Listen Live
K97.5 Featured Video
CLOSE
US-LOTTERY-POWERBALL

Source: SAUL LOEB / Getty

Lets face it…someone is probably going to win the Powerball lottery at some point, right…And it might just be one of us. So I think we should talk about some things that we should do after our lucky numbers are called.

1. Protect your ticket.

Because it is a piece of paper, you want to keep it safe. Put it in a lockbox or safe. Sign the back to author it so no one can claim it even if they steal it. The signature should match the one on your license or state id. For added security, you can even make copies of the ticket.

2. Prepare your team before claiming your prize.

When you win, everyone in your life will want a piece of the winnings. Babies you didn’t know you had, coworkers filing lawsuits against you, ex lovers back to take another piece of your soul… the list is endless. So make sure before you claim your prize, you lawyer up. Financial planners are also a good idea- hopefully ones who have degrees in money matters.

3. Stay anonymous.

This basically explains itself. The fewer people who know you won, the fewer issues you will face. You have three months to claim your prize. So, it might even be a good idea to wait it out. This way the hype will die down a bit as people forget about the size of the winnings.

4. Take the lump sum.

When you win, you have to choose between thirty annual payments or one giant one. Since taxes continue to grow, taking the lump sum now is a better idea. You will pay less taxes in the long haul this way.

5. Get a therapist or a worthy cause.

With a life changing experience like winning the lottery, you will need some help. Invest in a top notch therapist to make sure you stay grounded. Another option might be to donate your time by volunteering. Pick a cause you’ve always supported, you will remember who you are- even while whipping the Maserati.

6. Pay your debts.

Former lottery winners past who are now broke are often those who won $5 million or less—not $250 million.

“You can’t give that much money away,” Fenstad said, pointing out that the first $5.25 million you give your brother-in-law is free; the next $5 million will be subject to a 45 percent federal tax.

7. Create a budget.

Make sure your budget aligns with your actual needs, not your wants or the amount you have to spend. This way you won’t go broke immediately like so many winners. Remember how impossible it seemed to win- and that you most likely will never ever win again.

If we do all of these things we should be good to go with that billion dollar jackpot in our hands.

source