Somehow and some way the new Pennsylvania Lottery Powerball jackpot already has crossed back above the $200 million mark for the winning lottery pool. Because 24/7 Wall St. is so concerned with the nation's personal finances and financial matters for the public, we wanted to take the opportunity again to tell you about what to do and what not to do if you are one of the few luckiest people on earth who happen to win a lottery of this size. This also pertains to anyone who wins a huge legal judgment or who suddenly comes into unexpected wealth.
The current Powerball is up to $203 million for the Saturday, September 7, drawing. Two Powerball tickets worth $1 million each from the September 4 drawing also were winners. This guide is meant for those winners as well. These tickets won individual prizes of $1 million, less the 25% federal withholding. More than 53,700 other Pennsylvania Lottery Powerball players also won prizes in the September 4 drawing.
As far as the $203 million is concerned, this comes to a value through time as an estimated annuity value of $203 million. It comes to a sum of roughly $115.5 million in the cash value for a lump sum, which is still king-maker money for the bulk of the population. The problem is that there are way too many people who win the lottery or a major judgment who actually end up bankrupt. That just isn't right.
24/7 Wall St. has a full list of what to do, and specifically what not to do, if you are ever one of these lucky souls who hold the winning lotto ticket. Some of the actions are simple, but then there are mandatory things such as shielding yourself from poachers, getting very reputable tax and financial professionals, keeping your expectations within check and more.
Here are 12 things to do and not to do if you happen to win the $203 million lottery this weekend, or any other great lottery sum in the future.