nothing to do with age. Young leaders and old leaders can be more or equally effective as those who have the “ideal” age. Focus on your leadership abilities and be sure to display this to your current or potential employee. Also, make sure you are keeping up to date with current trends in your industry. This will allow you to show your innovation and add more value to your company.

4. Ask For What You are Worth

Lastly, ask for what you are worth. Don’t let being “too young” or “too old” deter you from asking for a salary you deserve. In fact, trying to downplay your worth may very well backfire on you. Also, if you have been with a company for a long time and your salary outpaces what the position is worth making sure you are adding to your skill set and not staying complacent.

Following these four tips can help you gain or retain employment. What are some other ways? Comment below>>>

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New Survey Says that Young People Don’t Like Job Hopping + How to Get Paid What You’re Worth

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Contrary to popular belief young people are not keen on job-hopping as most people think. According to a new survey, U.S. millennials and Gen Zers want to stay at their current companies for an average of 10 years and six years, respectively. Additionally, they say work is a major part of their lives, with 65% of people in Gen Z and 73% of millennials saying it’s part of their identities, according to a Zapier-sponsored poll. The age groups’ actions reflect the findings: Seven in 10 say they constantly check work messages outside the office. This is great for corporations but what does that mean for business owners?

If you are a freelancer or entrepreneur you know all too well the fight to get what you are worth. You will constantly be bombarded with offers to work for less or even for “exposure” as many like to call it now. But how do you gain the confidence and know how to charge and get what you’re worth? Here are 3 tips:

Build Your Resume. It’s said that if you do what you love you’ll never work a day in your life. Pursuing your passions and getting paid for it is the ultimate professional dream. You may have to start by working for free or at a discount rate to builds skill, ability, and your resume but once you have some stats under your belt its time to get that money… Keep in mind that if you are only in it for the money it will be difficult to experience long term financial gains so make sure you are pursuing your passion not only the paycheck.

Set a Standard. Pioneers have the ability to set standards. And even if you are providing services already in the market, no one can deliver them quite like you. Style and quality set you aside from others opening up a field of buyers seeking exactly what you offer.

Don’t Give In. A colorist (a person who literally adds color by hand or digitally in films and visual media; yes, there is a path for everyone) from Brooklyn, NYC once told me he had to be firm with pricing because he didn’t want to become that guy who works for free. After you have put in the work and set a standard you must not give in to fees below your ability. Yes, flexibility is key but don’t short change yourself. Getting paid your worth is ultimately the result of you believing in your ability and knowing there are people who will pay for it.

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