Kevin Harrington, former “Shark Tank” judge, investor and entrepreneur, has offered to mentor the winner of the next Powerball jackpot.
Harrington serves on the board of directors for LottoGopher, a lottery messenger service that allows users to buy lottery tickets online using a debit or credit card.
Here’s some free advice from Harrington:
- Keep the news private. You'll want to shout it from the rooftops, but don't.People will start coming out of the woodwork asking for things big and small. Give yourself time to get everything in order before sharing the news with friends, family and, especially, the public.
- Hire the right team. Find an attorney, tax adviser and financial adviser that you trust. This team will help determine how to best claim the prize, make the right tax decisions and put your newfound fortune in a safe place.
- Take the lump sum. Yes, taking the installments means you'll receive more money in the long run, but with the right accounts you can make the same amount in interest over the course of your life. The catch is that you'll have to make sure you don't blow it all right away because you have to have the money to generate the interest.
- Want to invest? Go for it, but don't be a cowboy. Find advisers who can help guide you and never go all in on anything.
- Treat yourself! You just won the lottery. That's a one in 292.9 million chance. Enjoy your good fortune and splurge on something that you'll really enjoy.
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