$900 million and counting.
The giant jackpot for Mega Millions is now the second largest in history.
And despite the terrible odds, someone will eventually match all six numbers and win. That could be as soon as Friday night.
But what if you won the jackpot? What should you do next?
Financial planner Robert Regan, with the Regan Financial Group based in Danville, says no matter how many millions you have won, it’s easier to lose than you think.
“No matter how much you have, you can lose it,” Regan said. “You need a lot to be set for life.”
If you don’t want to be one of those people we all hear about, who win the lottery and then end up broke, Regan has some advice for you.
- Hire a financial planner: You need to have a spending plan. You need someone to walk you through your expenses and help you understand how big purchases such as mansions and yachts will cost you over time. You gotta keep in mind with any purchase, you must think about what it will take to operate the household.
- Hire an attorney: You need to have someone help you protect your money legally. What happens if you die? Who gets your money. What if you divorce?
- Invest your money: Look at the risk factors and consider investing. You want your money to keep working for you.