Contact Us

Options When Winning Big

(KLIX)- Whomever wins the big lottery jackpot will have some big decisions to make in the coming months. Many experts say that with fortune come its challenges. There are many stories of people winning big and losing it very quickly. Local financial adviser Josh Funk with Waddell and Reed says it wouldn’t hurt to sit on the money for a while.  “Don’t get crazy with it. I’d probably tell them not to make any decisions with the money, with the vast majority of it for maybe a years’ time. Maybe take a small percentage of it and enjoy right away. But, wait to make any big decisions on it for probably at least a year till after they’ve won it.” Funk says after a big multimillion dollar win people get a little emotional. He suggests that it’s a good idea to make financial decision after the emotions have calmed down. Also, many people who have won millions tend to over spend, or buy into things that cost much more in the long run. Funk says there are ways for people to make big wins grow even more. “With a big lump sum of money you can put some in investments that can produce income for you and try to just spend the money that your money makes you. Then you would technically never run out of money.” For example if person took home a $100 million, five percent interest on that would make $5 million a year.

Best of News Radio 1310

Recommended For You

Best of the Web

Leave a Comment

It appears that you already have an account created within our VIP network of sites on . To keep your personal information safe, we need to verify that it's really you. To activate your account, please confirm your password. When you have confirmed your password, you will be able to log in through Facebook on both sites.

Forgot your password?

*Please note that your prizes and activities will not be shared between programs within our VIP network.

It appears that you already have an account on this site associated with . To connect your existing account just click on the account activation button below. You will maintain your existing VIP profile. After you do this, you will be able to always log in to using your original account information.

*Please note that your prizes and activities will not be shared between programs within our VIP network.

Please fill out the information below to help us provide you a better experience.

(Forgot your password?)

Not a member? Sign up here

Sign up for Loyal Listener Club quickly by connecting your Facebook account. It's just as secure and no password to remember!

Sign up to have exclusive Loyal Listener Club contests, events, coupons, presales, and much more delivered to you for FREE.