Explore these tips and insights from Powerball winners and avid players who have advice for novice Powerball players and first-time winners.
When it comes to playing Powerball, you don’t necessarily need advice. Playing is easy, convenient, and affordable. And since the odds reset with every game, every drawing is a fresh chance to become a winner.
Where you really might need some advice is knowing what to do if you win $50,000, $100,000, $1 million, or a Powerball jackpot. That’s a lot of money to consider adding to your bank account. And there are suggestions for how to invest, preserve, and spend wisely. Check out these best practices from those who have already won a Powerball prize so you know precisely what to do should you become a winner yourself.
Don’t Rush to Claim Your Prize
Veteran Powerball winners will tell you that it’s easy to rush yourself when you get caught up in the overwhelming excitement of winning a big cash prize. But they’ll advise you to take your time. Check your Powerball rules and deadlines to claim so you don’t take too long. Then, get your affairs in order and ducks in a row before stepping forward to claim your prize. It’s not going anywhere.
Seek Professional Guidance
Make a few calls to the professionals, including a financial advisor who specializes specifically in wealth management. You might also want to reach out to and connect with a trusted accounting professional who’s versed in taxes. Get their opinions about how best to collect your prize, lump sum, or annuity. And rely on their suggestions for saving and managing your money once it arrives in your bank account.
Control the Narrative, Your Story, and Privacy
If the world starts talking about your Powerball prize-winning story and you don’t have control over the narrativepublicity, it can be problematic for you. Scammers and fraudsters watch for windfall headlines to spot new targets. And past Powerball winners will tell you to claim anonymously if you can. Stay under the radar about your good fortunes so you can control your privacy and your story. Even distant relatives can become nuisances, too, so keep your circle of confidants tight.
Don’t Make Rash Spending Decisions
Once your newfound wealth lands in your pocket, you’re going to be itching to start spending. And you might assume that rushing to pay off debts and credit cards is a great first step. But veteran Powerball players say don’t make rash spending decisions, even if you intend to pay debts. Consult with your advisors again about what you intend to do with your money. They can share better ways to handle your debts without writing a big check and without completely depleting your reserve of new funds.
Be Careful About Gifting and Donating
If one of the first orders of business you have in mind with your new Powerball prize money is to help someone in need, past winners say to wait on those efforts, too. It's a noble gesture to gift a family member a few thousand dollars or donate to your local soup kitchen. But if you're not aware and careful, you could be opening yourself up to gift taxes. Or, you might miss out on claiming nonprofit donations. Talk again with your trusted financial advisor about your intentions to give. Let them guide you into knowing when to share your wealth and how much. They'll make sure you're not blindsided later with taxes or fees.
Get out there and keep playing your favorite Powerball numbers. But if you win, especially any sizable amount or life-changing jackpots, keep these tips and insights handy. Take it from those who've won Powerball before you. Play it smart and get the customized advice you need when your numbers align so you can make the absolute most of every dollar you win.