Powerball fever has officially hit another level.
For the first time ever, a jackpot so big the signs can't hold all the digits: $1.4 billion jackpot.
As we dream about how to spend the money, we need to be smart and think about how to manage the money.
Federal tax practitioner and financial expert David Selig explains the process.
He offers other tips, below:
- The first thing a person should do is to sign the ticket.
- The second thing is to seek out a very competent attorney, who will help you protect your assets. In New York lottery winners are of public record, so a lot of bad people are going to seek you out, get protected.
- The third thing you should do which is extremely important, speak to an excellent taxes advisor to determine what the right move is for you.
- Invest very conservatively, and avoid, at all costs, stupid speculative high-risk investments.
- Also, stay out of the casinos. If you're smart, you'll never gamble again.