The Powerball jackpot continues smashing records as the winning prize reaches $1.5 billion.
With the next drawing coming up Wednesday January 13, there's little time left to try and get in on the (possibly fruitless) action.
What would you do if you became a billionaire overnight? Well, first of all, you should know you won't be a billionaire.
We've already broken down the exorbitant amount of taxes that reduces lottery winnings by almost half. For this $1.5 billion pot, the final cash payout could be somewhere around $615 million, according to USA Mega.
Over $600 million is still insane.
So more importantly than taxes, knowing what to do with all that money (should you win) is key. Our favorite anecdotal source on the topic comes from Reddit.
Step 1: Do absolutely nothing. Tell no one, don't claim the prize, just take a deep breath and realize your life just changed.
Step 2: Hire a lawyer. "Get a partner from a larger, NATIONAL firm," Reddit user BlakeClass says. "Don't let them pawn off junior partners or associates on you. They might try, all law firms might, but insist instead that your lead be a partner who has been with the firm for awhile."
After you have a lawyer, claim the winnings and take the lump sum. Most states give you up to 180 days to come forward as the jackpot winner. But few will grant you anonymity. So by the time you declare yourself a millionaire, make sure you have a lawyer in place and a plan.
The rest of the plan? Read up the full (and lengthy) advice from BlakeClass on Reddit. They emphasize clearly to decide in advance how much money you want to give to family and friends, and make your lawyer deliver the news. The other steps include investing in the S&P 500 and the US treasuries, giving yourself a safety net, and then having one heck of year enjoying a little splurge.
If you don't feel great about the 1 in 292 million chance of winning the jackpot, rest easy knowing there are other winning combinations that would at least get your two bucks back.
