WACO, Texas (KXXV) — Wednesday’s Powerball jackpot has climbed to $1.3 billion, making it the fifth-largest prize in the game’s history. While the odds of striking it rich are slim, financial experts say the real challenge often begins after the winning numbers are announced.
- Financial expert Steve Cotton says if you win, create a team of financial experts around you immediately
- The odds of winning the prize is one in 292,000,000
First Step: Hire Trusted Experts
Veteran financial strategist Steve Cotton of Cotton Wealth Management says the first move for any jackpot winner should be to consult licensed professionals.
“The first thing I would do is make sure that I had a licensed financial adviser and a licensed tax adviser,” Cotton said. “The mistake a lot of people make — whether from a large inheritance or the lottery — is there’s no plan. Very few of us have managed that amount of money on a personal basis, and it can be dangerous without guidance.”
Perspective on the Odds
The chances of winning September 3's Powerball jackpot are 1 in 292 million. Statistically, that’s better than:
- Being eaten by a shark (1 in 264 million)
- Being struck by lightning twice (1 in 19 million)
- Winning an Oscar (1 in 11,500)
- Scoring a hole-in-one in golf (1 in 12,500)
Still, you’re more likely to become a millionaire through other means — 1 in 30 odds.
Avoid the Common Pitfalls
Cotton warns that sudden wealth can vanish quickly without a long-term plan.
“People start buying homes they can’t afford, expensive cars, loaning money to unreliable borrowers,” he said. “There’s nothing wrong with spending some — especially on things your family needs — but there’s a tendency to blow through the money. And you’d be amazed at how quickly $100,000 can disappear if you’re not paying attention.”
The Big Moment
The winning numbers will be drawn tonight at 9:59 p.m. Good luck — and as the saying goes, may the odds be ever in your favor.
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