It happened again-no one won the Powerball jackpot for Saturday’s draw. That means Monday’s grand prize is even bigger, estimated at $ 670 million. Saturday numbers were 28, 38, 42, 47, and 52. Powerball was 1.
For those who have tickets, that number wasn’t very lucky. And of course, the chances of winning the jackpot are 1 in 292.2 million. But there is still hope for dreamers who want to win the biggest lottery award in a few months. The raffle on Monday will take place at 22:59.
The question to them is what to do with the money-$ 474.8 million excluding tax if you choose the cash option-what if you win?
Financial professionals need to say a lot about it. Here are some tips to remember from the moment you stop jumping for joy.
Ensure the winning ticket
The first thing to think about is making sure your gold card is safe. According to State Farm, both winners will need to make a copy of the ticket to show to a lawyer or accountant. Then put the card in a vault or bank vault to make sure the card is physically secure.
Hire a lawyer or other adviser
If you suddenly face hundreds of millions of dollars, you need expert help to fix it.
According to the personal finance blog Money Crashers, lottery winners need to look for tax lawyers who “specialize in helping major media clients reduce their tax obligations without competing with the IRS.”
Other experts that would be a great addition to his team include family law and real estate planning lawyers, he says. Financial planner; and a certified accountant helping a wealthy family.
Don’t make a big difference in your life right away.
Please calm down for 6 months. This is Forbes’ advice, suggesting that you won’t do everything you dreamed of. You need to quit your job and buy a mansion in Southern France right away. It’s good to spend a lot of money, but wait for a while before making a big investment.
And keep in mind that the highest investment amount can be invested in debt repayment. Prioritize that, says Forbes.
Create an economical cushion
And of course, there is a problem for all other people who are interested in sharing your plunge. It may be family or friends, some you didn’t even know before will ask you for money and give you more than you want.
Therefore, Business Insider, a business news site, has the following advice: “One way to avoid this problem is to act as a trusted third-party intermediary and handle all financial requests. A financial adviser who can provide you with a perspective.”