The Powerball Jackpot is now at $935 million after no grand prize winner on Wednesday. That’s the fifth largest in Powerball history. The next drawing is on Saturday night.
The lottery noted that the odds of winning this is 1 in 292.2 million.
While many people’s minds are on what they spend all that money on, Wells Fargo’s Head of Advice Relations, Emily Irwin, believes there are other steps lottery winners should consider.
She suggests not writing your name on the ticket, not telling more than two people in your trusted circle that you’ve won, and getting connected to a financial advisor who will keep your information confidential.
“Privacy equals safety and security,” said Irwin. “There are scammers, there are fraudsters, there are predators who like to prey on individuals who come into sudden wealth, and it will look legitimate and valid.”
Another factor to consider is whether to take the lump sum or annual payment. The deciding factor should be whether you have strong financial habits.
“If, by contrast, you’re someone who has difficulty with that, then it may be a safer and preferable option for you to take it on an annual basis because you know, you’re going to be getting that steady stream of income and if you make a mistake in one year, you’re going to have another year or decades of years to be able to rectify it,” Irwin said.
She also mentioned that once someone wins a lottery, they tend to forget about estate planning.
“It seems down the road, long term, but if something happens, you want to make sure you have your ability to have your assets flow to the individuals you want and a manner and on the timeline you would want that,” said Irwin.