SYRACUSE, N.Y. (NCC News) — Two jackpots of America’s most popular lottery games are ascending upward.
Friday’s Mega Millions jackpot has jumped to $494 million. The drawing will take place at 11 p.m. eastern time. The tally is the game’s largest since July of this year, when a $1.337 billion dollar ticket was sold at an Illinois gas station.
Saturday’s Powerball jackpot is currently at $454 million — significantly less than the record, a nearly $1.6 billion dollar jackpot, in which the prize was split among three tickets from California, Florida, and Tennessee.
Society has documented a history of winners and their jackpots — but rarely are the pitfalls or sad stories revolving lottery jackpots mentioned.
Winning the lottery is quite rare — many experts and statisticians say you often have a higher chance of freak events happening to you, such as being struck by lightning. In the rare case you do “hit it big,” there are some important things you should know.
Rob Wilson, a financial advisor and author of “Secure the Bag,” said if you win the jackpot, you should not rush to turn in the winning ticket. He added that people should also hire a team of people to help you manage your newfound finances, and he strongly recommended changing your phone number in the immediate future after you learn about your winnings. This is to limit the amount of people who pester for cash and checks.
“An accountant, an attorney, and a good financial advisor are people that you certainly want to have on your team,” Wilson said.
Wilson said there is an actual term for people who receive a huge amount of money — it is called a windfall. This can mean anything from a huge lottery sum, a divorce settlement, or a tax rebate from the Internal Revenue Service (IRS).
Wilson believes many people who receive large sums often become less frugal and careful with their money.
“If you have a bunch of money, they feel like they don’t have to budget, or they don’t have to watch their spending, and that’s absolutely the opposite thing,” Wilson said.
