Great question. Good ole Joe Sixpack who has been making a living wage (paying his bills, no money in the bank) suddenly is rich with a capital “R”. He’s has a job and we know what that stands for J.O.B.- just over broke.

Every relative or near relative he has never heard of will suddenly become his best friend and advisor and ask for a “loan”. Better learn to say “NO”, Joe.

The state wants to know does he want a 30-year payout or a lump sum. Joe doesn’t know the answer.

Joe needs an unbiased advisor such as a CPA or attorney or financial planner. An honest one. Never a stock broker or banker. And never a relative. Joe, if any one of those birds asks for a power of attorney run do not walk to the nearest exit. Don’t give control of your money to any third party. The larger the amount Joe wins or inherits it would be wise to split the money into several parts to see which advisory company does the best job.

An advisor must make money. Never lose. If he has three or four such turkeys after a year Joe should drop off the weakest one. They can be replaced with another firm or not al all.

Most people are not careful with their money. Now Joe is going to have to have regular meetings with his advisors to check on their progress. He must give permission for all purchases and sales. He is no longer a day worker with a regular paycheck. It is going to take several years to determine who stays and who goes until he settles on a professional firm of money managers.

His advisor may suggest his moving to another city or location to drop off some of the many dead beats. I remember Oprah Winfrey telling about one of her cousins who called with an “emergency”. The kid needed a new Mercedes. Oprah didn’t give on this one.

Once an advisor is chosen then all requests for funds would be funneled to him. Get a tough guy. When you have money you are a mark. Don’t trust anyone.

Initially safety of principal is first consideration. Joe might want to hold off on all investments and put his money into U.S. Treasury Bills. There are many other bonds and stocks that pay more, but this is one venue that is guaranteed. Let his advisors compete for risk free return and see who does the best job. Don’t be in a hurry and don’t show off.

Having a lot of money is a great responsibility. Take it seriously.

Al Thomas' book, "If It Doesn't Go Up, Don't Buy It!" has helped thousands of people make money and keep their profits with his simple 2-step method. Read the first chapter at http://www.mutualfundmagic.com and discover why he's the man that Wall Street does not want you to know. Copyright 2006 All rights reserved.

Copyright 2006 Albert W. Thomas All rights reserved. Author of "IF IT DOESN'T GO UP, DON'T BUY IT!"