SAN ANTONIO – Many dilemmas face today's men and women, but none may be pondered more than this: What would you do with $1.4 billion if you won the Powerball?
There's no wrong answer, because it'd be your money. But if you want to make it last for a few years, there are a few things you need to know.
For a mere $934,000, you could be running up and down the highway in a luxury motor home. A luxury sports car would be another $220,000.
But before you even consider any of those options, it's time for a reality check.
Wealth management expert Jeffrey Nelson says don't make that rookie mistake.
"It is not a good idea to make decisions that you can't take back when emotions are running high, positive or negative," Nelson said.
Before you get the money, make a plan with a professional.
"Consult an attorney," Nelson said.
Third, start hiring. Find a financial planner, investment adviser or tax professional to set up estate planning. Only then should you tell folks you won the money. Those who don't prepare tend to end up among the 70 percent of lottery winners who find themselves penniless in just a few years.