Don't Let a Windfall Be Your Downfall

by Susan Tiffany, CCUFC / August 7th, 2020

What would you do if you won the lottery? Daydreams of winning are as close as most of us are likely to get.

Actually, the best way to prepare for eventually winning the big jackpot is to do a better job today managing what you have. The people at your credit union can help you with that.

If you had a pile of money, perhaps your priorities would be to:

Those are all good things to do with the money you already have.

Defend against windfall scams

Scammers have found a way to make money from our dreams of winning the lottery and similar prizes. You might receive notice that you’ve won a big prize in a sweepstakes or lottery—perhaps from overseas—along with a check or money order as an “advance” on your winnings. You get tricked into sending back your own real money but the check you received turns out to be bogus.

Here are a few things to keep in mind about check scams, lottery-based and otherwise:

The bottom line: No one who presents you with a legitimate check or prize winnings will ever ask you to send money in return.

NCUA Equal Housing Lender
Printed Sunday, November 28, 2021

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