$768 million Powerball ticket sold in Wisconsin—here are 3 mistakes to avoid if you win a jackpot via CNBCMakeIt
The third-largest Powerball jackpot in U.S. history, worth a whopping $768 million, was just sold in Wisconsin on Wednesday.
While $768 million seems like a lot, it can vanish quickly if you're not responsible with it. Instead of splurging on an airplane or a yacht, place a significant portion into an emergency fund or a high-interest earning savings account. Get rid of your loans and other obligations, too. Once you've met your financial obligations and consulted a team of professionals, don't forget to have some fun."Do not deprive yourself," says Ramassini."Feel free to spend a bit on a dream vacation or a new car."
Also, a planner"will advise you about the tax obligations related to your winnings and how they may impact your planning," adds Ramassini. They can help you"prioritize how to allocate the remainder to meet your financial goals." "Those documents are designed to protect your financial future, as well as provide for future generations."Aside from a few family members, your close friends and your financial team, you shouldn't broadcast to the world that you just won the lottery. Unfortunately, that's not always easy. A New Hampshire woman who held the winning January 6, 2018 $559 million Powerball ticket had to go to court in a fight to remain unnamed.
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