SPARTANBURG, S.C. (WSPA) – Have you bought your tickets? The next drawing for the Mega Millions Jackpot is Friday.
7NEWS Anchor Amy Wood spoke with George Fossing a financial advisor at North Star Financial and Retirement Planning.
Fossing shared a few tips on what to do if you win the $1.1 billion Mega Millions Jackpot.
Fossing said the first thing to do after winning is to slow down because your dreams are about to become a reality.
The next thing he said to do is take a deep breath and figure out how you will secure the winning ticket. He said the best place to put the ticket is in a security deposit box.
However, once you win the lottery you have two choices when it comes to receiving payments:
- Lump-sum payments – means you get the money immediately but 40% of taxes are taken out.
2. Annuity payments – means the winner will get the money over a period of years and no taxes are taken out immediately.
George said the annuity option is harder to blow because the winner will get so much of the jackpot each year.
You can find the full interview below: