Wells Fargo Advice & Planning managing director Emily Irwin’s do’s and don’ts if you win the billion-dollar Mega Millions drawing Tuesday night.
"This isn't the time to spend a few hundred dollars on a ticket," Irwin said, "but I think for most people, it's less about the expenditure of a few bucks and more about just the willingness to think to themselves, ‘This could be me, this sounds like fun, and if I have somewhere between $2 and maybe $20 in my pocket to burn, this might just give me joy to have the moment of, it could happen to me,’ because you can't win it unless you play, of course.
The Wells Fargo expert further explained how a professional team can help a lottery winner plan their earnings strategically and decide whether a lump sum or yearly payout option is the best fit for personal spending and budgeting styles. After getting financial ducks in a row with your lottery advisers, Irwin noted they can further assist in starting and completing the process of investing cash winnings in discretionary purchases.
"If we see multiple winners and there's this great exponential jump in wealth, all of these expenses, bigger homes, nicer cars, boats and then maybe those purchases for friends and family as well, all of those have very, very high maintenance costs often associated with them," Irwin said. "And so you want to make sure not only can you afford the initial cash outlay, but all the ongoing maintenance and any other associated costs and expenses.
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