SPRINGFIELD, Mass.(WWLP) – You’ve won the lottery. The shock wears off and the excitement kicks in.
Before making your first purchase, it is strongly recommended that you create a plan for your earnings, especially if you decide to walk away with a lump sum like Mavis Wanczyk.
“I think a competent investment adviser would be her first stop, and her tax attorney who ever that is should also be there for that initial meeting,” said CPA and tax attorney Paul Mancinone.
The government only insures individual bank accounts up to $250,000. Lottery winners are advised to spread their wealth through multiple banks and accounts.
One hopeful future lottery winner said he would keep his earnings local for easy access.
“This country is a safe country, I can put it in my safe account and spend this money for investments,” said Amoro Shata.
Winning such a large amount of money can be overwhelming. It’s easy for winners to make wrong choices.
State Farm recommends you not quit you jobs before you have the money in hand. Keeping your win limited to a close circle of family or friends will allow you to avoid any unnecessary stress.
Mancinone also told 22News that jackpot winners will be faced with considerable financial stress going forward, but that there are resources out there to assist them.