If you win the $670 million Powerball jackpot, here’s what you should do.
It’s happened before: no one won the Powerball jackpot in the drawing on Saturday.
As a result, the ultimate reward on Monday will be even bigger: an estimated $670 million.
The numbers for Saturday were 28, 38, 42, 47, and 52.
The Powerball number was one.
Those who had tickets weren’t so lucky with those numbers. Sure, winning the jackpot has a one-in-292.2-million chance of happening.
However, dreamers hoping to win the largest lottery prize in months still have hope.
The drawing will take place at 10:59 p.m. on Monday.
The dilemma for them is: What will they do with the money if they win – $474.8 million before taxes if they choose the cash option?
Experts in the field of finance have a lot to say about it.
Here are a few pointers to remember once you’ve stopped jumping for joy.
Obtain the winning lottery ticket, The first thing to consider is the safety of your golden ticket.
Winners should create many copies of the ticket – both sides – to demonstrate to an attorney or accountant, according to State Farm.
After that, make sure the ticket is safe by storing it in a safe or a bank safe deposit box.
Engage the services of an attorney and other advisors.
If you unexpectedly find yourself in possession of hundreds of millions of dollars, you’ll need professional assistance to cope with it.
Lottery winners should see a tax counsel “who specializes in assisting clients of large means to avoid tax liability without running afoul of the IRS,” according to the personal finance blog Money Crashers.
Family law or estate planning attorney, a financial planner, and a certified public accountant who works with wealthy families are all professionals who would be good additions to your team, according to the report.
Don’t make major life changes right away.
For the next six months, take it easy.
Forbes advises against doing all of those things you’ve always wanted to do – quitting your job, buying a mansion in the south of France – straight soon.
It’s fine to spend a lot of money on a few things, but hold off on making large investments for a while.
Also, keep in mind that paying off debts is sometimes the finest investment you can make. Forbes advises making this a priority.
Make a financial reserve.
Then there’s the issue of all the other people who will want to share your fortune with you.
They could be relatives or friends, some of whom you’ve never met before, who ask for money and cause you to give away more than you intended.
That’s why Business Insider, a business news website, offers the following advice: “One method to prevent this issue is to have a trustworthy third-party act as a middleman for any money demands.
This individual could be a close, responsible family member or an unbiased financial expert who can provide you with some guidance.”
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Powerball jackpot: What to do if you win the $670 million grand prize