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Update: The Powerball has jumped to $535 million.  Don’t miss out. Order your tickets online at LottoGopher.

This Saturday’s $510 million Powerball jackpot has people running out to stand in long line-ups at the store to purchase tickets or – better yet – clicking madly to order tickets online.

But what’s the first thing you’d do if you won the big jackpot?

You’ve heard the stories.  Someone wins a huge lottery jackpot, so they buy a new house, a new car, take the family on a dream vacation, and the spending goes on and on.  Sounds amazing, but when you touch base with them 5 or 10 years later, you’ll often find out that the money is all gone.

The ultimate goal for anyone dreaming about winning the lottery is financial security.  While you’ll no doubt feel the urge to splurge, ensuring your newfound financial security lasts through your lifetime and, perhaps, the lifetimes of your children and grandchildren must be top priority.

There’s plenty of good advice being handed out on what to do when you discover you’ve won big. LottoGopher has a page dedicated to lottery winner resources. And we’ve shared stories on our blog, in the past, including one from Forbes Magazine in January 2016, that still holds up today.

Reviewing the advice from various outlets, 3 important first steps emerge:

  • Stay Calm
  • Keep Quiet
  • Seek Advice

While your first instinct may be to shout it from the rooftops, even past winners have described how they handled the news.  Go to work the next day and say nothing. Keep doing your regular routine for the next 6 months, while you let the news settle in and get your affairs in order.

By ‘affairs’, they mean hire a tax lawyer and a financial advisor.  It is often recommended that you do this before you even claim your prize.  Firstly, you will want to make an educated decision on whether you take the lump sum payment or the annuity option.  Secondly, you’ll want to devise a plan for what to do with the money.  With a plan in hand, you’ll be able to make your newfound riches work for you in the best possible ways – and maintain your financial security throughout your lifetime and the next.

If you haven’t ordered your tickets yet, log in at LottoGopher.com now to order your Powerball tickets.

Good Luck!

 

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