Powerball at $725,000,000, Here’s What You Need to Know When You Win
We all dream of winning big money, and how it will change our lives. Usually, while we fantasize we dream of a life of luxury without a care in the world. We would buy this, get that, donate to this, and take care of these people.
However, there have been several cases, none of which I will share here, where a big windfall didn’t go as expected. It’s similar to pro athletes who get that big contract but never learned how to deal with that kind of money.
This weekend’s Powerball jackpot is $725 Million dollars, and someone is going to win it, eventually. There’s no reason why that someone can’t be you. Sure, you’ll pay a bunch of taxes but who cares, it’s still a disgusting amount of money. If you take the cash option, you’ll end up with close to three hundred and fifty million bucks.
We’ve talked about this before, but I think it’s worth repeating since the jackpot has grown to such a large amount. Forbes recently published a list to assist anyone who wins the lottery.
Here are those six things they recommend should you beat those unbelievable odds to win that ridiculous amount of money. Here are some of the tips that can help prevent a life of ruin and help you enjoy a life of riches.
For the love of God, please do this if you can. I think it goes without saying that this will make your life a whole lot easier. Not to mention cut down on the phone calls, texts, and knocks on the door from friends, family, and strangers. Here’s another reason as reported by USA Today.
Hire A CPA Or Financial Planner
Here’s another one that is an absolute must. I would not know what to do with all that cash. I’d probably just put it in one bank account and spend from there. There are things you can do that are best for protecting that kind of money.
Don’t Make Any Sudden Lifestyle Changes
This is a good tip that many might not think to do. Doing this will destroy your anonymity and alert everyone including nefarious individuals. The next thing you know you’re being held hostage for all your money, and that can make for a very bad day.
Pay Off Your Debt
Duh! With this kind of money, you should have zero debt. Pay off the car, pay off the house, pay off the student loan, and pay off all the credit cards. For me, that would be the ultimate “Hakuna Matata” moment.
Get A Lawyer
Like the CPA and Financial Advisor, a lawyer will be there when questions arise. They’ll be able to guide in making proper decisions and avoid losing a lot of your winnings to whatever comes after it.
Give To Charity
I’m sure for tax reasons this is a good idea, but just the wonderful feeling this would bring is priceless. When I dream of winning the lottery, I think a lot about people that I can help. That would be one of the greatest highs, I believe, that a person can get. You can get the full list here.