5 Rules to Protect Yourself in Your Office Lottery Pool

Tonight’s Powerball jackpot has grown to $1.5 billion dollars, which is now the largest in the world and still growing. The lump sum cash value is $930 million.

Powerball officials said there is a good chance someone will hit the jackpot tonight because they expect at least 80 percent of possible number combinations to be sold by drawing time.

But the odds of winning are still 1 in 292.2 million.Playing in an office lotto pool can be fun. But after a big win, the fun can quickly turn into an angry lawsuit. So you need to think about protecting yourself.

An attorney said, "First off, pick a designated leader, a manager of all the tickets. Please please please put it in writing. All the people, all the money collected, how you're splitting the money."

He also says make copies of the tickets and distribute to everyone in the pool. Give the originals to the designated manager. Plus, in addition to putting your pool on paper, make it public.

From the author of The Sudden Wealth Solution: 12 Principles to Transform Sudden Wealth Into Lasting Wealth, here are five simple steps you can take with your office lottery pool to avoid most of these issues:

1. Name a leader. Name a leader who will be in charge of the lottery pool and who is responsible for buying the tickets, making copies, etc.

2. Create a contract. Create a simple contract that spells out the big issues (e.g., who is playing, how often, how much, whether you will take the lump-sum or an annuity, whether you will let the computer choose the numbers or if someone will choose the numbers, etc.) that all participants sign.

3. Make it public. Make a public list of who has signed the contract and who is participating so there is no uncertainty about who is involved and who isn’t.

4. Make copies of tickets. Make copies of the tickets before each drawing and give them to each participant to avoid the “I bought this ticket with my own money” excuse.

5. Keep the tickets safe. Keep the original tickets in a safe but accessible place.

Stick to these tips if you play an office lottery pool so you can avoid the drama and high costs of litigation if you win.