If You Win the Powerball, Caution is Urged
JACKSON, Tenn. – As the Powerball Jackpot swells to more than $360 million many West Tennessee residents are thinking about how they would spend their newly acquired fortune. However while dreaming about their new life, many fail to realize that winning the lottery doesn’t end once a winner is selected, it really begins. As a winner Forbes magazine suggests various things to protect yourself. The first being sign the back of your winning ticket immediately. This will prevent anyone else from cashing it in. Larry Mason says that winning ticket would go a long way to helping his family. “Rent, mortgage, pay the house off, get a brand new house, maybe even a car,” he said. Experts also suggest seeing a tax professional before cashing in the winning ticket. Professionals can help make the winnings go even further by suggesting investments as well as charitable gifts that can be tax deductible. Joyner says charitable gifts is exactly how he would like to spend his winnings. “Through this lottery, it can help people and that’s what we use it for. Instead of just ourselves, we help others,” he said. Adding multiple zeros to a bank account can be difficult for those not used to having money. Forbes says the winner must force himself to live within a budget. The winner should also seek guidance on whether to receive the earnings in a lump sum or paid out over 26 years. Win or lose, West Tennesseans say the lottery is all in good fun and all about helping students. “They can get a lottery grant to go to college, and pay for college and that’s something we didnt have in the state of Tennessee before,” said Richard King. Lottery winners have sixty days to decide how they want to receive their millions. Experts suggest looking into life insurance just in case something unexpected happens, your millions won’t be affected.
