ATLANTA — We hear often about big lottery winners who mismanage their winnings. We spoke to a local economist about what to do if you score big playing Powerball.
Roger Tutterow, an economics professor at Kennesaw State University says if you are lucky enough to become a winner of this giant Powerball jackpot you’ll likely hear from long lost relatives. He says you’ll also hear from plenty of investment advisors telling you what to with your money.
Tutterow says winners need to take a step back and find financial advisors they can trust.
He says there are too many stories where individuals have won large amounts of money and they’ve gone through it pretty quickly. He says they then find themselves back where they started.
- Couple to receive $3 million in 'satanic day care' case
- Police arrest man in connection with murder of transgender woman
- School bus driver accused of DUI with 31 kids on board
Customer William Watts bought five lottery tickets.If he wins he told Channel 2’s Carol Sbarge he would follow Tutterow’s advice. He says he would get a tax attorney who was highly recommended.
What about deciding between taking a lump sum payment or annual payouts?
Tutterow says people should make that decision based on what kind of return they think you can generate if you were to invest the lump sum with professional guidance.
He says the annual payments may keep you disciplined and keep you from being a target for people who want to take advantage of you.
Cox Media Group