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And even though investing and saving may not seem as exciting as spending, there would be no money for it either.
Experts say it's okay to have fun right from the start, whether it's a new car, a new home, a vacation abroad, or something else you're after. The important thing is to set boundaries immediately, even when the amount of victory seems unlimited.
"It's important to put in place a preliminary plan and budget right from the start," said Kurland, who helps winners of the lottery manage their windfall. "Emotionally, setting up an initial structure is extremely helpful for the winners because it's such an overwhelming experience."
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The so-called 4% rule is a common way of ensuring the longevity of money. In other words, if you do not withdraw more than 4% of your money each year, it should last for dozens of years as long as it is properly invested in a diversified portfolio, said the Certified Financial Planner Jim Shagawat, President of Windfall Wealth Advisors in Paramus, New Jersey.
Applying this withdrawal rate to an estimate of $ 491.7 million after tax, this would mean that about $ 19.6 million could be raised each year without depleting your wealth.
In addition, lottery winners in South Carolina have six months to claim their prize. Meanwhile, the winner should bring together a team of experienced professionals to help determine how to manage his new estate, including a lawyer, a financial advisor and a tax advisor.
Meanwhile, the Powerball jackpot rises to $ 620 million for the Wednesday night draw. The chances of hitting him are slightly better: 1 in 292 million.
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