If you win the Powerball: Let's talk money
POSTED: Wednesday, November 28, 2012 - 8:06pm
UPDATED: Wednesday, November 28, 2012 - 8:06pm
The big $500 million dollar Powerball drawing is Wednesday night.
The demand has caused the jackpot to grow even more, up to at least $550 million.
Though the odds are slim, chances are somebody will win this time.
So what if it's you?
You've got some decisions to make.
We've all heard about the "curse of the lottery."
Winners who have struck it rich ... only later to be plagued with a bout of bad luck, including lawsuits, criminal acts and even bankruptcy.
Financial advisor Leigh Currie-Nerren says her first piece of advice is no not do anything.
"You need to have a financial advisor, a CPA, a tax professional as well as a state planning attorney," Currie-Nerren said.
Keep the money in a liquid account until getting a plan in place, then start thinking about how you want to invest, she says, based on own risk tolerance, time horizon and what your actual desires are.
And remember, easy come, easy go.
"It (money) can be blown very, very easily, especially if you make some major tax mistakes," she said.
Currie-Nerren recommends in most situations, taking the lump sum over the payment method buyout.
Want to see a tax breakdown of your winnings?