(WBBM NEWSRADIO) -- The estimated jackpot for Saturday’s Powerball drawing is more than $1 billion, but even the winner of such a sum needs to keep some basic safeguards in mind to avoid going broke.
Marc Horner, an advisor with Fairhaven Wealth Management in Wheaton, said it’s easier than you’d think to have an impressive jackpot vanish by mismanaging the money.
First, he said, any winner should take it slow and don’t make any big financial decisions for a year.
“No public promises, no saying to family, ‘Hey, we’re going to pay for private school for everybody,’ no going into business right away with family members,” Horner said on the Noon Business Hour Friday.
Horner says it's a good idea for people who suddenly get a lot of money to have a team of professionals to help them manage it wisely.
He says that includes a financial advisor, a lawyer and a tax expert.
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