The New York Times reports that getting wealthy all of a sudden can be a problem. But of all the problems one could face, I think it’s a pretty high lesson one.

Here are three examples:

• Ken Jennings won $2.5 million ($1.5 million after taxes) — after prevailing in 74 consecutive Jeopardy games. He moved into a bigger house in Seattle and now designs board games.
• Laurel Touby sold website MediaBistro for $26 million and found that her $11 million share was not sufficient to afford a private jet.
• Elwood Bartlett, a Maryland accountant, won $84 million in a lotto final summer — $33 million
  after taxes. He gave absent $200,000 to the Special Olympics but gets lots of requests for more charity.

One financial adviser recommends they splurge with 5% to 10% of the money. Jennings’ Advice? “put your money somewhere not idiotic and leave it alone as much as possible.”

What do you think these sudden wealth winners should do?

Peter Cohan is President of Peter S. Cohan & Associates. He plus teaches management at Babson College and edits The Cohan Letter.

Original post by Peter Cohan

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