3 things to do if you win Powerball - Cleveland 19 News Cleveland, OH

  • Cleveland 19 News Poll

  • What would you do if you won the $1.5 billion Powerball?

  • Thank you for participating in our poll. Here are the results so far:

    Pay off debt
    42%
    4076 votes
    Buy house/car
    16%
    1539 votes
    Buy plane/yacht
    1%
    122 votes
    Donate to charity
    15%
    1505 votes
    Save or invest
    14%
    1422 votes
    Buy an island and create my own country
    6%
    587 votes
    Run for president
    1%
    54 votes
    Swim in gold like Scrooge McDuck
    3%
    320 votes
    Vegas, baby!
    2%
    235 votes

3 things to do if you win Powerball

(Source: WOIO) (Source: WOIO)
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CLEVELAND, OH (WOIO) -

The Powerball jackpot climbed to a record $1.4B when no one won Saturday night. The next drawing will be held Wednesday, Jan. 13. No one has won since Nov. 4, 2015. 

Many are taking a chance and dreaming of what they would do with their winnings. 

Sudden wealth planning expert Tom Stockett with Clevelandwealth.com said if you win the Powerball there are three things you should do first. 

1. Take your time. 

2. Remain anonymous 

3. Create a team of advisors (attorney, accountant, financial advisor)

Ohio is one of six states where you can remain anonymous. 

"I don't think any real financial decisions on how you're going to manage your money should be make for almost at least three to six months," Stockett said. 

Stockett said the key is to no make any sudden or major changes, even though winning the lottery of this magnitude would be a huge change in your life. 

"Rushing into anything could usually run into big problems," Stockett said. 

There are two choices for winners. The jackpot winner could choose to take the lump sum payment or the annuity over 29 years. 

Stockett calculated that would be around $50 million a year.  

Financial experts suggest taking the annuity to prevent yourself from blowing through your winnings. 

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