The Powerball is still going after no one was able to pick the winning number for Wednesday’s drawing. The jackpot for the Powerball is now at $314 million. Currently, the Mega Millions is at $548 million. Experts have compiled a short list of ways to protect yourself if you do become the winner.
1. Lay Low
Though you may be excited to claim your money, experts say you should wait sometime before heading to the lottery headquarter. Winners can wait anywhere between three to six months to a year to claim their winnings. However, the time allotted depends on where the tickets were purchased. Experts suggest taking as much time as you need to prepare yourself for receiving your money. You will want to hire an attorney, tax advisor, financial planner, and an insurance agent.
2. Keep Your Ticket Protected
Experts say to sign the back of the winning ticket, so in case it is stolen, your signature ensures you still receive your money. In some circumstances, it could interfere with your ability to ream anonymous.
Winning The Powerball
3. Keep quiet
Though you may be excited and ready to tell the world of your luck, that’s not the best idea. The fewer people who know, better for the winner. Be mindful that good news travels quickly and can travel to the wrong person. You can change your number or move with someone temporarily as a means to avoid any media attention. Also, all of the hands that will be reaching for your pockets.
4. Think About Your Payment Options
Winners of the jackpot can either take an immediate lump sum or spread their winnings out over three decades. Whichever you choose the IRS will still take 24 percent before you receive your funds.
The cash option for Mega Millions is $309 million and for the Powerball is $179.4 million.
5. Just Breath
Take out the time and think about how your life is going to change both financially and emotionally. Try to take your time before buying the big things. Really think over the fact that you now have an abundance of money coming your way.