Buying an occasional lottery ticket for fun isn’t a terrible idea. At least if being virtually guaranteed to lose is your idea of a good time. After all, it’s pretty much like making a non-tax-deductible donation to the government, and if you only buy one or two every few weeks then you aren’t spending too much anyway.

But what happens if you’re lucky enough to win? The Seattle Times had an interesting article yesterday with tips on what to do if you pick the right numbers. (The Times’ tips also largely apply to those fortunate enough to receive a windfall inheritance.) Surprisingly, many of the tips are good advice even for people who aren’t absurdly lucky:

Keep an emergency fund:

“One of the first things we recommend has nothing to do with investing at all,” said Dan Keady, director of financial planning for TIAA-CREF, which helps teachers, professors and doctors manage their money. “It is creating an emergency fund of six to 12 months.”

Once you have an investment strategy, you don’t want to disrupt it by constantly pulling funds to cover out-of-the-ordinary expenses. An emergency fund, usually with cash in money markets and other conservative, easily accessed accounts, helps investors navigate the unexpected.

Invest your money into a balanced portfolio, even if that means adding risk:

Investing is an individual exercise. Everybody has different goals, time horizons and tolerance for risk. About the only thing that is constant is the need for diversification, putting money into several kinds of investments to hedge against losses in any one.

Coming in to money will change your lifestyle, tax bracket, and investment strategies overnight. And if you allow the exuberance of winning the lottery (or pain of losing a loved one) to cloud your judgment, you could lose it all. And as this Bankrate.com article points out, losing it all after winning big is not uncommon:

Missourian Janite Lee won $18 million in 1993. Lee was generous to a variety of causes, giving to politics, education and the community. But according to published reports, eight years after winning, Lee had filed for bankruptcy with only $700 left in two bank accounts and no cash on hand.

So if you’re dumb enough to play the lottery but lucky enough to win, first “time a timeout” and don’t make any rash decisions, and then hire the right professionals to make sure you don’t wind up penniless.

The Washington Post yesterday reported on a topic we’ve covered in depth: increased banking fees.

Customers are paying more to maintain a checking account and withdraw cash from an out-of-system ATM, and when they bounce a check. To make up for declining revenue, many banks are boosting fees and are requiring higher minimum balances for many accounts.

The institutions also have made it easier for customers to spend more than is in their accounts — and then hit them with substantial fees, a practice so vexing to consumer advocates that the Federal Reserve is thinking of regulating it.

Bank revenue has plummeted on the back of foreclosures and rising credit card delinquencies. Now Congress has passed a law cracking down on arbitrary and excessive credit card fees. So the banks have been fighting back.

And the way banks and credit unions “fight back” is by raising fees on customers, particularly for easily-avoidable errors such as ATM and overdraft charges:

Bank of America this year raised the maximum number of times customers can get hit with overdraft fees from five a day to 10. On top of that, it began charging a one-time fee of $35 if the account remains in the negative for more than five days.

[...]

In a study of fees last year, Bankrate.com found that the average bounced check fee rose 2.5 percent from 2007 to nearly $30. The average ATM surcharge in 2008 was up more than 10 percent to almost $2.

Of course, there are a few steps you can take to avoid these sorts of problems:

• Make sure your checkbook is balanced and you know how much money is in your checking account.
• There’s no reason (other than laziness) that you should have to use another bank’s ATM most of the time.
• If your brick-and-mortar bank requires a high minimum balance in order to qualify for free checking, consider switching to an online bank with free no-minimum checking accounts such as Charles Schwab or E*Trade.

The reality, of course, is that starting a business – even a sole proprietorship – is filled with risk and hard work. So before sending off an angry “Take this job and…” email to everyone in your company directory book, here are a few links with good tips for the wannabe entrepreneur:

• BankRate.com: 5 ways to crash your small business – There are some excellent things to remember at this link, starting with “use your head, not your heart.” Many people go into business for themselves because they want to do what they love without the extra baggage that comes with working for someone else. The reality is that the baggage is oftentimes necessary: the details of accounting for every dollar and minute spent are ultimately important. Treat your business like you own it, not as if it’s just a job.
• Blogtrepreneur: Small Business Startup Myths – Think that with your own business you’ll be able to just relax and wait for the money to come in because you happen to be good at your current job? Think again. This post addresses some of the most common fantasies/myths people have about starting their own business.
• Guy Kawasaki: Five most important lessons I’ve learned as an entrepreneur – A great list from well-known tech entrepreneur and venture capitalist Guy Kawasaki that’s primarily useful for web startups. Two particularly stand out: Focus on Cash Flow and Try Stuff. Early on, profitability is less important than spending money wisely and building an interesting product or service. Don’t hamstring your great idea because you’re focused on short-term profitability.
• Trizle: What Startups Get Wrong – Think you have a great idea that is sure to succeed? Well, it probably won’t. And here’s why. (Thankfully, the oft-cynical Trizle also lists some of the ways a small business can rebound from a slow start.)