Are you ready to become a billionaire? Talk about life changing!
Since writing this article, you can assume that I didn’t win the Powerball draw on Saturday night. Nobody did. The next draw will see the jackpot potentially exceed $1 billion for a single winner. Not a million, a BILLION! I suspect whoever wins will get the one-time cash payout a bit 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 money, just under $500 million.
The increased jackpot will be the second largest in US history. The biggest prize was a $1.586 billion Powerball jackpot won by three ticket holders in 2016. The next draw will take place on Monday evening. Powerball long odds are one in 292.2 million, but that’s still more than zero.
Now here’s a question. Would you be ready if you won this money? I’m sure we’ve all fantasized about what we would do with the money. Buy a dream house. Pay off all your debts, secure your children’s education, travel the world, buy a luxury car, etc. But how do you prepare for this?
Well, first of all, Missouri in 2021 made a law that the identity of the winners will be kept secret. you can click HERE for this article. So that’s a good thing. No doubt many “friends” and distant relatives will want to talk to you. So to tick all the boxes, maybe follow the advice of Castle Law Firm in Kansas City:
1. Sign your ticket – The owner is the owner
2. Get a Tax Lawyer – Make sure everything is legal and where the money needs to go, or where you want it to go.
3. Find a financial adviser – Someone you trust who can help you manage the funds and make sure you know where they are and how they are allocated
4. Stay silent – Tell your spouse, but no one else. Keep your lips tight on the winnings.
5. Learn the word “NO” – Many people will ask you for help. You can’t help everyone.
6. Don’t get a ticket right away – Get your affairs in order with lawyers, accountants and family. In Missouri, you have 180 days.
7. Invest wisely – Be smart and use very low risk investment strategies. Even if these areas do not offer the highest interest rate, you will not lose money on your investments. Use very conservative investments such as bonds, mutual funds, savings accounts or CDs.
I hope these tips help you and good luck if you are considering buying a ticket. Don’t throw away the ticket if you don’t match all the numbers. If you get a few numbers, with such a high jackpot, you can still win a few dollars. Good luck!
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