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With that kind of money, you might think it’s possible for you to go wild.
But there are still some best practices that financial experts recommend.
Read on to seewhat not to do after you win the Powerball lottery.
Dont Opt for the Lump Sum
First things first: know how to accept your winnings.
Youll be given two options: lump sum and installment payments over the following years.
Many times, when the installment option is taken, the winner receives the full advertised winnings.
Typically, the installment option is backed by aladdered bond portfolio, etc.
Take your time to plan and make thoughtful decisions about your newfound wealth, he said.
This approach will help ensure yourmoneylasts and grows over time.
That is chasing returns.
Investor and entrepreneur,Shanka Jayasinhaagreed, warning those with sudden wealth to stay away from private equity investments.
Therefore, a Powerball winner could believe that this is a great investment.
Jayasinha said you could still invest in private equity, but it shouldnt be your entire portfolio.
According to Gabrail, its better to go with the tried-and-true methods.
If you win the Powerball, you must be aware that money magnifies, he said.
You would be surprised how many people will be knocking on your door.
Gabrail instead recommends spending those months thinking about your priorities and where your money would be best spent.
confirm to budget and work with a financial expert to put a plan in place, he added.
Do not keep all the earnings to yourself, he said.
Instead, donate some money to multiple charities, because more money can sometimes come with more problems.
[Moreover,] donating a portion of your winnings to help others in need can be fulfilling.
Dont forget to invest in your life and the experiences you are afforded, said Gabrail.
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