Experts Advise What to Do Should You Win Jackpot
A certified financial planner weighs in
COLUMBIA, S.C. (WOLO) -- Becoming a millionaire many times over, overnight, can be disastrous if not handled properly. A Midlands certified financial planner weighs in on what you should and shouldn't do if you end up with the winning Powerball Jackpot ticket.
Certified financial planner, Omar Shalabi, has serious fiscal advice for the Powerball Jackpot winner.
"First of all," says Shalabi, "Call a financial planner, a lawyer, someone to help you get documents in order like estates, trusts, that kind of thing."
The 17-year financial guru warns, not having a second set of eyes involved, leads to emotionally-charged decisions. After calling a lawyer or other expert, Shalabi says put a solid game plan in place and give only necessary players a spot on the team.
"Talk to immediate family. Make sure everyone is on the same page so you won't blow the money the next day. They wanna buy cars, houses, and the problem with all that is buying material things comes with consequences."
Tip number three, excluding necessary essentials, he recommends living life like you did before the money came.
"Don't change life completely to try to become a multimillionaire materialistic person, doing a lot of crazy, wild things with the money."
If you do choose to blow the cash, blow it wisely Omar Shalabi says. Invest in real estate, the stock market and charities.
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