Only weeks ago, millions of us closed our eyes with the same dream -- winning more than $1 billion in the Powerball. Would we pay off debts? Would we buy a boat? Would we sail around the Mediterranean Sea with our closest friends for two weeks? The daydreaming was endless. Yet the significant vast majority of us watched the drawing and crumpled tickets into the trash.
For those three lucky winners splitting the jackpot, as well as countless others who will win lottery fortunes in the future, there is financial advice to heed to protect their millions.
Although many states mandate your identity be known, financial advisors do not recommend sharing your exciting news beyond a few lucky individuals. Once the details spread, everyone will want a piece of the pie. That said, assemble a professional team to assist you -- financial advisors, accountants and attorneys to plan a strategy for your winnings as well as help you spend wisely rather than erratically and quickly. This is significantly advised before you go public with the lottery officials.
Financial advisors and planners can also help you learn the lingo and details about your new-found wealth. These professionals will be critical toward keeping your millions for a lifetime as well as avoiding scams. Keep your money safe with the right team, the right advisors, once you win that next Powerball.
Author and Financial Advisor Michele Kief offers an array of services, from assisting clients select individual investments to building retirement plans. With access to a broad variety of company resources -- including research analysts and economic and market experts -- Kief makes it possible to make informed investment decisions centered on unique client needs.