This LA woman got called into work at Walmart on her day off, bought a lucky scratcher and walked away a millionaire — here are the 2 surprising things she’ll do with the money

If I had a $1,000,000

Though she's mum about her winnings, Gonzalez has plans on how she’ll use the unexpected gift. According to the California Lottery, she hopes to pay off her debts and purchase a new home.

Making moves to clear out debt and purchase a home is a smart move, financial experts suggest. Northwestern Mutual Wealth Management adviser Andrea Williams said your first move should be to pay off debt after winning the lottery — but remember that not all debt is bad debt.

"If you have bad debt, like credit card debt, pay it off and put it behind you … but not all debt is bad,” Williams said. “For instance, if you own a home and have a mortgage with a low interest rate, it might make financial sense to keep the mortgage (even if you could now pay it off tomorrow).”

Gonzalez will soon be debt-free but still plans to continue working at Walmart. While a million dollars is life-changing, it won't last forever in today's economic climate. However, there are smart steps you can take if you're in a similar situation.

Discover how a simple decision today could lead to an extra $1.3 million in retirement

Learn how you can set yourself up for a more prosperous future by exploring why so many people who work with financial advisors retire with more wealth.

Discover the full story and see how you could be on the path to an extra $1.3 million in retirement.

Read More

Money changes everything

Winning the lottery might seem like a dream come true, but it can become a nightmare if you don't manage the money carefully. According to the CFP Board of Standards, nearly one-third of lottery winners eventually file for bankruptcy. If you've recently experienced a windfall of cash through lottery winnings, a settlement or an inheritance, there are steps you can take for financial success.

Start by keeping quiet about the windfall. Until you have a plan on how to spend it, only tell friends and family you trust the most. This will help limit your risk of fraud and reduce requests for financial assistance.

Next, clear any bad debt, such as high-interest loans, credit card debt and car payments. This will free up cash flow you can use to invest. It might make more sense to keep low-interest loans, like a mortgage, especially if you can earn more in investments than you pay in interest.

She works hard for the money

If you're new to investing or need help figuring out where to start, deposit the funds in a high-yield savings account. These accounts provide higher-than-average interest payments without exposing your winnings to market fluctuations. While making luxury purchases might make you feel good right now, it can also eat through your windfall fast.

Keep in mind that many purchases drive up your long-term bills. That shiny new sports car might be paid off, but your higher car insurance rate will stay. Also, the IRS may take more of your winnings than you expect. Spending the money quickly could leave you with a tax bill you can't afford.

Instead, start by setting aside a portion of the winnings for taxes. Tax rates vary by state and are affected by how much you won as well as whether you took the winnings as a lump sum or an annuity payment. A tax professional can help you determine how much to set aside. Then create an emergency fund with at least six months of expenses. Once your debt is cleared, taxes are paid, and you have an emergency fund, look for ways to invest your funds to create long-term wealth.

If you're uncomfortable managing your new money, you can get help from a financial professional. Pay attention to their credentials and look for a fiduciary, a financial expert who is required to protect your best interests. Other financial advisers may try to sell you investments that benefit them, but fiduciaries are ethically bound to act in your best interests.

A cash windfall can be exciting, but proceed with caution. The best way to set yourself up for economic success is to be smart and work with a fiduciary.