Last night there was again no jackpot winner in the Powerball Lottery that is played in 44 states, Washington D.C. and the U.S. Virgin Islands according to Powerball.com. The potential jackpot for the twice-weekly-drawn lottery now escalates to $127 million to be drawn on Wednesday night, and that equals a cash-value payout of $77.3 million.
Most Americans pick up a Powerball Lottery ticket while they’re grabbing gas or groceries. The healthy outlook when playing is understanding that the odds of winning are less than being hit by lightning, but spending a few bucks on a Powerball ticket gives the holder a few days of dreaming about what they’ll do with all that money when they win it.
So, what do you do when you actually do win the lottery?
According to Forbes, the absolute first thing you should do when you win the lottery is to sign the back of your winning Powerball ticket. That way, if you happen to lose the ticket between the time you win and the time you cash it in, the ticket is still tied to you and no one else can claim it.
Forbes also advises you to stay anonymous if your state rules permit it. Going on The Today Show or a local newscast might seem like fun, but winning the Powerball Lottery and making that knowledge public is like hanging fresh meat above a piranha tank. Soon or later, someone is going to bite you for a chunk of that money.
Next, go see a lawyer, one that specializes in tax advice. Find out all your options when it comes to receiving, spending and investing all that cash, and see what works for you. Experts also say to not make any drastic life changes right away. They advise winners to rent in an area they think they might want to live before actually moving there. They also advise Powerball winners to not quit their jobs right away until they adjust to what being a mega-millionaire actually entails. Believe it or not, a high percentage of Powerball winners actually eventually go broke via bad decisions and over spending.
A big thing that a lot of Powerball winners forget when they move on to their new, lap of luxury lifestyle, is their debts. Pay off your debts. You’ve got the money, so pound the nails in the coffin of your old life before moving onto your new one.
Lastly, experts say you should hire a team of financial advisors such as accountants, lawyers and tax professionals to oversee your new empire.
So, you’ve made all the smart moves, what do you spend your Powerball winnings on?
Most winners give a portion of their winnings to family members and/or friends. After all, who really needs a hundred million dollars at the end of the day when your brother or mom is living in a rented apartment. Most winners say they want to travel and see the world, and usually put away money for their children’s and/or grandchildren’s educations.
New, lavish homes are always a high priority for Powerball winners, and with all that cash you can afford to build one with a secret passage or two.
image via MCS Minmywords