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Everyone has the dream of what they would do when they win the lottery: buy a house near Lake Como in Italy. Someone might walk away from Wednesday's Powerball drawing $1.5 billion richer (well, subtract the total of an inevitably hefty tax bill). But first, there's the scary part: how to come up with a plan so you don't spend all the money at once, like most lottery winners do.
The winner of tonight's jackpot can either choose to get all of the cash up front, or smaller amounts in an annual payment each year. Let's be real: you likely won't win the big bucks tonight, so whether the lucky winner chooses the lump sum and blows it probably matters little to you. But you might come into a large amount of money that you'll need to figure out how to responsibly manage — whether it's some kind of inheritance, big birthday check from your aunt or a bonus for a job well done at work. And a 2012 study from Ohio State University's Center for Human Resource Research found that people who received a large inheritance saw their wealth stay the same or even decrease.
Instead, assemble a team who can help you figure out where your money should go so it will last. A financial adviser will help you figure out how to maximize your money, through helping you create a financial plan, suggesting which investments might give you the most bang for your buck, suggesting long-term investments that might be helpful, and help you make recommendations on what to spend your money on so you can keep it and possibly even make more. You can find financial advisers through word of mouth, since most of them work independently.
Financial advisors can be costly, with some offering services that cost somewhere in the thousands. For those with bank statements that fall short of lottery-scale, a financial adviser can still be helpful for those who come into a large sum of cash. Whenever you come into any large amount of money, it might be tempting to jump ship from your 9 to 5 office job or upgrade from a tiny studio to a "Cribs"-worthy penthouse.
Talk to your advisers about your financial goals and dreams — whether you want to take a trip around Europe or buy a bigger house. Your financial advisor will help you create a future cash flow model, which will put limits on how much you can spend each year.

Before doing anything, it's important to open up a brokerage account, which will hold all of your investments.
Then, work with your investment advisor to figure out the best way to build your portfolio. She suggests that you build an investment portfolio that looks like a pyramid, meaning to put the bulk of the money that you're investing into stable and secure investments.
Whenever you come into a large amount of money, you'll likely be hit up by friends, relatives, and random acquaintances for spare cash, help with tuition or medical bills, or an investment in their product. Good causes abound, from helping families overcome hunger to curing lethal diseases including cancer.
If you're lucky enough to be the one in 292 million to hit the Powerball and become an overnight millionaire, you might want to consider a few things before quitting your day job or buying that new luxury car. Gary Grief, executive director of the Texas Lottery, says officials with the Multi-State Lottery Association on Friday raised the estimated jackpot for Saturday night's drawing from $700 million because of strong sales. Winning the lottery is something that everyone daydreams about from time to time, even if the odds are one in about 292 million.
A billboard shows the cash prize for the multi-state Powerball lottery jackpot along Interstate 35 near Gainsville, Texas, Jan. Officials with the Multi-State Lottery Association raised the jackpot estimate from $450 million due to strong sales before Wednesday night's drawing.
And with those financial gifts, you likely don't have the option to savor those cents with annual payments. Most of the big banks, including Bank of America and JP Morgan, have wealth management units that are used to managing money for people with millions of dollars. But for the Powerball jackpot winner, $1,000 for a good financial planner might seem like a no-brainer. Money Under 30 generated a list of some of the best financial advisors without the astronomical costs. Most people don’t want to sit around by the pool — but that’s what we think we should be doing," Euretig says. But resist the urge until you have the financial foundation to do so — it's smarter to stick to a tight budget.

And if you have any outstanding student loans or debt, it's probably wise to pay it off now.
If you stick to that, you'll still be able to enjoy your newfound wealth, but you can stay sane in knowing that your future is well-provided for. The most optimal way to do that is to make investments that beat inflation — but oftentimes, those high-reward investments come at a high-risk.
Powered by its own proprietary technology, Mashable is the go-to source for tech, digital culture and entertainment content for its dedicated and influential audience around the globe. Most likely, about half of what you win or inherit will go to pay federal and state income taxes. Then, just 12 hours later, the jackpot climbed to a $700 million annuity, or a cash prize of $428.4 million. If we won, we know we'd take the immediate cash payout instead of annual payments over 30 years.
The jackpot ranks as the sixth largest offered in North America and the biggest since a $564.1 million Powerball prize shared by players from North Carolina, Texas and Puerto Rico last February. 18, 2013, when a South Carolina winner matched all the balls to claim a $399.4 million prize, the sixth largest in Powerball history. It's a move that makes sense, considering that inflation usually means money is worth less every year, which eats into an annuity. Figure out how much you want to save for retirement, or maybe for trusts or college tuition accounts for your present-or-future children. In the video above, one lottery player tells a reporter what he plans to do with the cash if he won.
The final take home amount depends on the individual's tax rate and the state and local taxes in their state, but Cohen noted that winners can generally expect to end up with about a third of the total cash jackpot.

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