Steps to take if you win the lottery

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BOWLING GREEN, Ky. (WBKO) -- So perhaps the odds of winning the lottery are not favorable, but what happens if you actually manage to hit the jackpot?

Certified Financial Planner Jeanne Fisher of ARGI says, "that amount of money at one time is too much for the typical individual to handle and you can make some mistakes pretty early on. So find your advisory team early on and work with them."

Let's say you have built your team, you've picked your attorney, you've picked a financial advisor, what's the next step you may ask?

"Anytime you're working with a ceritfied financial advisor the very first thing they are going to want to do is identify your goal," says Fisher.

Jeanne adds that, "you definitely want someone to pause and take their time and really think about things before they make sudden changes or sudden expenditures."

But you may be questioning, what kind of role will your financial advisor have, so Jeanne explains it and says, "you want someone quarterbacking all those specialists and their advisory roles to make sure that the entire comprehensive plan works as you want it to."

So will you choose your lottery prize as a lump sum or will you take the annuity amount?

"I would actually recommend the annuity especially when we are talking about a jackpot of this size, I think that there's some financial reasoning behind why a lump sum might make more sense from a numbers perspective, but from a behavioral perspective just by electing the annuity you know you're protecting your future," says Fisher.

So with all that money, one may want to remain anonymous, but is that possible in Kentucky?

Jeanne Fisher answered that question, "so here in Kentucky unfortunately we cannot claim anonymously, so if you're playing the game and you win be prepared to be out in the news."

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