There has not yet been anyone who has been able to guess the combination that gives the accumulated prize in Powerball, so for the drawing next Saturday, October 7, someone could be lucky enough to win the $1.4 billion dollars that this game has to offer. distribute.
This Powerball prize awaiting the winner has become the third largest in the history of this lottery, so thousands of residents of the United States and other parts of the world are buying tickets to try their luck.
Once again, the Powerball jackpot promises potential winners wealth that can go beyond what they imagined and although on paper, it seems that it can help and enhance the life of whoever wins it, some advice must be followed. so that this does not become “your worst enemy.”
And such large sums of money represent many opportunities, both good and bad. Below we tell you what are the 3 biggest mistakes that the winner of this Powerball prize could make, according to some financial experts.
1) Quit your job
One of the most common mistakes made by lottery winners is to immediately quit their jobs or make radical changes in their life, without taking the time necessary to properly process their new reality, with a lot of money in their hands.
If you have a good job, with a great and stable environment, it is recommended to continue in it, as long as you do not already have a financial plan with your Powerball prize and that is endorsed by experts.
“Don’t make any visible changes in your life. Don’t quit your job. Don’t go out and buy a Ferrari. Maybe you have student loans you want to pay off, that makes sense. But try to avoid that mega purchase,” said Emily Irwin, general director of advice and planning for Wells Fargo’s investment and wealth management division in an interview with Fortune.
2) Acquire a luxurious mansion
Buying a big house is one of the most common mistakes lottery winners make.
You may have enough money to pay off the property initially, but keep in mind that in the future you will have to pay taxes and expensive maintenance. If you spend your Powerball fortune quickly, you won’t be able to sustain it.
Paul Karger, co-founder and managing partner of wealth advisory firm TwinFocus, advises waiting 6 months to a year before making large purchases.
3) Opt for a single Powerball prize payment
Most winners choose to take the cash prize, believing they already have the right options to grow their winnings. But you may not make the best decisions and lose everything in the blink of an eye.
On the other hand, if you receive your money in installments, in addition to guaranteeing the entry of that income, perhaps you have already had enough time to consult with experts what you should do with it so that it generates more fortune for you.
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