Fighting to Save A Home

They started -- at least in their heads -- a spending spree. Most experts advise that when you win the lottery, inherit money from a relative or come into a large sum of cash, the first thing you should do is nothing.

The couple decided to take the lump sum, which is $167 million before taxes. Many people fantasize about winning the lottery. However, one study by the Certified Financial Planners Board of Standards found that nearly one-third of lottery winners eventually end up bankrupt. Seventy percent of those who become suddenly wealthy lose the money within several years of winning the loot, according to the National Endowment for Financial Education.

The National Foundation for Credit Counseling says that you can achieve millionaire status without winning the lottery or inheriting a windfall. All you have to do is invest and save starting at an early age. Here are a few tips on becoming rich without gambling:

-- Have the money you want to save automatically deducted from your paycheck.

-- Keep saying to yourself cash is better than credit. Plastic distances you from the real pain of spending cash.

-- Save your change. Spend only paper money and put your change in a jar at the end of each day.

Find more tips at NFCC. Also, read "Save Money on Practically Everything" (Feb. 22) by Kiplinger.com. They took eight spending categories from the average budget, including traveling, entertainment, investing, and found ways to save in each area.

College Costs

The Post Sunday Business section now has a new feature called "Ask The Experts." Every week, the Post will pose a question to three financial experts. This past Sunday's question was: "What is the best way to save for college?" Read what the experts said:

* David A. Ballard - President of Champion Financial Planning Group in Annapolis

* Rita Cheng - Financial Adviser at Ameriprise Financial Services in Bethesda

* Drew Tignanelli - President of the Financial Consulate in Lutherville, Md.