WILMINGTON, NC (WWAY) — The Powerball is now over $1 billion and that is more than a lot of money. So what are you supposed to do if you win the big bucks? We spoke with Certified Financial Planner Ross Marino to talk about it.
Marino said it is important to treat any big financial win with care. He said the first thing you need to do is sign the lottery ticket to establish ownership. After that, Marino said you should keep your mouth closed about the win until you have established a team of legal and financial professionals to help you out.
He said you may also want to consider hiring a therapist or counselor to help you with the emotional aspects of winning.
“As time goes on you’re going to realize the biggest change is going to be relational and it’s also going to be emotional. So you’re going to have family members that will expect you to pay off every debt they have, buy them a new car, send their kids to college, etc. There’s families that are divided over $50 or $100 thousand worth of inheritance. We see it all the time in our industry,” said Marino.
Marino said taking things slowly is extremely important in the time following a lottery win. He said not to rush into making any big purchases because what might seem like a great idea today might not six months down the road.
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