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Bloomberg

How Not to Invest Your Lottery Jackpot

By Olivia Carville

Instant wealth can be poison, said Dan Egan, director of behavioral finance and investments at Betterment LLC, which uses algorithms to generate passive investment strategies.

“It’s very hard to get dropped on a ski slope when you don’t know how to ski,” he said. “It’s equally hard to be given a lot of money and know how to manage it.”

Those who teach themselves to be rich responsibly are the exception, Egan said.

Read the Original Article

This article originally published July 17th, 2018 on Bloomberg

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