Are You Prepared To Be A Billionaire? Talk About A Life Change!
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Since I am writing this article, you can assume I did not win the Powerball drawing on Saturday night. No one did. The next drawing will see the jackpot potentially be over $1 billion dollars to a single winner. Not one million, one BILLION! I suspect whomever wins, will take the one time cash payout of a little less, but if you want to keep the whole billion, you can get it all, just in balanced increments over 29 years. If you take the cash, a little less than $500 million.
The increased jackpot will be the second-largest in U.S. history. The biggest prize was a $1.586 billion Powerball jackpot won by three ticketholders in 2016. Next drawing will be Monday night. Powerball's long odds of one in 292.2 million but that is still more than zero.
Now here is a question. Would you be prepared if you won this money? I am sure we all have fantasized about what we would do with the money. Buy a dream house. Pay off all of your debt, secure your kids education, travel the world, buy a fancy car, etc. But how do you prepare for that?
Well, first of all, Missouri in 2021 made it a law that winners identity will be kept secret. You can click HERE for that article. So that is a good thing. No doubt you will get a lot of "friends" and distant relatives wanting to talk to you. So to check all of the boxes perhaps follow the advice of Castle Law Office in Kansas City:
1. Sign your ticket- Possessor is the owner
2. Get a tax attorney - Make sure everything is legal and where the money make need to go, or where you want it to go.
3. Find a financial advisor - Someone you trust, who can help manage the funds and make sure you know where it is and how it is being allocated
4. Stay Quiet - Tell your spouse, but no one else. Keep tight lipped on winnings.
5. Learn the word "NO" - Lots of people will ask you for help. You can't help everyone.
6. Don't claim ticket immediately - Get affairs in order with attorneys, accountants, and family. In Missouri, you have 180 days.
7. Invest wisely - Be smart and use very low risk investment strategies. Even though, these areas don’t provide the biggest interest rate, you won’t lose money on your investments. Using very conservative investments such as bonds, Mutual Funds, Savings Account, or CD’s.
Hope these tips help, and good luck if you plan on buying a ticket. Don't throw the ticket away if you don't get all of the numbers. If you get a few numbers, with a jackpot this high, you still may win a few bucks. Good luck!
