If you consider yourself a novice Powerball player, these are the nuggets of advice to see for playing Powerball, understanding the game, and knowing what to do as a Powerball winner
When the Powerball jackpot climbs higher and higher, it causes many people to flock to the nearest Powerball ticket outlet to buy their tickets. While many play Powerball and don’t win, there is always going to be a Powerball jackpot winner at some point. What would you do if you held the winning Powerball ticket? Here is some sound advice from previous winners who share their insights and pointers so you can be in the know in case you win the big prize for yourself!
Many Powerball winners say they became everyone’s “new best friend” when word got out of their big cash prize win. Had they known just how many people and organizations would contact them asking for money, they would have maintained their anonymity and had a representative, such as an attorney or trusted individual, appear on their behalf to collect their winnings. It’s a piece of advice to consider should you find yourself holding a winning Powerball ticket. Explore ways to protect your identity and remain anonymous if your state allows.
Most Powerball jackpot winners weren’t already wealthy. So, this large windfall of winnings is an entirely new concept and something they know how to effectively navigate. Past winners emphasize the importance of retaining a reputable financial advisor to help with responsible spending and budgeting of their Powerball win. Find someone who specializes in wealth management, not just any licensed financial planner. It might help to get a referral from a trusted attorney if you don’t know who to call in your area.
A sudden increase in funds can be tempting to spend and impulsively purchase things like cars, homes, and vacations. But before you spend a dime, pause and plan. Take a step back, think long and hard about purchase wish lists, and be sure to make informed decisions. The act of waiting can help to prevent ‘buyer’s remorse’ later and can inspire a healthier spending and budgeting outlook.
Every Powerball winner is given the option of taking their prize money in a lump sum payment or an annuity. It’s important to understand the difference between the two options and what they’ll mean for your unique financial situation. In short, here’s how they each work: A lump sum payment is exactly as it sounds. The money is given all at once after taxes have been deducted. An annuity payment is paid out gradually, usually in annual installments. There may be a considerable difference in the amount of taxes paid, so it’s important to learn as much as possible about each option and then decide what’s the best choice.
It’s not uncommon to see headlines about Powerball jackpot winners who choose to give back to their communities and family members in the form of monetary donations. However, careful consideration should be given to donating to organizations or relatives. There are cases of past Powerball winners who gave away too much, completely depleting their wealth in just a few short years. Get financial and legal advice from a trusted pro before you make any sizable donations or set up non-profit organizations and charitable foundations. You’ll want to understand any tax implications and form a long-term strategy that allows you to support causes you love without breaking the bank.
Winners agree that a Powerball win is probably the biggest change that could have ever happened in their lives. Many stated they were unprepared for these changes, with some being positive and some negative. It’s important to continue to maintain balance, even with sudden wealth and notoriety, and keep a clear view of your priorities. Those priorities might be family, business, or something personal. But keeping those in mind will help you navigate the many changes that come with a Powerball win.
Learn from the experiences of others, which means seeking advice and avoiding the mistakes of past Powerball jackpot winners. If your ticket is the big jackpot winner, keep this sound advice in mind. It can make your big win even sweeter when you know what to do and what not to do to make the most of your newfound wealth!