Wednesday, November 28, 2012

$500 Million! Now what do I do?!?

It certainly is the stuff of fantasy, isn't it? Tonight's PowerBall jackpot is going to be around $500 million. That's a half a billion dollars! Almost an inconceivable amount. I'm not sure how I'd start spending it, but I'd sure like to try, wouldn't you? Let's just say for a sec that you do win tonight. Then what? 

Well, the experts, including financial advisers and former jackpot winners, list some common sense ideas as the most important: 1) Set a budget and stick to it. 2) Invest wisely. 3) Learn to say no. 4) Be prepared to lose friends and even family members through guilt and mistrust. That would be a tough one wouldn't it? Family members and friends you never knew you had come out of the woodwork and try to guilt you into giving them money. There are even stories of total strangers showing up at winner's doors begging for a handout. Is it really worth all those millions? Probably, if you're smart. Get a  lawyer, and financial adviser, and a good accountant and tax expert. 

Oh, and don't forget to take me to lunch! After all, I am your long lost 3rd cousin on your mom's uncle's sister-in-law's side! For more info on what previous winners suggest, follow this link. And head over to our Facebook page to join the Jackpot discussion!