So you just won the Powerball.
Congratulations!
Now I suggest you take a deep breath! Don’t run to Facebook and post your good fortune.
Don’t go into the office and quit your job.
Keep the attention seeking to a minimum.
As my favorite rapper Notorious BIG says:
So what should you do if you win a Powerball jackpot?
- Sign the back of the ticket immediately.I would also suggest putting it in the safe and remaining very quiet for the first couple of weeks while you put your team together.There is no reason to run around screaming your good fortune from the rooftops.Your life just changed in a major way and you do not need to do anything to make yourself a bigger target.
- Assemble a team of estate planning attorneys, tax planners, and a financial advisor and force them to work together.You can call me that would work too.I can help you assemble a team of experts.
- Remain anonymous! If your state allows you to remain anonymous when you claim the prize I suggest you take advantage of that.If you can’t you need to change your phone number.Every single person you have ever known will come out of the woodwork to “congratulate” on your luck and every blood sucker will be out to try and get you to part with your new fortune.
- Don’t make drastic life changes.Ok if you win $1.5B, you can quit your job just don’t do it the next day.No matter how tempting.
- Keep a budget.It will be very tempting to go on a spending spree.I would suggest patience and discipline because expensive toys and homes have very expensive upkeep costs.An oil change on your Toyota Camry is $30.An oil change on a Ferrari F355 is $1,100.So keep that in mind before you go out and go crazy.
- Pay off all of your debts! Nothing will beat the return on being debt free.Pay off student loans, mortgage, credit cards, car loans
So if you are fortunate to win the Powerball on Wednesday celebrate and do your happy dance then, give me a call and I will help you develop a plan for your windfall. If you don’t win the Powerball I will still be happy to help you formulate a plan to work toward your financial goals.
All it takes is $2 and a dream!
Best of Luck
Peter Huminski, AWMA
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.