The Powerball jackpot reaches $1.4 billion. What winners should do first

According to the Multi-State Lottery Association, the Powerball jackpot increased to an estimated $1.4 billion on October 6, 2023.

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The Powerball jackpot has risen to an estimated $1.4 billion ahead of Saturday night’s drawing – and financial experts have tips for the lucky winner.

The third largest prize in the game’s history, the winner receives a lump sum $614 million, or an annual price tag of $1.4 billion. Both options are pre-tax estimates.

The next Powerball drawing takes place on Saturday at 10:59 p.m. ET and sales typically close one to two hours before the drawing. The chance of winning the jackpot is approximately 1 in 292.2 million.

The biggest threats to lottery winners are excessive spending, poor investment decisions and family members asking for money, said Andrew Stoltmann, a Chicago-based attorney who has represented several lottery winners. “Saying ‘no’ to family might be the hardest thing lottery winners have to do,” he said.

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According to financial experts, the lucky winner should do the following first:

Assemble a team of professionals

“Lotto winners have historically had a weaker socioeconomic background,” said Stoltmann. “They don’t have the experience to manage money or build the finance team.”

Before making big financial decisions, the winner should hire one Financial advisors, tax advisors and at least one attorney, he said.

First, consider a “cooling down” period.

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