What do you do immediately after winning the award for winning the grand prize, according to experts
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(Nexstar) – Assuming that you beat the unfamiliar difficulties and winning the winning award for the Grand Prix PowerBall on Saturday night, there are many things that you should do to avoid expensive errors, the experts say.
On Friday, the Grand Prix won to $ 1.8 billion, making it the second biggest winning prize in the lottery in history, as he claimed only a prize in California in 2022, which exceeded two billion dollars.
Pre -tax numbers are amazing, but the winner’s game plan after matching the numbers may determine the richness of this person in the end.
“The biggest fear of all the beneficiaries of sudden wealth, especially the lottery winners, said that they will form it,” said Robert Bagliarini, author of the book “The Sumper Wealth Solution”.
Pagliarini provides advice to clients, including the lottery winners, for more than 20 years on how to deal with large money flows. He says that the goal always is to convert this broken amount into a permanent wealth, but he added that for the lottery winners, there are some things that should be.
The first decisive step
The winning lottery ticket is just a paper slip and can be stolen, lost, or even destroyed in a washing machine.
Until it is signed, the ticket is a pregnant tool, or a financial document due for the person who has a physical possession of it.
“This means that they really need to document that they are the owner of the ticket,” said Bagliarini. “So I was taking a personal photo with the ticket, and I would like to take a video of me and the ticket, and I will make the ticket and I will keep this ticket in a very safe place.”
Do not go alone
If possible, experts advise, keep the winning lottery quickly while building a team of experts.
Pagliarini warns that strangers, friends, and even family members may all knock up as soon as the word circulation. To protect gains, it is recommended to employ a lawyer, tax advisor and financial advisor as soon as possible.
There will be helicopters flying over it when they go and collect gains like this. These things happen because the world is excited. Now everyone knows that you have a billion dollars not good. In any circumstances, this is a good thing.
It is recommended to stay away from the limelight and tell a few people as much as possible, as well as formulate a plan to prepare to speak to the media.
Institts or broken amount?
The huge decision faced by the Grand Prize winners is how to get their profits – in a large amount or spread over years in installments payments.
If someone wins 1-132,575,350, and wins the current Grand Prix on Friday, they will eventually have the choice between taking the amount in 30 paid over 29 years, or the broken cash amount of approximately $ 602 million.
Nicholas Bonio, a certified financial plan from Pennsylvania, said, even with his experience, that he will take the annual because it will significantly reduce the risk of making bad investment decisions.
“It allows you to make a mistake here and there,” Bonio said. “People do not understand that there is a possibility to lose. They only focus on the possibility of getting the gain.”
The gap between the cash and the perennial options has become greater because inflation has led to an increase in interest rates, which in turn leads to greater investment gains. With pensions, the winning of the Grand Prix is mainly invested and then paid for the winners for three decades.
“You should see what a best option is
Although the broken amount is more popular and will give immediate access to cash, it also means more taxes.
“Taxes will be imposed on up to 37 percent federally, then more dependent on your state tax,” Evensen warned. “So I will talk to an accountant about this to make sure that you are not a kind of excessive spending in your head before you actually receive the money and receive your tax bill at the end of the day.”
Regardless of the payment plan you choose, Evensen recommends investing some money. What you invest depends on your goals, but “low -cost investment boxes, index funds are a great place to start.”
The Associated Press contributed to this report.
