At half a billion dollars, the Powerball jackpot is attracting lottery players from all over the country. The winnings have reached $550 million, making this the biggest Powerball prize in history.
According to CBS News, the odds of winning the jackpot are one in 175,000,000. With these chances, lottery officials estimate that by the time of the drawing, held Wednesday, November 28, Americans will have bought over $1 billion worth of Powerball tickets. While the odds of winning are slim in cases such as these, there are those who do hit the jackpot, raking in millions of dollars. Having access to such a large sum of money may seem daunting and impossible to spend, however, what many don’t realize is that if handled carelessly, your cash prize can diminish rather quickly.
CBS News provides important tips on what you should do if you win the big prize:
Winners should consider hiring a team of financial advisers and lawyers to help manage their finances. With this recent influx of money, you have the means to ensure your money is safe and used wisely. Hire a team you trust. Check the team’s BBB Business Review at bbb.org. While you may want to have some fun with your new money, be sure to also make sound and responsible decisions.
Winners should wait to claim their money. Before cashing in your ticket, be sure to sign the ticket, making it clear that you are the owner. With so many people playing the lottery, there are just as many people who would love to get a hold of that ticket. Make sure you keep your ticket in a safe place, meet with your local bank, and create a financial plan for your new fortune.
For more information, visit www.cbsnews.com/8301-505363_162-57555706/life-after-a-powerball-win-what-to-expect-if-you-strike-it-rich.