So you've won the lottery - what now? - KFVS12 News & Weather Cape Girardeau, Carbondale, Poplar Bluff

So you've won the lottery - what now?

(Source: AP Images) (Source: AP Images)
(KFVS) -

Chances are you didn't land the $1.5 billion Powerball jackpot.

However, if you HAD won the biggest jackpot in history, starting your new life might boil down to a few simple but crucial steps.

“First, don’t tell anyone.” Said Andrew Rogers of Alliance Wealth Management in Carbondale before the ticket was drawn. “publicly announcing you’ve won millions of dollars is an easy way to meet distant relatives you never knew you had, because anybody who thinks they have a chance is going to come to you hoping for their cut.”

Rogers says only to tell three people before winner even claims their prize.

He says the first move should be to find and hire a well-respected lawyer to watch your back.

“You’re going to run into all kinds of scenarios with that amount of cash, where you’ll be wondering what steps you can take legally,” Rogers said. “Also, once word does get out, scams and con-artists will come out of the woodwork as well.”

A tax specialist is the second person to share the news with, according to Rogers.

“That’s a lot of money.” He said “The government is going to be taking millions of it already, so having someone there who can help you fill out the paperwork and make the right decisions could potentially spend you millions as you receive the money, and as you start spending it.”

Finally, Rogers recommends a winner find an established financial advisor before  even deciding how they want to receive the money.

 “With that much money, cars are going to get bought, houses, schools will get paid for…” Rogers said. “Children’s schools, maybe even grandchildren and nieces and nephews, whatever. But as that stuff comes out of the sum it continues to get lower and lower and there needs to be a plan to make it to the end. This is enough money to set your family up for generations to come… but only if you know how to spend it.”

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