Buffalo, N.Y. (WBEN) - Monday night's Powerball jackpot is $1.9 billion. If you win, a financial adviser says keep it to yourself until you get a team to help you deal with your new found fortune.
Michael Angelucci of Level Financial Services says if you're fortunate enough to win it all, don't share the news yet.
"I wouldn't go announcing it to your neighbors and friends, I'd be very quiet about it. You're talking about what $1.9 billion," said Angelucci.
Instead, he says get some good advice, a good lawyer, a good accountant and a good financial planner.
"I would even say from a financial planner standpoint, probably somebody initially that is, and that would charge you hourly, to make the the annuity versus lump sum payment decision for you help you analyze that without any sort of biases involved wanting to manage your money for you would maybe inclined somebody like myself to say we'll take the lump sum and I'll manage the money for you, you'll be fine," with Angelucci recommending someone independent.
On the issue of taking the lump sum or the annuity, Angelucci recommends the annuity.
"One because it It controls your spending. If you take the lump sum, you've got a lot of pressure from people that maybe give your friends money," Angelucci said.
He cites the fates of athletes and celebrities who have gone bankrupt after spending their huge fortunes.
"You buy big houses, you may buy multiple houses and all those take up keeping before you know it, you're draining your money pretty quickly," explains Angelucci. "If you have an annuity, it's a little more controlled over time, and it manages your instincts and desire to spend money that you think you have that will really create bigger expenses for you in the long run."
Angelucci says when it comes to investing any of the winnings, try a fee only financial adviser.
"Fee only means that they only get you only pay the advisor for their time, or for the amount of money that they're managing for you. So they have no incentive to put you in products," Angelucci said.
The lump sum is just less than $1 billion.
