So, Now You Are a Winner?
Submitted by Cameron Grant.
Do not deny it. You have already thought through (at least briefly) what you would do if you won the estimated $1,500,000,000 PowerBall jackpot. Yes, that is $1.5 BILLION. Would you start by buying yourself some new toys? That Ferrari? A new house? Heck, how about an island? My eldest son is currently working on college scholarship applications and I let him know that if I win PowerBall he can tear up those essays because I will simply buy him Georgetown University. But, seriously, what should you do if you win? In his post on the subject, Texas Tech law professor Gerry W. Beyer offers some practical suggestions for What To Do After Winning the Lottery. Professor Beyer recommends the following:
- First, sign your winning ticket and make copies. You do not want to lose your golden ticket once you have it in your hot little hands.
- Second, keep quiet. If your state allows, do your best to remain anonymous. You may be a recluse with only a handful of Facebook friends but when you cash your $1.5B check, your popularity will skyrocket.
- Third, how is your estate plan? With money like this sitting in your account I guaranty you that your current simple will is not built to handle the situation.
- Last, but not least, assemble a team. You will need a qualified legal and financial team (and probably a personal trainer, a nutritionist, a gardener, a butler, and perhaps a good psychologist) to help you adjust to your new found wealth.
Like a pro athlete, lottery winners can go from broke to insanely rich and back to broke again with shocking speed. For a few examples, check out this article in Forbes. Do your best to fend off the vultures, circle the wagons and protect your winnings. Then, go island shopping. Just remember, bring along a good real estate attorney . . .