KILLEEN, Texas (FOX 44) — What would you do if you won the Powerball jackpot? Or the better question is, what should you do?
“Hire an attorney that specializes in lottery winners,” Norm Mitchell said, the Regional Vice President of Primerica Financial Services in Killeen. “And believe it or not, there actually are attorneys that that’s their specialty.”
Mitchell went on to say the next step should be to find a financial consultant to help find options that work in the winner’s favor toward their dreams and goals.
Many are ready for the Powerball drawing tonight, with the jackpot prize sitting just below $2 billion.
Although many dream about what they would do with that kind of cash, Mitchell explains that meeting with experts is the best way to start when you come into a large sum of money.
“The number one thing that I would encourage most people is to tax shelter that money, you know, because like you said, even $50 million, even $10 million, even $1 million can throw off a very handsome annual income to that person for the rest of their life and literally for generations to come,” he told FOX 44 News. “So the first thing is to tax shelter that money so that Uncle Sam doesn’t get his hands on it.”
Now, what about those who will wake up tomorrow and continue about their lives as they are?
With the holidays coming and inflation still high, Mitchell has some tips for those wondering how they will get through the holiday season.
“Do your very, very best to have a cash Christmas and not a credit card Christmas, that’ll help along the way,” he said. “Because I see it every I’ve been doing this 22 years now. Every year in January, there’s the new year’s resolutions. Lose weight, stop smoking. Get my money right. And people tend to show up in January with a whole lot more debt than they did at the beginning of December.”
Mitchell ended by advising that if you do win the jackpot tonight, don’t go out and buy that new car right away because it goes down in value over time and once a chunk of cash is gone, it’s gone.
For more information on financial health, click here or you can call Norm Mitchell at (254) 371-4334.