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The 3 big mistakes a future winner of the $1.4 billion Powerball jackpot should avoid

The 3 big mistakes a future winner of the $1.4 billion Powerball jackpot should avoid

There has yet to be anyone who has been able to find a group that gives Powerball prize pool, So for the drawing next Saturday, October 7, there may be someone lucky enough to win $1.4 billion That this game has to distribute.

The Powerball jackpot awaiting the winner has become the third largest in the history of this lottery, so thousands of residents of the United States and other parts of the world are buying tickets to try their luck.

once again, The Powerball jackpot promises potential winners a fortune that may exceed their imagination. Although on paper it sounds like this could help and enhance the lives of those who take it, You have to follow some tips so that this does not become your “worst enemy”.

Such large sums of money represent many opportunities, both good and bad. We’ll tell you what they are right away. The 3 biggest mistakes a Powerball winner can make, according to some financial experts.

3 mistakes the winner of the $1.4 billion Powerball jackpot should avoid making

1) Quit your job

One of the most common mistakes lottery winners make is to immediately quit their jobs or make drastic changes in their lives, without taking the time to properly deal with their new reality, with so much money on their hands.

If you have a good job, and a great, stable environment, it’s a good idea to stick with it, as long as you don’t already have a financial plan with your Powerball jackpot that’s been approved by experts.

“Don’t make any visible changes in your life. Don’t quit your job. Don’t go out and buy a Ferrari. Maybe you have student loans that you want to pay off, that makes sense,” Emily Irwin, managing director of advice and planning for Wells Fargo’s investment and wealth management division, said in an interview with Fortune Magazine: “But try to avoid that huge purchase.”

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2) Get a luxurious mansion

Buying a big house is one of the most common mistakes lottery winners make.

You may have enough money to pay off the property initially, but keep in mind that in the future you will have to pay taxes and expensive maintenance. If you spend your Powerball fortune quickly, you won’t be able to keep it.

Paul Karger, co-founder and managing partner of wealth advisory firm TwinFocus, advises waiting 6 months to a year before making large purchases.

3) Choose one payment for the Powerball prize

Most winners choose to take the cash prize, believing that they already have the right options to increase their winnings. But you may not make the best decisions and lose everything in the blink of an eye.

On the other hand, if you are receiving your money in installments, in addition to ensuring that income comes in, you probably already have enough time to consult with experts about what you should do with it so that it generates more wealth for you.

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