The first things you should do if you win the $1.5 billion Powerball jackpot (or any windfall)

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Everyone has the dream of what they would do when they win the lottery: buy a house near Lake Como in Italy. Sharp new suits. All the cars one person could ever hope to drive

Someone might walk away from Wednesday’s Powerball drawing $1.5 billion richer (well, subtract the total of an inevitably hefty tax bill)

But first, there’s the scary part: how to come up with a plan so you don’t spend all the money at once. (Most lottery winners do.) Winning a once-in-a-lifetime jackpot is hard. Few people are good at handling staggering sums of money, after all. (Just ask Wall Street).

The winner of tonight’s jackpot can either choose to get all of the cash up front, or smaller amounts in an annual payment each year. Most people take the cash up front, a Powerball spokesperson told The New York Times. — a move that makes sense, considering that inflation usually means money is worth less every year, which eats into an annuity. But the Gray Lady says that would be a mistake, …

More about Media, Business, and Powerball …read more

Via: Mashable: Business

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