What To Do If You Win The Mega Millions Jackpot

What To Do If You Win The Mega Millions Jackpot

Jordi Lippe-McGraw  Sun, December 22, 2024

Did someone ask for a green Christmas?                                                                                                                         

Should someone win the Dec. 24 Mega Millions drawing, they would be waking up Christmas morning with an estimated $944 million in their pocket.

If won, the prize money, which equates to $429.40 million in cash, would be the largest amount won in December and the seventh largest in Mega Millions history.

No winner was named in the Dec. 20 Mega Millions drawing, which featured a jackpot totaling an estimated $825. The winning numbers were 2, 20, 51, 56 and 67, and 19 for the Mega Ball.

The biggest jackpot in Mega Millions history came in 2023, when one winning ticket in Florida earned someone $1.602 billion.

So, what exactly should you do if you find yourself holding the lucky ticket ?

While big paydays have spawned numerous rags-to-riches stories over the years, they have also spelled disaster for some. Not only do most winners have to deal with people coming out of the woodwork looking for a handout, but there have also been cases of bankruptcy, murder, robbery, drug abuse and various legal woes in the wake of big wins.

So, before you start picking out the gold finishings for your fleet of yachts or buying all your friends a set of matching mansions, here’s a list of nine tips on how to handle a mega windfall from people who know what they’re talking about.

1. Establish proof that it’s your ticket

While signing the back of the ticket is one step a winner will want to take, Robert Pagliarini of Pacifica Wealth Advisors once told TODAY it would be smart to take another step in case you ever need to prove it’s yours.

“I would take a selfie with it,” he said. “I would take a video of the ticket and me smiling.”

2. Keep it on the down low.

That selfie or video clip isn’t for bragging on social media. While no one would blame you for wanting to shout from the rooftops that you’re the latest member of the billionaire club, Pagliarini added, “You really want to keep this as private as possible.”

Or as Laura Adams, author of “Money Girl’s Smart Moves to Grow Rich,” once told TODAY, “Other than a spouse or life partner, I wouldn’t tell anyone about your good fortune until after you’ve created a solid plan with the professionals. Well-meaning friends and family may not offer you the best financial advice.”

3. Hire a team of professionals to manage your money

In fact, a man who won $20 million from a Quick Pick ticket in 2014 considers getting professional help his own top tip.

Cameron, who preferred not to reveal his last name when he spoke with TODAY, said, “Get you a financial advisor and get yourself a lawyer.”

Ric Edelman, chairman and chief executive officer of Edelman Financial Services, recommended using a financial advisor “as a buffer with all those who ask you for money — this will help insulate you and protect your relationships.”

4. Don’t accept the prize money right away

TO READ MORE:  https://www.yahoo.com/finance/news/win-1-25-billion-mega-220010350.html