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(Nexstar) – Assuming that you defeat Infinitimical Auds and win the powerball jackpot on Saturday night, there are many things that you should do to avoid expensive mistakes, say experts.
On Friday, jackpot increased $ 1.8 billionIt is making the second largest American lottery jackpot in history, claiming only one award in California in 2022 More than $ 2 billion,
Pre-tax numbers are staggering, but after matching the numbers, a winner’s game plan can determine how rich that person is.
“The biggest fear is that the recipients have a lot of sudden money, and especially the lottery winners, this is that they are going to screw it,” Robert Pagliaryini, “The sudden wealth solution,” author of Robert Pagliarini, ” Told Nexstar,
Pagliarini is advising customers, including lottery winners, how to handle large money of money for more than 20 years. He says that the goal is to always convert that lump sum into permanent money, but said that there are some dos for lottery winners.
Important first step
The winning lottery ticket is just a slip of paper and can be stolen, lost or even going Destroyed in a washing machine,
As long as it is not signed, the ticket is a carrier instrument, or a financial document payable to the person who physically holds it.
“This means that they actually need to document that they own the ticket,” said Paglirini. “So I will take a selfie with a ticket, I will take a video and ticket of mine, I will sign the ticket and I will keep that ticket in a very safe place.”
Don’t go alone
If possible, experts recommend, keep winning the lottery a secret while building a team of experts.
Pagliarini has warned that stranger, friend and even family members can knock all after the words are broadcast. For the protection of victory, he advises a lawyer, tax advisor and financial advisor to work as soon as possible.
When you go and gather victory in this way, helicopters are going to fly overheads. This stuff is because the world gets excited. And now everyone knows that you have received a billion dollar which is not good. This is not a good thing under any circumstances.
He advises to stay out of the headlines and prepare a plan to prepare to talk to the media as well as tell as much as possible.
Annual or lump sum?
A monumental decision that causes millions of jackpot winners to achieve how to win – in a big lump sum or in years of annuity payment.
If one defeats 1 -in -302,575,350 obstacles and wins the current mega million jackpot on Friday, they will eventually have to choose between taking the pot in 30 payments in 29 years, or a lower lump of about $ 602 million cash amount.
Pennsylvania certified financial planner, Nicolas Banio said that even with his expertise, he would take an annuity as it would reduce its risk of dramatically poor investment decision making.
“This allows you to make a mistake here and there,” Banio said. “People don’t understand that there is a possibility of loss. They only focus on profit capacity.”
The bay between cash and annuity options has become large as inflation has induced an increase in interest rates, resulting in potentially large investment benefits. With annuity, the jackpot cache is compulsorily invested and then paid to the winners in three decades.
Steven Avensen, a financial advisor with Gerbar Kawasaki Wealth and Investment Management, Steven Avensen, “is the best option to see you.”
While lump sum is more popular and will provide immediate access to cash, it also means more taxes.
“You will be imposed federal taxes up to 37 percent, and then more, more based on your state tax,” Avenson warned. “So I will talk to an accountant about this to ensure that you are not really overspeeding in your head before receiving money and get the bill by doing your tax at the end of the day.”
Even if you choose which payout plan you choose, Evenson advises to invest some money. What you invest depends on your goals, but “low -cost mutual funds, are a great place to start index funds.”
The Associated Press contributed to this report.
