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Financial Moves to Make After Winning the Lottery

November 29, 2012

Tonight’s Powerball sweepstakes will feature a record breaking grand prize of more than $500 million, as people everywhere will be lining up today to get in on the last minute ticket action. If you’ve been gripped by lotto mania, here’s how to best survive the most unlikely event of your life.

1. Stay Grounded
As the latest Powerball winner, you’re bound to end up on TV interviews, local news stories – the sort of thing that really puts you on the map. For most people, this seems like a dream come true. But in reality, being just another face in the crowd can be a more stress free lifestyle.

“While it may be counterintuitive, it’s clear that a large influx of wealth without proper planning can easily cause people to forget the need to save for the future,“ said Financial Advisor Dan White of Pennsylvania-based Daniel A. White & Associates.

“In most cases, there is no reason to release your identity after discovering you’ve come into a significant sum of money. By keeping a low profile—at least initially—it gives you time to gauge the situation and make smart, not flashy, decisions about how best to spend your windfall.”


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This material has been prepared for informational and educational purposes only. It is not intended to provide, and should not be relied upon for, accounting, legal, tax or investment advice. Please consult with a professional specializing in these areas regarding the applicability of this information to your situation.

Andrew Wood, Dan Simon and Alison Slezak are Investment Advisor Representatives. Advisory services are offered through CoreCap Advisors, LLC., a Registered Investment Advisor. CoreCap Advisors, LLC and Daniel A. White & Associates, LLC are separate & unaffiliated entities. 

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