4 Things You Need To Do When You Win The Powerball

The Powerball is a BIG one tonight. Do you play the lottery? It's estimated right now at $450 million. No doubt it will be more as the day goes on.

As of now, the cash payout is $274.4 million. It's good to remember, if you win you will get less than the cash payout after .... taxes.  So, how much money could you really be taking home if you win the Powerball? 

The final take home of the amount depends on the individual's tax rate and the state and local taxes in their state, but Tracey Cohen, the interim executive director of the D.C. Lottery told ABC News that winners can generally expect to end up with about a third of the total cash jackpot.

Here are the first 4 things to do if you win the Powerball tonight, according to ABC News:

           Sign the Back of the Ticket

Imagine having the winning ticket but someone else claiming the money as their own. That's what could happen if a stranger gets hold of an unsigned ticket and turns it in as their own.

           Stay Anonymous, If You Can

States differ about whether or not winners are able to remain anonymous or if their name is legally required to be made public once they claim their ticket.

           Assemble a Money Management Team

State-run lottery organizations do not give tax or financial advice to winners and they urge people to seek outside counsel.

           Once You Win, Don't Spend

Many experts suggest that any winners wait at least six months -- if not a year -- before making any purchases

 

Want more? Forbes gave six more must dos if you win.