The Margin: You just won the Powerball $1 billion jackpot — what should you do next?

by | Jul 18, 2023 | Stock Market

The current $1 billion Powerball jackpot would be a life-changing amount of money for the lucky winner or winners — but not necessarily in a good way.  Robert Pagliarini, author of “The Sudden Wealth Solution,” has been guiding lottery winners for decades. And he has seen plenty of people run through their winnings faster than you can say “jackpot!” Or, friends and family (and certainly office lottery pool players) can see their winnings tied up in legal battles for years, as the parties argue over who gets how much. About 70% of lottery winners lose or spend all the money in five years or less, after all. 

“Money — especially when you’re talking about this level of money — absolutely upends people’s lives,” Pagliarini, the president of Pacifica Wealth Advisors, told MarketWatch. “You should be excited, but you should also be prepared, for sure.”  Read more: The Powerball Jackpot is $1 billion — here’s how to buy a ticket on your phone These are his five tips for what to do if you win the lottery, whether it’s this $1 billion Powerball jackpot — which is the seventh largest prize in U.S. lottery history — a Mega Millions prize, or another sudden windfall. Document that the winning ticket is YOURS Sign your name on the winning ticket, take a picture of yourself holding the winning ticket — in fact, take a video of yourself holding the signed, winning ticket, for good measure.  “The first step is really all about securing the ticket … because whoever has it is the owner,” says Pagliarini. “There’s no record of you having purchased that ticket with those numbers. So having that ticket is everything.”  You have to document that this ticket is yours, which is why Pagliarini says legal experts recommend signing it. “I would absolutely sign it myself,” he adds.  And then put that ticket in a safe place, like a home safe or lockbox. Don’t tell anyone yet! You may want to sing the good news from the rooftops that y …

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