One lucky Wisconsin resident became an instant millionaire on Wednesday night after matching all six numbers in the $768.4 million Powerball jackpot.
The lump-sum payout for the third-largest jackpot in U.S. history is $477 million. But what should the winner do to protect all that dough?
Former NBA player Troy Murphy has launched Sweven Wealth to help clients manage sudden wealth and gave tips to the Powerball champ.
“There are certain things you have to do to protect this amount of money before you go about spending it,” he told FOX Business’ Stuart Varney on Thursday. “I think people put the cart in front of the horse and they go and they want to spend rather than protect.”
Take out an umbrella liability policy
Part of the initial process is protecting your assets from lawsuits and managing relationships.
Take a step back
“Emotionally your life has changed,” he said.
Implement a plan
Choose a plan that will separate the emotional aspect in order to “minimize the bad decisions,” he said.