3 things to do if you win Powerball

What should you do if you win Powerball jackpot?

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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